##### 



Exhibit 12.1
 Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Share Distributions  (all dollar amounts in thousands)
 Year Ended December 31,2005
    
    2004
    
    2003
    
    2002
    
    2001Earnings:Pre-tax income before adjustment for minority interest in
consolidated subsidiaries or income, loss from equity investees,
extraordinary gain or loss, or gains on sale of properties
    
    $
    (32,652
    )
    
    $
    19,507
    
    
    $
    23,865
    
    
    $
    34,134
    
    
    $
    33,300Amortization of interest capitalized
    
    
    2,400
    
    
    
    1,800
    
    
    
    1,700
    
    
    
    1,500
    
    
    
    1,300Interest capitalized
    
    
    (9,586
    )
    
    
    (6,907
    )
    
    
    (5,576
    )
    
    
    (8,064
    )
    
    
    (10,608
    )Distributed income of equity investees
    
    
    4,494
    
    
    
    3,588
    
    
    
    2,148
    
    
    
    2,073
    
    
    
    710Fixed charges
    
    
    155,027
    
    
    
    97,804
    
    
    
    85,118
    
    
    
    85,764
    
    
    
    93,900Total earnings
    
    $
    119,683
    
    
    $
    115,792
    
    
    $
    107,255
    
    
    $
    115,407
    
    
    $
    118,602Fixed Charges:Interest expense
    
    $
    132,492
    
    
    $
    79,136
    
    
    $
    67,556
    
    
    $
    65,265
    
    
    $
    71,397Capitalized interest
    
    
    9,586
    
    
    
    6,907
    
    
    
    5,576
    
    
    
    8,064
    
    
    
    10,608Debt costs amortization
    
    
    5,699
    
    
    
    4,267
    
    
    
    3,111
    
    
    
    3,560
    
    
    
    3,022Distributions to Series B preferred unitholders
    
    
    7,250
    
    
    
    7,494
    
    
    
    8,875
    
    
    
    8,875
    
    
    
    8,873Total Fixed Charges
    
    $
    155,027
    
    
    $
    97,804
    
    
    $
    85,118
    
    
    $
    85,764
    
    
    $
    93,900Distributions to Series A, Series C, Series D and Series E preferred shareholders
    
    $
    22,391
    
    
    $
    14,781
    
    
    $
    15,284
    
    
    $
    15,565
    
    
    $
    13,407Combined Fixed Charges and Preferred Share Distributions
    
    $
    177,418
    
    
    $
    112,585
    
    
    $
    100,402
    
    
    $
    101,329
    
    
    $
    107,307Ratio of Earnings to Fixed Charges
    
    
    (a
    )
    
    
    1.2
    
    
    
    1.3
    
    
    
    1.3
    
    
    
    1.3Ratio of
Earnings to Combined Fixed Charges and Preferred Share Distributions
    
    
    (b
    )
    
    
    1.0
    
    
    
    1.1
    
    
    
    1.1
    
    
    
    1.1
  a)
    
    For the twelve months ended December 31, 2005, the aggregate amount of fixed charges
exceeded our earnings by approximately $35.3 million, 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
the twelve months ended December 31, 2005 is primarily due to the Company recording
amortization expense of approximately $42.0 million related to in-place leases acquired
in connection with our merger with Cornerstone Realty Income Trust, Inc. in April 2005.b)
    
    For the twelve months ended December 31, 2005, the aggregate amount of fixed
charges and preferred share distributions exceeded our earnings by approximately $57.7
million, 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 the twelve months ended December 31, 2005
is primarily due to the Company recording amortization expense of approximately $42.0
million related to in-place leases acquired in connection with our merger with
Cornerstone Realty Income Trust, Inc. in April 2005.