Nine months

For the Year Ended December 31,

September 30, 2012

2011

2010

2009

2008

2007

EARNINGS:

Per F/S: Income from continuing operations

54,096

81,222

66,629

77,905

63,466

86,961

Add back: Loss of Unconcolidated JVs/(Deduct): Equity in Earnings of Unconsolidated JV’s

(4,751

)

(2,022

)

(2,276

)

5,560

39,752

5,918

Income from continuing operations before noncont int. and equity in earnings of unconsolidated jv’s

49,345

79,200

64,353

83,465

103,218

92,879

Add:

Fixed Charges (see calculation below)

94,313

125,403

150,439

140,723

131,955

129,751

Amortization of capitalized interest

1,458

1,913

2,070

2,028

1,950

1,849

Distributed income of equity investees

2,680

3,301

2,311

2,637

5,784

1,875

Subtotal

147,796

209,817

219,173

228,853

242,907

226,354

Subtract:

Interest capitalized

(1,427

)

(1,081

)

(1,912

)

(1,401

)

(5,799

)

(5,101

)

Earnings

$

146,369

$

208,736

$

217,261

$

227,452

$

237,108

$

221,253

FIXED CHARGES:

Interest expense (includes amortization)

92,784

124,187

148,364

139,077

125,922

124,429

Interest capitalized

1,427

1,081

1,912

1,401

5,799

5,101

Interest portion (1/3) of ground rents on land leases

102

135

163

245

234

221

Total fixed charges

$

94,313

$

125,403

$

150,439

$

140,723

$

131,955

$

129,751

Ratio of earnings to fixed charges

1.6

1.7

1.4

1.6

1.8

1.7