|                                                                                                                                                     |        |                          |         |        |        |        |         |         |        |        |         |        |        |         |         |        |        |   |         |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|--------|--------|--------|---------|---------|--------|--------|---------|--------|--------|---------|---------|--------|--------|---|---------|--------|
|                                                                                                                                                |   | Years Ended December 31, |
| ($ in thousands)                                                                                                                                    |   | 2010                     |    | 2009   |   | 2008   |    | 2007    |   | 2006   |
| Earnings:                                                                                                                                           |   |                     |    |   |   |   |    |    |   |   |
| Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees, or gain on the sale of properties |   | $                        | (37,322 | )      |   | $      | (1,286  | )       |   | $      | (94,394 | )      |   | $       | (63,943 | )      |   | $ | (11,235 | )      |
| Amortization of interest capitalized                                                                                                                |   | 1,988                    |    |   | 2,008  |   |    | 3,100   |   |   | 3,392   |   |   | 3,252   |    |
| Interest capitalized                                                                                                                                |   | (1,153                   | )       |   | (3,870 | )      |    | (25,032 | )      |   | (27,105 | )      |   | (17,063 | )       |
| Distributed income of equity investees                                                                                                              |   | 5,566                    |    |   | 11,601 |   |    | 13,344  |   |   | 13,207  |   |   | 9,370   |    |
| Fixed charges                                                                                                                                       |   | 90,351                   |    |   | 95,856 |   |    | 100,002 |   |   | 122,996 |   |   | 151,426 |    |
| Total earnings                                                                                                                                      |   | $                        | 59,430  |   |   | $      | 104,309 |    |   | $      | (2,980  | )      |   | $       | 48,547  |   |   | $ | 135,750 |   |
| Fixed Charges:                                                                                                                                      |   |                     |    |   |   |   |    |    |   |   |
| Interest expense                                                                                                                                    |   | 84,553                   |    |   | 87,023 |   |    | 69,951  |   |   | 89,105  |   |   | 127,779 |    |
| Capitalized interest                                                                                                                                |   | 1,153                    |    |   | 3,870  |   |    | 25,032  |   |   | 27,105  |   |   | 17,063  |    |
| Debt costs amortization                                                                                                                             |   | 4,645                    |    |   | 4,963  |   |    | 5,019   |   |   | 6,786   |   |   | 6,584   |    |
| Total Fixed Charges                                                                                                                                 |   | $                        | 90,351  |   |   | $      | 95,856  |    |   | $      | 100,002 |   |   | $       | 122,996 |   |   | $ | 151,426 |   |
| Ratio of Earnings to Fixed Charges                                                                                                                  |   | (a)                      |    | 1.1    |   |   | (a)     |    | (a)    |   | (a)     |

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| a)     | For the years ended December 31, 2010, 2008, 2007 and 2006, the aggregate amount of fixed charges exceeded our earnings by approximately $30.9 million, $103.0 million, $74.4 million and $15.6 million, respectively, which is the amount of additional earnings that would have been required to achieve a ratio of earnings to fixed charges of 1.0x for such period. The deficiency of the ratio of earnings to fixed charges for all years 2006 - 2010 is impacted by the classification of operations for assets held for sale and sold as discontinued operations. The deficiency of the ratio of earnings to fixed charges for the year ended December 31, 2010 is also due to a decline in revenues as the result of pressure on net effective rents.  The deficiency of the ratio of earnings to fixed charges for the year ended December 31, 2008 is also due to the $116.9 million non-cash impairment charge related to CRLP's for-sale residential business and certain development projects. The deficiency of the ratio of earnings to fixed charges for the year ended December 31, 2007 is also due to the $43.3 million non-cash impairment charge related to the Trust's for-sale residential business. |