EXHIBIT 12.1



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED OP UNIT DISTRIBUTIONS

(in millions, except ratio amounts)



|                                                                            |  |               |     |   |               |   |     |  
|--------------------------------------------------------------------------- |  | ------------- | --- | - | ------------- | - | --- | -
|                                                                            |  | Quarter ended |    
|                                                                            |  | March 25,2005 |     |   | March 26,2004 |  
|Loss from continuing operations before income taxes                         |  | $             | (6  | ) |               | $ | (41 | )
|Add (deduct):                                                               |  |               |     |   |               |   |     |  
|Fixed charges                                                               |  |               | 130 |   |               |   | 139 |  
|Capitalized interest                                                        |  |               | (1  | ) |               |   | (1  | )
|Amortization of capitalized interest                                        |  |               | 1   |   |               |   | 1   |  
|Minority interest in consolidated affiliates                                |  |               | 4   |   |               |   | 6   |  
|Net losses related to certain 50% or less owned affiliates                  |  |               | 4   |   |               |   | 5   |  
|Distributions from equity investments                                       |  |               | 1   |   |               |   |    |  
|Distributions on preferred OP units                                         |  |               | (8  | ) |               |   | (9  | )
|                                                                            |  |               |     |   |               |   |     |  
|Adjusted earnings                                                           |  | $             | 125 |   |               | $ | 100 |  
|                                                                            |  |               |     |   |               |   |     |  
|Fixed charges:                                                              |  |               |     |   |               |   |     |  
|Interest on indebtedness and amortization of deferred financing costs       |  | $             | 109 |   |               | $ | 118 |  
|Capitalized interest                                                        |  |               | 1   |   |               |   | 1   |  
|Distributions on preferred OP units                                         |  |               | 8   |   |               |   | 9   |  
|Portion of rents representative of the interest factor                      |  |               | 12  |   |               |   | 11  |  
|                                                                            |  |               |     |   |               |   |     |  
|Total fixed charges and preferred OP unit distributions                     |  | $             | 130 |   |               | $ | 139 |  
|                                                                            |  |               |     |   |               |   |     |  
|Deficiency of earnings to fixed charges and preferred OP unit distributions |  | $             | (5  | ) |               | $ | (39 | )
|                                                                            |  |               |     |   |               |   |     |  

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|(1) | For quarter ended March 25, 2005 and March 26, 2004, deficiency of earnings to fixed charges and preferred OP unit distributions includes depreciation expense of $84 million and $80
million, respectively.
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