EXHIBIT 12.1

THE MILLS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED

FIXED CHARGE AND PREFERRED STOCK DIVIDENDS

(In millions, except ratio data)

	Six Months Ended June 30,		Year Ended December 31,
	2005		2004			2003			2002			2001			2000
						(Restated)			(Restated)			(Restated)			(Restated)
Income from continuing operations before minority interest in Mills LP	$	10.9	$	220.4		$	146.1		$	72.8		$	23.0		$	45.6
Add:
Fixed charges (a)		91.7		149.4			81.9			57.0			74.7			63.7
Distributed income of unconsolidated joint ventures		74.8		33.1			64.6			42.2			28.1			44.0
Amortization of capitalized interest		2.0		3.1			—			—			—			—
Deduct equity in (loss) earnings of unconsolidated joint ventures (b)		0.1		(5.8	)		(29.9	)		(19.8	)		(7.9	)		(8.8	)
	$	179.5	$	400.2		$	262.7		$	152.2		$	117.9		$	144.5
Fixed Charges:
Interest expense (c)	$	91.2	$	148.5		$	80.6		$	55.7		$	58.1		$	60.6
Loss on debt extinguishments		0.1		—			0.6			1.3			16.6			3.1
Series D preferred unit distributions		0.4		0.9			0.7			—			—			—
Capitalized interest		30.2		56.8			48.0			34.3			21.3			16.1
Combined fixed charges		121.9		206.2			129.9			91.3			96.0			79.8
Preferred stock dividends		31.6		43.9			27.8			2.6			—			—
Fixed charges and preferred dividends	$	153.5	$	250.1		$	157.7		$	93.9		$	96.0		$	79.8
Ratio of earnings to combined fixed charges		1.47		1.94			2.02			1.67			1.23			1.81
Ratio of earnings to combined fixed charges and preferred dividends		1.17		1.60			1.67			1.62			1.23			1.81

(a) Excludes capitalized interest and preferred dividends.

(b) Annual periods ended 2000 through 2004 include the reclassification of basis amortization to equity in earnings of unconsolidated joint ventures to be consistent with 2005 presentation.

(c) Includes Series A Cumulative Convertible Preferred Stock dividends from issue date in 2001 through conversion date in 2003.