**EXHIBIT12.1**

 

**THEMILLS CORPORATION**

**COMPUTATIONOF RATIO OF EARNINGS TO COMBINED**

**FIXEDCHARGE AND PREFERRED STOCK DIVIDENDS**

**(Inmillions, except ratio data)**

 
| ** **                                                                | ** ** | **Year Ended December 31,** | ** ** |
|---------------------------------------------------------------------------|------------|----------------------------------|------------|
| ** **                                                                | ** ** | **2004**                         | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** |
| ** **                                                                | ** ** | ** **                       | ** ** | **(Restated)** | ** ** | **(Restated)** | ** ** | **(Restated)** | ** ** | **(Restated)** | ** ** |
| Income  before minority interest and discontinued operations              |       | $                                | 220.4      |   | $ | 146.1 |   | $ | 72.8 |   | $ | 23.0 |   | $ | 45.6 |   |
| Add:                                                                      |       |                             |       |   |   |   |   |   |   |   |   |
| Loss on  extinguishment debt                                              |       | 3⁄4                           |       | 0.6 |   | 1.3 |   | 16.6 |   | 3.1 |   |
| Fixed  charges                                                            |       | 148.5                            |       | 80.6 |   | 55.7 |   | 58.1 |   | 60.6 |   |
| Amortization  of capitalized interest                                     |       | 4.2                              |       | 1.7 |   | 1.8 |   | 1.6 |   | 2.9 |   |
| Distributed  income of unconsolidated joint ventures                      |       | 33.1                             |       | 64.6 |   | 42.2 |   | 28.1 |   | 44.0 |   |
| Deduct:                                                                   |       |                             |       |   |   |   |   |   |   |   |   |
| Equity in  earnings of unconsolidated joint ventures                      |       | (15.4                            | )          | (34.5 | ) | (24.0 | ) | (9.5 | ) | (11.7 | ) |
|                                                                      |       | $                                | 390.8      |   | $ | 259.1 |   | $ | 149.8 |   | $ | 117.9 |   | $ | 144.5 |   |
| Fixed  Charges:                                                           |       |                             |       |   |   |   |   |   |   |   |   |
| Interest  expense                                                         |       | $                                | 148.5      |   | $ | 80.6 |   | $ | 55.7 |   | $ | 58.1 |   | $ | 60.6 |   |
| Capitalized  interest                                                     |       | 56.8                             |       | 48.0 |   | 34.3 |   | 21.3 |   | 16.1 |   |
| Loss on  extinguishment of debt                                           |       |                             |       | 0.6 |   | 1.3 |   | 16.6 |   | 3.1 |   |
| Series D  preferred unit distributions                                    |       | 0.9                              |       | 0.7 |   | 3⁄4 |   | 3⁄4 |   | 3⁄4 |   |
| Combined  fixed charges                                                   |       | 206.2                            |       | 129.9 |   | 91.3 |   | 96.0 |   | 79.8 |   |
| Preferred  stock dividends *                                              |       | 43.9                             |       | 27.8 |   | 2.6 |   | 3⁄4 |   | 3⁄4 |   |
| Fixed  charges and preferred dividends                                    |       | $                                | 250.1      |   | $ | 157.7 |   | $ | 93.9 |   | $ | 96.0 |   | $ | 79.8 |   |
| Ratio of  earnings to combined fixed charges                              |       | 1.9                              |       | 2.0 |   | 1.6 |   | 1.2 |   | 1.8 |   |
| Ratio of  earnings to combined fixed charges and preferred dividends |       | 1.6                              |       | 1.6 |   | 1.6 |   | 1.2 |   | 1.8 |   |

 

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*                                         Dividendson the Series A Cumulative Convertible Preferred Stock were included ininterest expense from issue date in 2001 through conversion date in 2003.

 

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