**EXHIBIT 12.1**

 

 

**RATIO OFEARNINGS TO FIXED CHARGES**

 

Thefollowing table sets forth the ratio of earnings to fixed charges for theperiods indicated:

 
| **For the year ending December 31,** |
|--------------------------------------|
| 2005                                 |   | 2004 |   | 2003 |   | 2002 |   | 2001 |
| 3.2                                  |   | 2.1 |   | 2.1 |   | 1.2 |   | 1.7 |

 

                For purposes of computing theseratios, earnings have been calculated by adding fixed charges (excludingpreferred stock dividends and capitalized interest) to pretax income fromcontinuing operations before adjustment for minority interest in income ofconsolidated partnership or equity in income of unconsolidated ventures plusdistributions from equity investee. Fixed charges consist of interest costs, whether expensed orcapitalized, the interest component of rental expense, if any, and amortizationof debt discounts and issue costs, whether expensed or capitalized.

 

**CALCULATIONOF COMBINED RATIO OF EARNINGS TO FIXED CHARGES**

 

**(DOLLARAMOUNTS IN THOUSANDS)**

 

** **
| ** **                                                                                                                                                               | ** ** | **For the year ending December 31,** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------|
| ** **                                                                                                                                                               | ** ** | **2005**                             | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** |
| EARNINGS:                                                                                                                                                                |       |                                 |   |   |   |   |   |   |   |   |
| Pretax income from  continuing operations before adjustment for minority interests in income of  consolidated partnership or equity in income of unconsolidated ventures |       | $                                    | 282,970 |   | $ | 127,231 |   | $ | 120,784 |   | $ | 24,296 |   | $ | 55,959 |
| Interest expense  (including amortization of debt discount and issuing costs)                                                                                            |       | 118,047                              |   | 106,225 |   | 101,868 |   | 93,320 |   | 78,779 |
| Distributions from equity investee                                                                                                                                       |       | —                               |   | — |   | 946 |   | 3,761 |   | 325 |
| Interest component of rental expense                                                                                                                                     |       | 1,121                                |   | 456 |   | 97 |   | 428 |   | 265 |
| Total                                                                                                                                                                    |       | $                                    | 402,138 |   | $ | 233,912 |   | $ | 223,695 |   | $ | 121,805 |   | $ | 135,328 |
|                                                                                                                                                                     |       |                                 |   |   |   |   |   |   |   |   |
| FIXED CHARGES:                                                                                                                                                           |       |                                 |   |   |   |   |   |   |   |   |
| Interest expense  (including amortization of debt discount and issuing costs)                                                                                            |       | $                                    | 118,047 |   | $ | 106,225 |   | $ | 101,868 |   | $ | 93,320 |   | $ | 78,779 |
| Capitalized interest                                                                                                                                                     |       | 8,484                                |   | 6,433 |   | 4,266 |   | 3,733 |   | 2,635 |
| Interest component of rental expense                                                                                                                                     |       | 1,121                                |   | 456 |   | 97 |   | 428 |   | 265 |
| Total                                                                                                                                                                    |       | $                                    | 127,652 |   | $ | 113,114 |   | $ | 106,231 |   | $ | 97,481 |   | $ | 81,679 |
|                                                                                                                                                                     |       |                                 |   |   |   |   |   |   |   |   |
| RATIO OF EARNINGS TO FIXED CHARGES                                                                                                                                       |       | 3.2                                  |   | 2.1 |   | 2.1 |   | 1.2 |   | 1.7 |
|                                                                                                                                                                          |            |                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

----