Nine Months

Ended September 30,

For the Year Ended December 31,

2005

2004

2003

2002

2001

2000

EARNINGS:

ADD:

Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures

$

85,674

$

124,550

$

125,001

$

144,120

$

154,200

$

124,233

Fixed charges (see calculation below)

97,038

129,854

139,603

143,592

144,625

132,640

Distributed income of unconsolidated joint ventures

—

1,411

11,405

14,793

9,004

8,055

SUBTRACT:

Capitalized interest

(4,059

)

(3,920

)

(7,285

)

(19,664

)

(16,722

)

(11,524

)

Preferred security dividend requirements of consolidated subsidiaries

(3,909

)

(15,636

)

(15,668

)

(15,656

)

(15,644

)

(15,441

)

Minority interest in pre-tax income of consolidated subsidiaries that have not incurred fixed charges

—

—

—

—

—

(5,072

)

TOTAL EARNINGS:

$

174,744

$

236,259

$

253,056

$

267,185

$

275,463

$

232,891

FIXED CHARGES:

Interest expense (includes amortization of deferred financing costs)

$

88,919

$

110,104

$

116,311

$

107,823

$

112,003

$

105,394

Capitalized interest

4,059

3,920

7,285

19,664

16,722

11,524

Interest portion (33 percent) of ground rents on land leases

151

194

339

449

256

281

Preferred security dividend requirements of consolidated subsidiaries

3,909

15,636

15,668

15,656

15,644

15,441

TOTAL FIXED CHARGES:

$

97,038

$

129,854

$

139,603

$

143,592

$

144,625

$

132,640

Preferred Stock Dividends

1,500

2,000

1,672

—

—

—

TOTAL COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:

$

98,538

$

131,854

$

141,275

$

143,592

$

144,625

$

132,640

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:

1.8

1.8

1.8

1.9

1.9

1.8