EXHIBIT 12.1



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED OP UNIT DISTRIBUTIONS

(in millions, except ratio amounts)



|                                                                            |  |                    |     |   |              |   |     |  
|--------------------------------------------------------------------------- |  | ------------------ | --- | - | ------------ | - | --- | -
|                                                                            |  | Year-to-date ended |    
|                                                                            |  | June 17,2005       |     |   | June 18,2004 |  
|Income (loss) from continuing operations before income taxes                |  | $                  | 128 |   |              | $ | (35 | )
|Add (deduct):                                                               |  |                    |     |   |              |   |     |  
|Fixed charges                                                               |  |                    | 267 |   |              |   | 292 |  
|Capitalized interest                                                        |  |                    | (2  | ) |              |   | (2  | )
|Amortization of capitalized interest                                        |  |                    | 3   |   |              |   | 3   |  
|Minority interest in consolidated affiliates                                |  |                    | 6   |   |              |   | 3   |  
|Net losses related to certain 50% or less owned affiliates                  |  |                    | 1   |   |              |   | 8   |  
|Distributions from equity investments                                       |  |                    | 1   |   |              |   | 1   |  
|Distributions on preferred OP units                                         |  |                    | (16 | ) |              |   | (20 | )
|Issuance costs of redeemed Class B preferred OP units                       |  |                    | (4  | ) |              |   |    |  
|                                                                            |  |                    |     |   |              |   |     |  
|Adjusted earnings                                                           |  | $                  | 384 |   |              | $ | 250 |  
|                                                                            |  |                    |     |   |              |   |     |  
|Fixed charges:                                                              |  |                    |     |   |              |   |     |  
|Interest on indebtedness and amortization of deferred financing costs       |  | $                  | 224 |   |              | $ | 249 |  
|Capitalized interest                                                        |  |                    | 2   |   |              |   | 2   |  
|Distributions on preferred OP units                                         |  |                    | 16  |   |              |   | 20  |  
|Portion of rents representative of the interest factor                      |  |                    | 21  |   |              |   | 21  |  
|Issuance costs of redeemed Class B preferred OP units                       |  |                    | 4   |   |              |   |    |  
|                                                                            |  |                    |     |   |              |   |     |  
|Total fixed charges and preferred OP unit distributions                     |  | $                  | 267 |   |              | $ | 292 |  
|                                                                            |  |                    |     |   |              |   |     |  
|Ratio of earning to fixed charges and preferred OP unit distributions       |  |                    | 1.4 |   |              |   |    |  
|Deficiency of earnings to fixed charges and preferred OP unit distributions |  | $                  |    |   |              | $ | (42 | )