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)

93,129

114,218

123,935

127,936

128,981

117,199

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

)

Minority interest in pre-tax income of 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

TOTAL FIXED CHARGES:

$

93,129

$

114,218

$

123,935

$

127,936

$

128,981

$

117,199

RATIO OF EARNINGS TO FIXED CHARGES:

1.9

2.1

2.0

2.1

2.1

2.0