EXHIBIT 12

Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements

The following table sets forth the ratio of earnings to fixed charges and preferred stock dividend requirements for the periods indicated:

Years Ended December 31,5 Months Ended
December 31,
1998

Year Ended
July 31,
19982002

2001

2000

1999(a
)
1.4

1.5

1.8

1.9

2.1


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For
purposes of computing these ratios, earnings have been calculated by adding fixed charges (excluding preferred stock dividends) to income from continuing operations
before adjustments for
minority interests in consolidated subsidiaries and income or loss from equity in income of unconsolidated ventures. Fixed charges consist of interest costs, whether expensed or capitalized, preferred
stock dividend requirements, the interest component of rental expense, if any, and amortization of debt discounts and issue costs, whether expensed or capitalized.

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Calculation of Combined Ratio of Earnings to Fixed Charges  and Preferred Stock Dividend Requirements    (Dollar amounts in Thousands)

|                                                                                                                                                                                                                       |       | Years Ended December 31, |         |         |   |        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----- | ------------------------ | ------- | ------- | - | -------
|
|
|Earnings:                                                                                                                                                                                                              |       |                          |         |         |   |        
|Pretax income from continuing operations before adjustment for minority interests in income of consolidated partnership or equity in income of consolidated partnership or equity in income of unconsolidated
ventures |       | $                        | 14,750  |         | $ | 67,042 
|Interest expense (including amortization of debt discount and issuing costs)                                                                                                                                           |       |                          | 93,002  |         |   | 83,678 
|Distributions from equity investee                                                                                                                                                                                     |       |                          | 3,761   |         |   | 325    
|Interest component of rental expense                                                                                                                                                                                   |       |                          | 428     |         |   | 426    
|                                                                                                                                                                                                                       |       |                          |         |         |   |        
|                                                                                                                                                                                                                       | Total |                          | $       | 111,941 |   | $      
|                                                                                                                                                                                                                       |       |                          |         |         |   |        
|Fixed Charges:                                                                                                                                                                                                         |       |                          |         |         |   |        
|Interest expense (including amortization of debt discount and issuing costs)                                                                                                                                           |       | $                        | 93,002  |         | $ | 83,678 
|Capitalized interest                                                                                                                                                                                                   |       |                          | 3,733   |         |   | 2,635  
|Interest component of rental expense                                                                                                                                                                                   |       |                          | 428     |         |   | 426    
|                                                                                                                                                                                                                       |       |                          |         |         |   |        
|                                                                                                                                                                                                                       | Total |                          | $       | 97,163  |   | $      
|                                                                                                                                                                                                                       |       |                          |         |         |   |        
|Preferred Dividend Requirements                                                                                                                                                                                        |       | $                        | 21,023  |         | $ | 22,639 
|                                                                                                                                                                                                                       |       |                          |         |         |   |        
|Total Fixed Charges and Preferred Dividend Requirements                                                                                                                                                                |       | $                        | 118,186 |         | $ | 109,378
|                                                                                                                                                                                                                       |       |                          |         |         |   |        
|Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements                                                                                                                                           |       |                          | (a)     |         |   | 1.4    
|                                                                                                                                                                                                                       |       |                          |         |         |   |        

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