# **EXHIBIT 12**

 

# **COMPUTATION OF RATIOS**

# **(UNAUDITED)**

 

Our consolidated ratios of earnings to fixed chargesand earnings to combined fixed charges and preferred unit distributions foreach of the fiscal years ended December 31, 2005, 2004, 2003, 2002 and 2001 areas follows:

 
| ** **                                                                                           | ** ** | **YEAR ENDED DECEMBER 31,** | ** **    |
|------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|---------------|
| **($ in thousands)**                                                                       | ** ** | **2005**                                   | ** **    | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** |
| Net income from  continuing operations                                                               |       | $                                          | 641,038       |   | $ | 673,103 |   | $ | 463,376 |   | $ | 390,547 |   | $ | 351,854 |   |
| Minority  interest of partially-owned entities                                                       |       | 3,808                                      |          | 109 |   | 1,089 |   | 3,534 |   | 2,520 |   |
| Equity in income  of partially-owned entities in excess of distributions                             |       | —                                     |          | (26,624 | ) | — |   | — |   | (28,360 | ) |
| Fixed charges  and preferred unit distributions                                                      |       | 565,320                                    |          | 421,568 |   | 423,576 |   | 437,530 |   | 414,914 |   |
| Capitalized  interest                                                                                |       | (15,582                                    | )             | (8,718 | ) | (5,407 | ) | (6,677 | ) | (12,171 | ) |
| ** **                                                                                           | ** ** | ** **                                 | ** **    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Earnings  - Numerator**                                                                            | ** ** | **$**                                      | **1,194,584** | ** ** | **$** | **1,059,438** | ** ** | **$** | **882,634** | ** ** | **$** | **824,934** | ** ** | **$** | **728,757** | ** ** |
|                                                                                                 |       |                                       |          |   |   |   |   |   |   |   |   |
| Interest and  debt expense, including the Company’s pro-rata share of partially-owned  entities |       | $                                          | 415,826       |   | $ | 313,289 |   | $ | 296,059 |   | $ | 305,920 |   | $ | 266,784 |   |
| Capitalized  interest                                                                                |       | 15,582                                     |          | 8,718 |   | 5,407 |   | 6,677 |   | 12,171 |   |
| 1/3 of rental  expense – interest factor                                                        |       | 7,382                                      |          | 5,491 |   | 5,491 |   | 5,719 |   | 5,144 |   |
| **Fixed  charges - Denominator**                                                                     | ** ** | **438,790**                                | ** **    | **327,498** | ** ** | **306,957** | ** ** | **318,316** | ** ** | **284,099** | ** ** |
| Preferred unit  distributions                                                                        |       | 126,530                                    |          | 94,070 |   | 116,619 |   | 119,214 |   | 130,815 |   |
| **Combined  fixed charges and preferred unit distributions - Denominator**                           | ** ** | **$**                                      | **565,320**   | ** ** | **$** | **421,568** | ** ** | **$** | **423,576** | ** ** | **$** | **437,530** | ** ** | **$** | **414,914** | ** ** |
|                                                                                                 |       |                                       |          |   |   |   |   |   |   |   |   |
| **Ratio  of earnings to fixed charges**                                                              | ** ** | **2.72**                                   | ** **    | **3.23** | ** ** | **2.88** | ** ** | **2.59** | ** ** | **2.57** | ** ** |
| **Ratio  of earnings to combined fixed charges and preference dividends**                            | ** ** | **2.11**                                   | ** **    | **2.51** | ** ** | **2.08** | ** ** | **1.89** | ** ** | **1.76** | ** ** |

 

Earnings equals (i) income from continuing operationsbefore income taxes plus, (ii) minority interest of partially-owned entitiesnot included in fixed charges and (iii) fixed charges, minus, (iv) equity inincome of partially-owned entities in excess of distributions and (v)capitalized interest. Fixed charges equals (i) interest debt expense, plus (ii)the Company’s pro-rata share of interest expense of partially-owned entities,(iii) capitalized interest and (iv) the portion of operating lease rentalexpense that is representative of the interest factor, which is one-third ofoperating lease rentals. Combined fixed charges and preferred unitdistributions equals fixed charges plus preferred unit distributions.

 

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