EXHIBIT 12.1



Pan Pacific Retail Properties, Inc.

Statement of Computation of Ratios of Earnings to Fixed Charges



(In thousands)



|                                                                                                                     |  |                          |         |    |              |   |         |              |  |   |              |    |  |              |         |    |  |   |        |    
|-------------------------------------------------------------------------------------------------------------------- |  | ------------------------ | ------- | -- | ------------ | - | ------- | ------------ |  | - | ------------ | -- |  | ------------ | ------- | -- |  | - | ------ | ---
|                                                                                                                     |  | Years ended December 31, |        
|                                                                                                                     |  | 2004                     |         |    | 2003         |   |         | 2002         |  |   | 2001         |    |  | 2000         |        
|                                                                                                                     |  |                          |         |    | (revised)(1) |   |         | (revised)(1) |  |   | (revised)(1) |    |  | (revised)(1) |        
|Income from continuing operations before minority interests, gain on sale of real estate and discontinued operations |  | $                        | 94,721  |    |              | $ | 89,529  |              |  | $ | 62,429       |    |  | $            | 54,707  |    |  | $ | 34,108 |    
|Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges                             |  |                          | (540    | )  |              |   | (494    | )            |  |   | (38          | )  |  |              | (33     | )  |  |   | (2     | )  
|Distributions from unconsolidated investees                                                                          |  | $                        | 469     |    |              | $ | 839     |              |  | $ | 299          |    |  | $            | 584     |    |  | $ | 355    |    
|Income from unconsolidated investees                                                                                 |  | $                        | (438    | )  |              | $ | (802    | )            |  | $ | (154         | )  |  | $            | (837    | )  |  | $ | (364   | )  
|                                                                                                                     |  |                          |         |    |              |   |         |              |  |   |              |    |  |              |         |    |  |   |        |    
|                                                                                                                     |  | $                        | 94,212  |    |              | $ | 89,072  |              |  | $ | 62,536       |    |  | $            | 54,421  |    |  | $ | 34,097 |    
|Fixed Charges:                                                                                                       |  |                          |         |    |              |   |         |              |  |   |              |    |  |              |         |    |  |   |        |    
|Interest (including financing amortization)                                                                          |  |                          | 62,619  |    |              |   | 58,473  |              |  |   | 45,926       |    |  |              | 46,196  |    |  |   | 32,112 |    
|Interest capitalized                                                                                                 |  |                          | 566     |    |              |   | 4,506   |              |  |   | 1,796        |    |  |              | 1,539   |    |  |   | 202    |    
|                                                                                                                     |  |                          |         |    |              |   |         |              |  |   |              |    |  |              |         |    |  |   |        |    
|Fixed Charges                                                                                                        |  |                          | 63,185  |    |              |   | 62,979  |              |  |   | 47,722       |    |  |              | 47,735  |    |  |   | 32,314 |    
|                                                                                                                     |  |                          |         |    |              |   |         |              |  |   |              |    |  |              |         |    |  |   |        |    
|Net Income before Fixed Charges (excl. interest capitalized)                                                         |  |                          | 156,831 |    |              |   | 147,545 |              |  |   | 108,462      |    |  |              | 100,617 |    |  |   | 66,209 |    
|Divided by Fixed Charges                                                                                             |  |                          | 63,185  |    |              |   | 62,979  |              |  |   | 47,722       |    |  |              | 47,735  |    |  |   | 32,314 |    
|                                                                                                                     |  |                          |         |    |              |   |         |              |  |   |              |    |  |              |         |    |  |   |        |    
|Ratio of Earnings to Fixed Charges                                                                                   |  |                          | 2.48    | :1 |              |   | 2.34    | :1           |  |   | 2.27         | :1 |  |              | 2.11    | :1 |  |   | 2.05   | : 1
|                                                                                                                     |  |                          |         |    |              |   |         |              |  |   |              |    |  |              |         |    |  |   |        |    

|(1) | Income from continuing operations has been revised for the years ended December 31, 2003, 2002, 2001 and 2000 to separately reflect the results of discontinued operations for
properties sold during the year ended December 31, 2004.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------