Three Months

For the Year Ended December 31,

March 31, 2013

2012

2011

2010

2009

2008

EARNINGS:

Per F/S: Income from continuing operations

11,192

50,462

77,802

62,336

73,218

62,179

Add back: loss of unconsolidated joint ventures/ (Deduct): equity in earnings of unconsolidated joint ventures

1,750

(4,089

)

(2,022

)

(2,276

)

5,560

39,752

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

12,942

46,373

75,780

60,060

78,778

101,931

Add:

Fixed Charges (see calculation below)

33,370

126,519

125,403

150,438

140,504

131,955

Amortization of capitalized interest

520

1,981

1,913

2,070

2,028

1,950

Distributed income of equity investees

453

3,990

3,301

2,311

2,637

5,784

Subtotal

47,285

178,863

206,397

214,879

223,947

241,620

Subtract:

Interest capitalized

(3,467

)

(4,342

)

(1,081

)

(1,912

)

(1,401

)

(5,799

)

Earnings

$

43,818

$

174,521

$

205,316

$

212,967

$

222,546

$

235,821

FIXED CHARGES:

Interest expense (includes amortization)

29,869

122,042

123,860

148,363

138,858

125,922

Interest capitalized

3,467

4,342

1,081

1,912

1,401

5,799

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

34

135

135

163

245

234

Total fixed charges

$

33,370

$

126,519

$

125,076

$

150,438

$

140,504

$

131,955

Ratio of earnings to fixed charges

1.3

1.4

1.6

1.4

1.6

1.8