**EXHIBIT 12.2**

** **

**RATIO OFEARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS**

 

                The following table sets forththe ratio of earnings to fixed charges and preferred stock dividends for theperiods indicated:

 
| **For the  year ending December 31,** |
|---------------------------------------|
| **2005**                              | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** |
| 2.7                                   |   | 1.7 |   | 1.8 |   | 1.0 |   | 1.3 |

 

                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, preferred stock dividend requirements, the interest component ofrental expense, if any, and amortization of debt discounts and issue costs,whether expensed or capitalized.

 

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

**ANDPREFERRED STOCK DIVIDEND REQUIREMENTS**

 

**(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 |   |
|                                                                                                                                                                     |       |                                 |       |   |   |   |   |   |   |   |   |
| PREFERRED DIVIDEND REQUIREMENTS                                                                                                                                          |       | $                                    | 21,100     |   | $ | 21,170 |   | $ | 21,023 |   | $ | 22,639 |   | $ | 22,635 |   |
|                                                                                                                                                                     |       |                                 |       |   |   |   |   |   |   |   |   |
| TOTAL FIXED  CHARGES AND PREFERRED DIVIDEND REQUIREMENTS                                                                                                                 |       | $                                    | 148,752    |   | $ | 134,284 |   | $ | 127,254 |   | $ | 120,120 |   | $ | 104,314 |   |
|                                                                                                                                                                     |       |                                 |       |   |   |   |   |   |   |   |   |
| RATIO OF  EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS                                                                                            |       | 2.7                                  |       | 1.7 |   | 1.8 |   | 1.0 |   | 1.3 |   |
|                                                                                                                                                                          |            |                                      |            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

 

----