**EXHIBIT 12**

 

**RATIOOF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS**

 

The following table sets forth the ratio of earnings to fixed chargesand preferred stock dividend

requirementsfor the periods indicated:

 
| **Year Ended  July 31,  1998** |   | **5 Months  Ended  December 31,  1998** |   | **Years  Ended December 31,** |   |
|--------------------------------|--------|-----------------------------------------|--------|-------------------------------|--------|
|                           |   | **1999**                                |   | **2000**                      |   | **2001** |   | **2002** |   |
|                           |   |                                    |   |                          |   |   |   |   |   |   |   |
| 2.2                            |   | 1.9                                     |   | 1.8                           |   | 1.5 |   | 1.4 |   | 1.0 |   |

 

For purposes of computing these ratios,earnings have been calculated by adding fixed charges (excluding preferredstock dividends) to income from continuing operations.  Fixed charges consist of interest costs,whether expensed or capitalized, preferred stock dividend requirements, theinterest component of rental expense, if any, and amortization of debt discountsand issue costs, whether expensed or capitalized.

 

**CALCULATION OFCOMBINED RATIO OF EARNINGS TO FIXED CHARGES**

**AND PREFERREDSTOCK DIVIDEND REQUIREMENTS**

 

**(DOLLAR AMOUNTSIN THOUSANDS)**

** **
|                                                                                                                                                                     |   | **Years  Ended December 31,** |    | **5 Months  Ended  December 31,  1998** |   | **Year  Ended  July 31,  1998** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|-----------------------------------------|--------|---------------------------------|--------|
|                                                                                                                                                                     |   | **2002**                      |    | **2001**                                |   | **2000**                        |   | **1999** |   |   |   |
| EARNINGS:                                                                                                                                                                |   |                          |    |                                    |   |                            |   |   |   |   |   |   |   |
| Pretax income from continuing operations before adjustment for  minority interests in income of consolidated partnership or equity in income  of unconsolidated ventures |   | $                             | 19,352  |                                    | $      | 67,179                          |   | $ | 78,111 |   | $ | 105,320 |   | $ | 37,415 |   | $ | 52,452 |   |
| Interest expense (including amortization of debt discount and issuing  costs)                                                                                            |   | 93,002                        |    | 85,950                                  |   | 88,788                          |   | 77,928 |   | 25,624 |   | 33,769 |   |
| Distributions from equity investee                                                                                                                                       |   | 3,761                         |    | 325                                     |   | —                          |   | — |   | — |   | — |   |
| Interest component of rental expense                                                                                                                                     |   | 428                           |    | 426                                     |   | 330                             |   | 341 |   | 145 |   | 348 |   |
| Total                                                                                                                                                                    |   | $                             | 116,543 |                                    | $      | 153,880                         |   | $ | 167,229 |   | $ | 183,589 |   | $ | 63,184 |   | $ | 86,569 |   |
|                                                                                                                                                                     |   |                          |    |                                    |   |                            |   |   |   |   |   |   |   |
| FIXED CHARGES:                                                                                                                                                           |   |                          |    |                                    |   |                            |   |   |   |   |   |   |   |
| Interest expense (including amortization of debt discount and issuing  costs)                                                                                            |   | $                             | 93,002  |                                    | $      | 85,950                          |   | $ | 88,788 |   | $ | 77,928 |   | $ | 25,624 |   | $ | 33,769 |   |
| Capitalized interest                                                                                                                                                     |   | 3,733                         |    | 1,005                                   |   | 436                             |   | 126 |   | 159 |   | 12 |   |
| Interest component of rental expense                                                                                                                                     |   | 428                           |    | 426                                     |   | 330                             |   | 341 |   | 145 |   | 348 |   |
| Total                                                                                                                                                                    |   | $                             | 97,163  |                                    | $      | 87,381                          |   | $ | 89,554 |   | $ | 78,395 |   | $ | 25,928 |   | $ | 34,129 |   |
|                                                                                                                                                                     |   |                          |    |                                    |   |                            |   |   |   |   |   |   |   |
| PREFERRED DIVIDEND REQUIREMENTS                                                                                                                                          |   | $                             | 21,023  |                                    | $      | 22,639                          |   | $ | 22,635 |   | $ | 22,777 |   | $ | 6,914 |   | $ | 5,850 |   |
|                                                                                                                                                                     |   |                          |    |                                    |   |                            |   |   |   |   |   |   |   |
| TOTAL FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS                                                                                                                  |   | $                             | 118,186 |                                    | $      | 110,020                         |   | $ | 112,189 |   | $ | 101,172 |   | $ | 32,842 |   | $ | 39,979 |   |
|                                                                                                                                                                     |   |                          |    |                                    |   |                            |   |   |   |   |   |   |   |
| RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND  REQUIREMENTS                                                                                            |   | 1.0                           |    | 1.4                                     |   | 1.5                             |   | 1.8 |   | 1.9 |   | 2.2 |   |

 

 

----