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EXHIBIT 12.1 Trizec Properties, Inc.
Calculation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
Dollars in 000s The ratio of earnings to combined fixed charges and preferred dividends was computed by
dividing earnings by combined fixed charges and preferred dividends. For purposes of computing the
ratio of earnings to combined fixed charges and preferred dividends, earnings have been calculated
by adding fixed charges to income before income taxes, minority interest, income or loss from
unconsolidated real estate joint ventures, discontinued operations, gain or loss on disposition of
real estate and cumulative effect of a change in accounting principle, plus amortization of
capitalized interest and distributed income from unconsolidated real estate joint ventures, minus
interest capitalized. Fixed charges consist of interest costs, whether expensed or capitalized, an
estimate of the interest factor of rental expense relating to operating leases, and amortization of
financing costs. Combined fixed charges and preferred dividends consist of fixed charges and
preferred dividends paid or accrued for each respective period. 2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Earnings:Income before income taxes,
minority interest, Income
or Loss from Unconsolidated
Real Estate Joint Ventures,
Discontinued Operations,
Gain or Loss on Disposition
of Real Estate and
Cumulative Effect of a
Change in Accounting
Principle
    
    $
    38,385
    
    
    $
    71,578
    
    
    $
    12,432
    
    
    $
    46,800
    
    
    $
    29,800Plus: Fixed Charges
    
    
    152,697
    
    
    
    163,743
    
    
    
    167,404
    
    
    
    129,867
    
    
    
    252,746Plus: Amortization of
Capitalized Interest
    
    
    262
    
    
    
    260
    
    
    
    472
    
    
    
    472
    
    
    
    472Plus: Distributed income
from Unconsolidated Real
Estate Joint
Ventures
    
    
    12,355
    
    
    
    19,956
    
    
    
    13,468
    
    
    
    12,633
    
    
    
    12,798Less: Capitalized Interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (18,873
    )Earnings
    
    $
    203,699
    
    
    $
    255,537
    
    
    $
    193,776
    
    
    $
    189,772
    
    
    $
    276,943Fixed Charges:Interest Expense
    
    $
    152,697
    
    
    $
    163,743
    
    
    $
    167,404
    
    
    $
    129,867
    
    
    $
    233,873Capitalized Interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,873Fixed Charges
    
    
    152,697
    
    
    
    163,743
    
    
    
    167,404
    
    
    
    129,867
    
    
    
    252,746Preferred Dividends:Preferred Dividends
    
    
    5,614
    
    
    
    5,226
    
    
    
    124,321
    
    
    
    
    
    
    
    Combined Fixed Charges and
Preferred Dividends
    
    $
    158,311
    
    
    $
    168,969
    
    
    $
    291,725
    
    
    $
    129,867
    
    
    $
    252,746Ratios of Earnings to
Combined Fixed Charges and
Preferred Dividends
    
    
    1.29
    x
    
    
    1.51
    x
    
    
    (A
    )
    
    
    1.46
    x
    
    
    1.10
    x
   (A)
    
    For the year ended December 31, 2002, the ratio of earnings to combined fixed
charges and preferred dividends was less than 1:1. We would have needed to
generate additional earnings of approximately $97,949 in 2002 to achieve a
coverage ratio of 1:1.