Exhibit 12.1

SIMON PROPERTY GROUP, L.P.  Computation of Ratio of Earnings to Fixed Charges(in thousands)

|                                   |                                                                   | For the year ended December 31,                            |          
|---------------------------------- | ----------------------------------------------------------------- | ---------------------------------------------------------- | ---------
|
|Earnings:                          |                                                                   |                                                            |          
|                                   | Income before extraordinary items                                 |                                                            | $        
|                                   | Add:                                                              |                                                            |          
|                                   |                                                                   | Minority interest in income of majority owned subsidiaries |          
|                                   |                                                                   | Distributed income from unconsolidated entities            |          
|                                   |                                                                   | Amortization of capitalized interest                       |          
|                                   | Fixed Charges                                                     |                                                            |          
|                                   | Less:                                                             |                                                            |          
|                                   |                                                                   | Income from unconsolidated entities                        |          
|                                   |                                                                   | Interest capitalization                                    |          
|                                   |                                                                   |                                                            |          
|Earnings                           |                                                                   | $                                                          | 1,245,944
|                                   |                                                                   |                                                            |          
|Fixed Charges:                     |                                                                   |                                                            |          
|                                   | Portion of rents representative of the interest factor            |                                                            |          
|                                   | Interest on indebtedness (including amortization of debt expense) |                                                            |          
|                                   | Interest capitalized                                              |                                                            |          
|                                   |                                                                   |                                                            |          
|Fixed Charges                      |                                                                   | $                                                          | 688,236  
|                                   |                                                                   |                                                            |          
|Ratio of Earnings to Fixed Charges |                                                                   |                                                            | 1.81     
|                                   |                                                                   |                                                            |          

For purposes of calculating the ratio of earnings to fixed charges, "earnings" have been computed by adding fixed charges, excluding capitalized
interest, to income (loss) from continuing operations including income from minority interests and our share of income from 50%-owned affiliates which have fixed charges, and including distributed
operating income from unconsolidated joint ventures instead of income from unconsolidated joint ventures. There are generally no restrictions on our ability to receive distributions from our
unconsolidated joint ventures where no preference in favor of the other owners of the joint ventures exists. "Fixed charges" consist of interest costs, whether expensed or capitalized, the interest
component of rental expenses and amortization of debt issuance costs.

96

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