EXHIBIT 12.1



Pan Pacific Retail Properties, Inc.

Statement of Computation of Ratios of Earnings to Fixed Charges



(In thousands)



|                                                                                                                     |  |                          |         |    |      |   |         |      |  |   |         |    |  |      |        |    |      |   |        |    |  |   |        |   
|-------------------------------------------------------------------------------------------------------------------- |  | ------------------------ | ------- | -- | ---- | - | ------- | ---- |  | - | ------- | -- |  | ---- | ------ | -- | ---- | - | ------ | -- |  | - | ------ | --
|                                                                                                                     |  | Years ended December 31, |        
|                                                                                                                     |  | 2003                     |         |    | 2002 |   |         | 2001 |  |   | 2000    |    |  | 1999 |        |    | 1998 |  
|Income from continuing operations before minority interests, gain on sale of real estate and discontinued operations |  | $                        | 91,453  |    |      | $ | 66,709  |      |  | $ | 58,471  |    |  | $    | 35,013 |    |      | $ | 33,734 |    |  | $ | 26,895 |   
|Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges                             |  |                          | (494    | )  |      |   | (38     | )    |  |   | (33     | )  |  |      | (2     | )  |      |   | 0      |    |  |   | 0      |   
|Distributions from unconsolidated investees                                                                          |  | $                        | 839     |    |      | $ | 299     |      |  | $ | 584     |    |  | $    | 355    |    |      | $ | 84     |    |  | $ | 712    |   
|Income from unconsolidated investees                                                                                 |  |                          | ($802   | )  |      |   | ($154   | )    |  |   | ($837   | )  |  |      | ($364  | )  |      |   | ($341  | )  |  |   | ($737  | ) 
|                                                                                                                     |  |                          |         |    |      |   |         |      |  |   |         |    |  |      |        |    |      |   |        |    |  |   |        |   
|                                                                                                                     |  | $                        | 90,996  |    |      | $ | 66,816  |      |  | $ | 58,185  |    |  | $    | 35,002 |    |      | $ | 33,477 |    |  | $ | 26,870 |   
|Fixed Charges:                                                                                                       |  |                          |         |    |      |   |         |      |  |   |         |    |  |      |        |    |      |   |        |    |  |   |        |   
|Interest (including financing amortization)                                                                          |  |                          | 58,473  |    |      |   | 45,926  |      |  |   | 46,196  |    |  |      | 32,112 |    |      |   | 23,939 |    |  |   | 18,295 |   
|Interest capitalized                                                                                                 |  |                          | 4,506   |    |      |   | 1,796   |      |  |   | 1,539   |    |  |      | 202    |    |      |   | 231    |    |  |   | 286    |   
|                                                                                                                     |  |                          |         |    |      |   |         |      |  |   |         |    |  |      |        |    |      |   |        |    |  |   |        |   
|Fixed Charges                                                                                                        |  |                          | 62,979  |    |      |   | 47,722  |      |  |   | 47,735  |    |  |      | 32,314 |    |      |   | 24,170 |    |  |   | 18,581 |   
|                                                                                                                     |  |                          |         |    |      |   |         |      |  |   |         |    |  |      |        |    |      |   |        |    |  |   |        |   
|Net Income before Fixed Charges (excl. interest capitalized)                                                         |  |                          | 149,469 |    |      |   | 112,742 |      |  |   | 104,381 |    |  |      | 67,114 |    |      |   | 57,416 |    |  |   | 45,165 |   
|Divided by Fixed Charges                                                                                             |  |                          | 62,979  |    |      |   | 47,722  |      |  |   | 47,735  |    |  |      | 32,314 |    |      |   | 24,170 |    |  |   | 18,581 |   
|                                                                                                                     |  |                          |         |    |      |   |         |      |  |   |         |    |  |      |        |    |      |   |        |    |  |   |        |   
|Ratio of Earnings to Fixed Charges                                                                                   |  |                          | 2.37    | :1 |      |   | 2.36    | :1   |  |   | 2.19    | :1 |  |      | 2.08   | :1 |      |   | 2.38   | :1 |  |   | 2.43   | :1
|                                                                                                                     |  |                          |         |    |      |   |         |      |  |   |         |    |  |      |        |    |      |   |        |    |  |   |        |