Exhibit 12.1

The Rouse Company and Subsidiaries        Computation of Ratio of Earnings to Fixed Charges  (dollars in thousands)

|                                                                                                                                                                                                                            |                                                                                          | Year ended December 31,                                        |                                     
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | -------------------------------------------------------------- | ------------------------------------
|
|Earnings (loss) before income taxes, equity in earnings of unconsolidated real estate ventures, net gains (losses) on operating properties, discontinued operations and cumulative effect of change in accounting
principle |                                                                                          | $                                                              | 102,722                             
|Equity in earnings of unconsolidated real estate ventures                                                                                                                                                                   |                                                                                          |                                                                | 33,259                              
|Net gains (losses) on operating properties                                                                                                                                                                                  |                                                                                          |                                                                | 6,823                               
|Fixed charges:                                                                                                                                                                                                              |                                                                                          |                                                                |                                     
|                                                                                                                                                                                                                            | Interest costs                                                                           |                                                                |                                     
|                                                                                                                                                                                                                            | Distributions on preferred securities                                                    |                                                                |                                     
|                                                                                                                                                                                                                            | Portion of rental expense representative of interest factor (1)                          |                                                                |                                     
|Adjustments to earnings:                                                                                                                                                                                                    |                                                                                          |                                                                |                                     
|                                                                                                                                                                                                                            | Minority interest in earnings of majority-owned subsidiaries having fixed charges        |                                                                |                                     
|                                                                                                                                                                                                                            | Decrease (increase) in undistributed earnings of unconsolidated real estate ventures (2) |                                                                |                                     
|                                                                                                                                                                                                                            | Capitalized interest                                                                     |                                                                |                                     
|                                                                                                                                                                                                                            | Previously capitalized interest amortized into earnings:                                 |                                                                |                                     
|                                                                                                                                                                                                                            |                                                                                          | Depreciation of operating properties and other investments (3) |                                     
|                                                                                                                                                                                                                            |                                                                                          | Cost of land sales (4)                                         |                                     
|                                                                                                                                                                                                                            |                                                                                          |                                                                |                                     
|                                                                                                                                                                                                                            |                                                                                          |                                                                | Earnings available for fixed charges
|                                                                                                                                                                                                                            |                                                                                          |                                                                |                                     
|Fixed charges:                                                                                                                                                                                                              |                                                                                          |                                                                |                                     
|                                                                                                                                                                                                                            | Interest costs                                                                           |                                                                | $                                   
|                                                                                                                                                                                                                            | Distributions on preferred securities                                                    |                                                                |                                     
|                                                                                                                                                                                                                            | Portion of rental expense representative of interest factor (1)                          |                                                                |                                     
|                                                                                                                                                                                                                            |                                                                                          |                                                                |                                     
|                                                                                                                                                                                                                            |                                                                                          |                                                                | Total fixed charges                 
|                                                                                                                                                                                                                            |                                                                                          |                                                                |                                     
|Ratio of earnings to fixed charges (5)                                                                                                                                                                                      |                                                                                          |                                                                | 1.41                                
|                                                                                                                                                                                                                            |                                                                                          |                                                                |                                     

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