<PAGE>

                                                                   Exhibit 12.1
                       The Rouse Company and Subsidiaries

                Computation of Ratio of Earnings to Fixed Charges
                             (dollars in thousands)


<TABLE>
<CAPTION>
                                                                                           Year ended December 31,
                                                                   --------------------------------------------------------------
                                                                     2001         2000       1999          1998           1997
                                                                   ---------   ---------- ------------ ------------    ----------

<S>                                                              <C>         <C>       <C>           <C>            <C>
   Earnings (loss) before income taxes, equity in earnings of
    unconsolidated real estate ventures, net gains (losses)
    on operating properties, extraordinary items and
    cumulative effect of change in accounting principle            $ 108,324   $   5,833  $     (954)    $    9,531    $   68,309
   Equity in earnings of unconsolidated real estate ventures          32,806     129,556     101,171        101,663        27,881
   Net gains (losses) on operating properties                           (432)     33,150      41,173         (6,109)      (22,426)

   Fixed charges:
    Interest costs                                                   265,328     256,397     253,585        220,854       225,810
    Capitalized interest                                             (36,563)    (19,653)    (19,719)       (19,511)      (23,359)
    Distributions on Company-obligated mandatorily
      redeemable preferred securities of a trust holding
      solely Parent Company subordinated debt securities              12,719      12,719      12,719         12,719        12,719
    Portion of rental expense representative of interest factor(1)     8,666       9,411       9,276          6,008         7,260
   Adjustments to earnings:
    Minority interest in earnings of majority-owned
      subsidiaries having fixed charges                                2,094       1,801       1,638          2,270         3,178
    Decrease (increase) in undistributed earnings of
      unconsolidated real estate ventures (2)                         (4,396)    (36,457)    (44,480)       (55,015)        2,300
    Previously capitalized interest amortized into earnings:
      Depreciation of operating properties and other
          investments (3)                                              5,287       4,929       4,554          4,192         3,962
      Cost of land sales (4)                                           5,431         ---         ---            ---         5,025
                                                                   ---------   ---------  ----------    -----------    ----------

           Earnings available for fixed charges                    $ 399,264   $ 397,686  $  358,963    $   276,602    $  310,659
                                                                   =========   =========  ==========    ===========    ==========

   Fixed charges:
    Interest costs                                                 $ 265,328   $ 256,397  $  253,585    $   220,854    $  225,810
    Distributions on Company-obligated mandatorily
      redeemable preferred securities of a trust holding
      solely Parent Company subordinated debt securities              12,719      12,719      12,719         12,719        12,719
    Portion of rental expense representative of interest
      factor (1)                                                       8,666       9,411       9,276          6,008         7,260
                                                                   ---------   ---------  ----------    -----------    ----------

           Total fixed charges                                     $ 286,713   $ 278,527  $  275,580    $   239,581    $  245,789
                                                                   =========   =========  ==========    ===========    ==========


   Ratio of earnings to fixed charges                                   1.39        1.43        1.30           1.15          1.26
                                                                   =========   ========= ===========    ===========    ==========
</TABLE>





(1)      Includes (a) 80% of minimum rentals, the portion of such rentals
         considered to be a reasonable estimate of the interest factor and (b)
         100% of contingent rentals of $2.5 million, $3.8 million, $4.5 million,
         $1.6 million and $2.7 million, for the years ended December 31, 2001,
         2000, 1999, 1998 and 1997 respectively.

(2)      Included undistributed earnings of certain unconsolidated real estate
         ventures, formed December 31, 1997, in which we held substantially all
         (at least 98%) of the financial interest but did not own a majority
         voting interest. In January 2001, we acquired all of the shares of
         voting stock (91%) of these ventures that we did not own, and from the
         date of acquisition, these ventures are included in our consolidated
         financial statements. Our share of undistributed earnings of these
         ventures was $31.7 million in 2000, $32.5 million in 1999 and $42.5
         million in 1998.

(3)      Represents an estimate of depreciation of capitalized interest costs
         based on our established depreciation policy and an analysis of
         interest costs capitalized since 1971.

<PAGE>

                                                         Exhibit 12.1, continued

                       The Rouse Company and Subsidiaries

                Computation of Ratio of Earnings to Fixed Charges



(4)   Represents 10% of the cost of Columbia land sales and 5% of the
      cost of Summerlin land sales, the portions of such costs considered
      to be reasonable estimates of the interest factor. On December 31,
      1997, certain wholly owned subsidiaries, including those that
      conducted substantially all of our land sales and community
      development activities, issued 91% of their voting common stock to
      The Rouse Company Incentive Compensation Statutory Trust. These
      sales were made at fair value and as part of our plan to meet the
      qualifications for REIT status. We retained the remaining voting
      stock of the ventures and held shares of nonvoting common and/or
      preferred stock which, taken together, comprised substantially all
      (at least 98%) of the financial interest in them. As a result of
      our disposition of the majority voting interests in the ventures,
      we began accounting for our investment in them using the equity
      method effective December 31, 1997. In January 2001, we acquired
      all of the shares of voting stock (91%) in these ventures that we
      did not own, and from the date of acquisition, these ventures are
      included in our consolidated financial statements. As a result of
      these transactions, no adjustment for the interest portion of the
      cost of land sales has been included for the period from January 1,
      1998 through December 31, 2000.