**EXHIBIT 12.1**

**RATIO OF EARNINGSTO FIXED CHARGES**

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

| **For the year ending December 31,** | ** ** |
|---------------------------------------------------------------|------------|
| **2006**                                                      | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** |
| 2.0                                                           |       | 3.1 |   | 2.0 |   | 2.0 |   | 1.2 |   |

 

Forpurposes of computing these ratios, earnings have been calculated by addingfixed charges (excluding preferred stock dividends and capitalized interest) topretax income from continuing operations before adjustment for minorityinterest in income of consolidated partnership or equity in income ofunconsolidated ventures plus distributions from equity investee.  Fixed charges consist of interest costs,whether expensed or capitalized, the interest component of rental expense, ifany, and amortization of debt discounts and issue costs, whether expensed orcapitalized.

**CALCULATIONOF RATIO OF EARNINGS TO FIXED CHARGES**

**(DOLLARAMOUNTS IN THOUSANDS)**

 
| ** **                                                                                                                                                               | ** ** | **For the year ending December 31,** | ** ** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------|------------|
| ** **                                                                                                                                                               | ** ** | **2006**                                                      | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** |
| EARNINGS:                                                                                                                                                                |       |                                                          |       |   |   |   |   |   |   |   |   |
| Pretax income from  continuing operations before adjustment for minority interests in income of  consolidated partnership or equity in income of unconsolidated ventures |       | $                                                             | 109,053    |   | $ | 278,092 |   | $ | 119,031 |   | $ | 112,144 |   | $ | 19,081 |   |
| Interest expense  (including amortization of debt discount and issuing costs)                                                                                            |       | 94,202                                                        |       | 118,047 |   | 106,225 |   | 101,868 |   | 93,320 |   |
| Distributions from  equity investee                                                                                                                                      |       | 5,879                                                         |       | 3,812 |   | — |   | 946 |   | 3,761 |   |
| Interest component of  rental expense                                                                                                                                    |       | 874                                                           |       | 1,121 |   | 456 |   | 97 |   | 428 |   |
| Total                                                                                                                                                                    |       | $                                                             | 210,008    |   | $ | 401,072 |   | $ | 225,712 |   | $ | 215,055 |   | $ | 116,590 |   |
|                                                                                                                                                                     |       |                                                          |       |   |   |   |   |   |   |   |   |
| FIXED CHARGES:                                                                                                                                                           |       |                                                          |       |   |   |   |   |   |   |   |   |
| Interest expense  (including amortization of debt discount and issuing costs)                                                                                            |       | $                                                             | 94,202     |   | $ | 118,047 |   | $ | 106,225 |   | $ | 101,868 |   | $ | 93,320 |   |
| Capitalized interest                                                                                                                                                     |       | 11,838                                                        |       | 8,484 |   | 6,433 |   | 4,266 |   | 3,733 |   |
| Interest component of  rental expense                                                                                                                                    |       | 874                                                           |       | 1,121 |   | 456 |   | 97 |   | 428 |   |
| Total                                                                                                                                                                    |       | $                                                             | 106,914    |   | $ | 127,652 |   | $ | 113,114 |   | $ | 106,231 |   | $ | 97,481 |   |
|                                                                                                                                                                     |       |                                                          |       |   |   |   |   |   |   |   |   |
| RATIO OF EARNINGS TO FIXED CHARGES                                                                                                                                       |       | 2.0                                                           |       | 3.1 |   | 2.0 |   | 2.0 |   | 1.2 |   |

 

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