EXHIBIT 12  COMPUTATION OF RATIOS (UNAUDITED)   Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006 are as follows:  Year Ended December 31,(Amounts in thousands)

   

   2010

   

   2009

   

   2008

   

   2007

   

   2006Net income from continuing operations

   

   $

   656,825

   

   $

   36,235

   

   $

   182,703

   

   $

   470,539

   

   $

   594,443Fixed charges

   

   

   573,425

   

   

   647,071

   

   

   692,367

   

   

   645,097

   

   

   412,166Income distributions from partially owned entities

   

   

   55,397

   

   

   30,473

   

   

   44,690

   

   

   24,044

   

   

   35,911Capitalized interest

   

   

   (864

   )

   

   (17,256

   )

   

   (63,063

   )

   

   (53,648

   )

   

   (26,195

   )Earnings - Numerator

   

   $

   1,284,783

   

   $

   696,523

   

   $

   856,697

   

   $

   1,086,032

   

   $

   1,016,325Interest and debt expense

   

   $

   560,270

   

   $

   617,994

   

   $

   619,531

   

   $

   583,281

   

   $

   379,753Capitalized interest

   

   

   864

   

   

   17,256

   

   

   63,063

   

   

   53,648

   

   

   26,1951/3 of rental expense – interest factor

   

   

   12,291

   

   

   11,821

   

   

   9,773

   

   

   8,168

   

   

   6,218Fixed charges - Denominator

   

   

   573,425

   

   

   647,071

   

   

   692,367

   

   

   645,097

   

   

   412,166Preferred unit distributions

   

   

   73,726

   

   

   76,734

   

   

   76,834

   

   

   77,009

   

   

   80,518Combined fixed charges and preference distributions - Denominator

   

   $

   647,151

   

   $

   723,805

   

   $

   796,201

   

   $

   722,106

   

   $

   492,684Ratio of earnings to fixed charges

   

   

   2.24

   (1)

   

   1.08

   (1)

   

   1.24

   (1)

   

   1.68

   

   

   2.47Ratio of earnings to combined fixed charges and preference distributions

   

   

   1.99

   (2)

   

   0.96

   (2)

   

   1.11

   (2)

   

   1.50

   

   

   2.06
  Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest.  Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest, and (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals. Combined fixed charges and preference dividends equals fixed charges plus preferred unit distributions.  _______________________ (1)Excluding the net gain on early extinguishment of debt of the Springfield Mall in 2010 and non-cash impairment charges recognized in the years ended December 31, 2010, 2009 and 2008, the ratios of earnings to fixed charges were 2.18, 1.49 and 1.44, respectively. (2)Excluding the net gain on early extinguishment of debt of the Springfield Mall in 2010 and non-cash impairment charges recognized in the years ended December 31, 2010, 2009 and 2008, the ratios of earnings to combined fixed charges and preference distributions were 1.93, 1.34 and 1.30, respectively.


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