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Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred
Dividends and Distributions (in thousands, except ratios)
<TABLE>
<CAPTION>
Nine Months Ended September 30
------------------------------
2000 1999
---- ----
<S> <C> <C>
Net Earnings from Continuing Operations (1) $ 130,949 $ 39,411
Add back:
Fixed charges 92,116 77,752
Amortization of previously capitalized
interest (2) 1,644 1,617
Equity in net loss of less than 50%
owned Unconsolidated Joint Ventures 139
Deduct:
Capitalized interest (2) (20,719) (11,125)
Equity in net income in excess of distributions of
less than 50% owned Unconsolidated Joint Ventures (108)
------------- -------------
Earnings Available for Fixed Charges
and Preferred Dividends and Distributions $ 204,129 $ 107,547
============= =============
Fixed Charges
Interest expense $ 41,566 $ 38,231
Capitalized interest 16,962 10,570
Interest portion of rent expense 2,917 3,033
Proportionate share of Unconsolidated Joint
Ventures' fixed charges 30,671 26,476
------------- -------------
Total Fixed Charges $ 92,116 $ 78,310
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Preferred Dividends and Distributions 19,200 12,975
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Total Fixed Charges and Preferred
Dividends and Distributions $ 111,316 $ 91,285
============= =============
Ratio of Earnings to Fixed Charges and
Preferred Dividends and Distributions 1.8 1.2
<FN>
(1) In August 2000, the completed a transaction to acquire an additional
interest in one of its Unconsolidated Joint Ventures. Under the terms of
the agreement, the Operating Partnership became the 100 percent owner of
Twelve Oaks and its joint venture partner became the 100 percent owner of
Lakeside. A gain of $85.3 million on the transaction was recognized by the
Company representing the excess of the fair value over the net book basis
of the Company's interest in Lakeside, adjusted for $25.5 million paid and
transaction costs.
(2) Amounts include TRG's pro rata share of capitalized interest and
amortization of previously capitalized interest of the Unconsolidated Joint
Ventures.
</FN>
</TABLE>
31
<PAGE>
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