Exhibit 12.1

Pan Pacific Retail Properties, Inc.

Statement of Computation of Ratios of Earnings to Fixed Charges

(In thousands)


	Six Months Ended June 30, 2005			Years ended December 31,
	Six Months Ended June 30, 2005			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	$	49,602		$	94,721		$	89,529		$	62,429		$	54,707		$	34,108
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		(291	)		(540	)		(494	)		(38	)		(33	)		(2	)
Distributions from unconsolidated investees		187		$	469		$	839		$	299		$	584		$	355
Income from unconsolidated investees		(242	)	($	438	)	($	802	)	($	154	)	($	837	)	($	364	)

	$	49,256		$	94,212		$	89,072		$	62,536		$	54,421		$	34,097
Fixed Charges:
Interest (including financing amortization)	$	33,720			62,619			58,473			45,926			46,196			32,112
Interest capitalized		369			566			4,506			1,796			1,539			202

Fixed Charges	$	34,089			63,185			62,979			47,722			47,735			32,314

Net Income before Fixed Charges (excl. interest capitalized)	$	82,976			156,831			147,545			108,462			100,617			66,209
Divided by Fixed Charges	$	34,089			63,185			62,979			47,722			47,735			32,314

Ratio of Earnings to Fixed Charges		2.43:1			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.

PAN PACIFIC RETAIL PROPERTIES INC 8-K