# **EXHIBIT12**

 

# **COMPUTATION OF RATIOS**

# **(UNAUDITED)**

 

 

Our consolidated ratios of earnings to fixedcharges and earnings to combined fixed charges and preference distributions foreach of the fiscal years ended December 31, 2011, 2010, 2009, 2008 and 2007 areas follows:

 

| ** **                                                                    |   | **Year Ended December 31,** |          |
|-------------------------------------------------------------------------------|--------|-----------------------------|---------------|
| (Amounts in thousands)                                                        |   | **2011**                    |          | **2010** |   | **2009** |   | **2008** |   | **2007** |   |
| Income from continuing operations before income taxes  and                    |   |                        |          | ** ** |   |   | ** ** |   |   | ** ** |   |   |   |   |   |   |
| income from partially owned entities                                          |   | $                           | 498,984       | ** ** | $ | 643,589 | ** ** | $ | 26,773 | ** ** | $ | 163,983 |   | $ | 451,958 |   |
| Fixed charges                                                                 |   |                        | 557,604       |   |   | 573,055 |   |   | 646,694 |   |   | 692,041 |   |   | 644,792 |   |
| Income distributions from partially owned entities                            |   |                        | 93,635        |   |   | 55,397 |   |   | 30,473 |   |   | 44,690 |   |   | 24,044 |   |
| Capitalized interest                                                          |   |                        | (1,197        | ) |   | (864 | ) |   | (17,256 | ) |   | (63,063 | ) |   | (53,648 | ) |
| ** **                                                                    |   | ** **                  | ** **    |   | ** ** | ** ** |   | ** ** | ** ** |   | ** ** | ** ** |   | ** ** | ** ** |   |
| **Earnings - Numerator**                                                      |   | **$**                       | **1,149,026** |   | **$** | **1,271,177** |   | **$** | **686,684** |   | **$** | **837,651** |   | **$** | **1,067,146** |   |
|                                                                          |   |                        |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest and debt expense                                                     |   | $                           | 544,015       |   | $ | 560,052 |   | $ | 617,768 |   | $ | 619,298 |   | $ | 583,042 |   |
| Capitalized interest                                                          |   |                        | 1,197         |   |   | 864 |   |   | 17,256 |   |   | 63,063 |   |   | 53,648 | ** ** |
| 1/3 of rental expense – interest factor                                 |   |                        | 12,392        |   |   | 12,139 |   |   | 11,670 | ** ** |   | 9,680 | ** ** |   | 8,102 | ** ** |
| **Fixed charges - Denominator**                                               |   | ** **                  | **557,604**   |   | ** ** | **573,055** |   | ** ** | **646,694** | ** ** | ** ** | **692,041** | ** ** | ** ** | **644,792** | ** ** |
| Preferred unit distributions                                                  |   |                        | 82,384        |   |   | 73,726 |   |   | 76,734 | ** ** |   | 76,834 | ** ** |   | 77,009 | ** ** |
| **Combined fixed charges and preference distributions -  Denominator**        |   | **$**                       | **639,988**   |   | **$** | **646,781** |   | **$** | **723,428** | ** ** | **$** | **768,875** | ** ** | **$** | **721,801** | ** ** |
|                                                                          |   |                        |          |   |   |   |   |   |   | ** ** |   |   | ** ** |   |   | ** ** |
| **Ratio of earnings to fixed charges**                                        |   | ** **                  | **2.06**      |   | ** ** | **2.22** |   | ** ** | **1.06** |   | ** ** | **1.21** | ** ** | ** ** | **1.66** | ** ** |
| **Ratio of earnings to combined fixed charges and  preference distributions** |   | ** **                  | **1.80**      |   | ** ** | **1.97** |   | ** ** | **0.95** |   | ** ** | **1.09** |   | ** ** | **1.48** | ** ** |

 

Earnings equals (i) income from continuingoperations before income taxes and income from partially owned entities, plus,(ii) fixed charges and (iii) income distributions from partially ownedentities, minus (iv) capitalized interest.  Fixed charges equals (i) interest anddebt expense, plus (ii) capitalized interest and (iii) the portion of operatinglease rental expense that is representative of the interest factor, which isone-third of operating lease rentals.  Combined fixed charges and preferencedividends equals fixed charges plus preferred unit distributions.