Six Months ended

For the Year Ended December 31,

June 30, 2009

2008

2007

2006

2005

2004

EARNINGS:

ADD:

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

$

46,258

$

104,631

$

94,530

$

110,138

$

92,051

$

107,277

Fixed Charges (see calculation below)

67,270

134,178

132,609

142,648

125,057

114,218

Distributed income of unconsolidated joint ventures

2,131

5,784

1,875

2,302

—

1,411

SUBTRACT:

Capitalized interest

(845

)

(5,799

)

(5,101

)

(6,058

)

(5,518

)

(3,920

)

TOTAL EARNINGS:

$

114,814

$

238,794

$

223,913

$

249,030

$

211,590

$

218,986

FIXED CHARGES:

Interest expense (includes amortization of deferred financing costs)

$

66,302

$

128,145

$

127,287

$

136,357

$

119,337

$

110,104

Capitalized interest

845

5,799

5,101

6,058

5,518

3,920

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

123

234

221

233

202

194

TOTAL FIXED CHARGES

$

67,270

$

134,178

$

132,609

$

142,648

$

125,057

$

114,218

RATIO OF EARNINGS TO FIXED CHARGES

1.7

1.8

1.7

1.7

1.7

1.9