Exhibit 12.1

DEVELOPERS DIVERSIFIED REALTY CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in Thousands)

	Year Ended December 31,															September 30,
	2001			2002			2003			2004			2005			2005			2006
Pretax income from continuing operations	$	83,247		$	90,798		$	230,874		$	255,060		$	262,596		$	216,597		$	187,248
Fixed charges:
Interest expense including amortization of deferred costs and capitalized interest	$	87,997		$	78,840		$	94,847		$	133,862		$	194,302		$	139,349		$	179,481
Ground Rent 33%	$	234		$	252		$	398		$	587		$	1,118		$	818		$	993
Preferred Dividends on consolidated subsidiaries	$	19,081		$	18,338		$	2,236		$	—		$	—		$	—		$	—
Proportionate share of fixed charges of 50% owned joint ventures accounted for using equity method of accounting	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total fixed charges	$	107,312		$	97,430		$	97,481		$	134,449		$	195,420		$	140,167		$	180,474
Capitalized interest during the period	$	(12,927	)	$	(9,157	)	$	(11,478	)	$	(9,882	)	$	(12,672	)	$	(8,402	)	$	(14,669	)
Preferred Dividends on consolidated subsidiaries	$	(19,081	)	$	(18,338	)	$	(2,236	)	$	—		$	—		$	—		$	—
Amortization of capitalized interest during the period	$	2,311		$	2,616		$	2,999		$	3,328		$	3,751		$	2,776		$	3,302
Majority-owned subsidiary adjustments	$	21,502		$	21,570		$	5,365		$	5,064		$	7,881		$	5,204		$	6,504
Equity Company Adjustments	$	(18,560	)	$	(32,769	)	$	(52,917	)	$	(40,895	)	$	(34,873	)	$	(25,984	)	$	(22,956	)
Equity Company Adjustments Distributed Income	$	18,560		$	32,769		$	52,917		$	40,895		$	34,873		$	25,984		$	22,956
Earnings before income taxes and fixed charges	$	182,364		$	184,919		$	323,005		$	388,019		$	456,976		$	356,342		$	362,859
Ratio of earnings to fixed charges		1.70			1.90			3.31			2.89			2.34			2.54			2.01