Exhibit 12




Ratio of
Earnings to Combined Fixed Charges and Preference Dividends
  December
      31,(dollars
      in thousands)
                                                                          
                                                                          2008
                                                                          
                                                                          
                                                                          2007
                                                                          
                                                                          
                                                                          2006
                                                                          
                                                                          
                                                                          2005
                                                                          
                                                                          
                                                                          2004Interest
      expense
                                                                          
                                                                          $
                                                                          239,633
                                                                          
                                                                          
                                                                          $
                                                                          245,557
                                                                          
                                                                          
                                                                          $
                                                                          145,779
                                                                          
                                                                          
                                                                          $
                                                                          83,420
                                                                          
                                                                          
                                                                          $
                                                                          52,327Amortized
      capitalized costs related to indebtedness
                                                                          
                                                                          
                                                                          9,383
                                                                          
                                                                          
                                                                          
                                                                          3,484
                                                                          
                                                                          
                                                                          
                                                                          5,431
                                                                          
                                                                          
                                                                          
                                                                          2,642
                                                                          
                                                                          
                                                                          
                                                                          3,310Preference
      security dividend requirements of consolidated
subsidiaries
                                                                          
                                                                          
                                                                          25,123
                                                                          
                                                                          
                                                                          
                                                                          25,123
                                                                          
                                                                          
                                                                          
                                                                          25,123
                                                                          
                                                                          
                                                                          
                                                                          25,123
                                                                          
                                                                          
                                                                          
                                                                          22,840Total
      fixed charges
                                                                          
                                                                          $
                                                                          274,139
                                                                          
                                                                          
                                                                          $
                                                                          274,164
                                                                          
                                                                          
                                                                          $
                                                                          176,333
                                                                          
                                                                          
                                                                          $
                                                                          111,185
                                                                          
                                                                          
                                                                          $
                                                                          78,477Net
      income before minority interests
                                                                          
                                                                          $
                                                                          (981,880
                                                                          )
                                                                          
                                                                          $
                                                                          (478,625
                                                                          )
                                                                          
                                                                          $
                                                                          (337,497
                                                                          )
                                                                          
                                                                          $
                                                                          (295,673
                                                                          )
                                                                          
                                                                          $
                                                                          (143,462
                                                                          )Add:  Total
      fixed charges
                                                                          
                                                                          
                                                                          274,139
                                                                          
                                                                          
                                                                          
                                                                          274,164
                                                                          
                                                                          
                                                                          
                                                                          176,333
                                                                          
                                                                          
                                                                          
                                                                          111,185
                                                                          
                                                                          
                                                                          
                                                                          78,477Less:  Preference
      security dividend requirements of consolidated
subsidiaries
                                                                          
                                                                          
                                                                          (25,123
                                                                          )
                                                                          
                                                                          
                                                                          (25,123
                                                                          )
                                                                          
                                                                          
                                                                          (25,123
                                                                          )
                                                                          
                                                                          
                                                                          (25,123
                                                                          )
                                                                          
                                                                          
                                                                          (22,840
                                                                          )Earnings
                                                                          
                                                                          $
                                                                          (732,864
                                                                          )
                                                                          
                                                                          $
                                                                          (229,584
                                                                          )
                                                                          
                                                                          $
                                                                          (186,287
                                                                          )
                                                                          
                                                                          $
                                                                          (209,611
                                                                          )
                                                                          
                                                                          $
                                                                          (87,825
                                                                          )Ratio
      of Earnings to Combined Fixed Charges and Preference
    Dividends
                                                                          
                                                                          See
      Note
                                                                          
                                                                          
                                                                          See
      Note
                                                                          
                                                                          
                                                                          See
      Note
                                                                          
                                                                          
                                                                          See
      Note
                                                                          
                                                                          
                                                                          See
      NoteShortfall
                                                                          
                                                                          $
                                                                          (1,007,003
                                                                          )
                                                                          
                                                                          $
                                                                          503,748
                                                                          
                                                                          
                                                                          $
                                                                          362,620
                                                                          
                                                                          
                                                                          $
                                                                          320,796
                                                                          
                                                                          
                                                                          $
                                                                          166,302
 For the
purposes of computing the ratio of earnings to fixed charges and preference
dividends, earnings were calculated using income before minority interests
adding back total fixed charges less preference security dividend requirements
of consolidated subsidiaries.  Fixed charges consist of interest
expense, recurring fees and amortization of capitalized costs related to
indebtedness and preference security dividend requirements of consolidated
subsidiaries.
  Earnings
were insufficient to cover fixed charges (both as defined in Regulation S-K) in
periods shown above due to the inclusion of fixed charges of partnerships that
we consolidate in our financial statements in accordance with accounting
pronouncements such as FASB Interpretation No. 46(R).  The fixed
charges of those partnerships are not paid by us and the related debt is
non-recourse to us.  Likewise, the net losses incurred by those
partnerships are allocated to their limited partners that own a majority (or
all) of the equity of the partnerships.
  A
reconciliation of the amounts as defined in Regulation S-K to the fixed charges
actually paid by us and our earnings that are allocated to our equity holders
results in a positive ratio for all periods and is as follows:
   
   Years
      Ended December 31,(dollars
      in thousands)
                                                                            
                                                                            2008
                                                                            
                                                                            
                                                                            2007
                                                                            
                                                                            
                                                                            2006
                                                                            
                                                                            
                                                                            2005
                                                                            
                                                                            
                                                                            2004Total
      fixed charges as defined
                                                                            
                                                                            $
                                                                            274,139
                                                                            
                                                                            
                                                                            $
                                                                            274,164
                                                                            
                                                                            
                                                                            $
                                                                            176,333
                                                                            
                                                                            
                                                                            $
                                                                            111,185
                                                                            
                                                                            
                                                                            $
                                                                            78,477Less:
      interest of consolidated partnerships on debt that is non-recourse to the
      Company
                                                                            
                                                                            
                                                                            (165,022
                                                                            )
                                                                            
                                                                            
                                                                            (100,321
                                                                            )
                                                                            
                                                                            
                                                                            (47,926
                                                                            )
                                                                            
                                                                            
                                                                            (26,322
                                                                            )
                                                                            
                                                                            
                                                                            (21,395
                                                                            )Total
      fixed charges as adjusted
                                                                            
                                                                            $
                                                                            109,117
                                                                            
                                                                            
                                                                            $
                                                                            173,843
                                                                            
                                                                            
                                                                            $
                                                                            128,407
                                                                            
                                                                            
                                                                            $
                                                                            84,863
                                                                            
                                                                            
                                                                            $
                                                                            57,082Earnings
      as defined
                                                                            
                                                                            $
                                                                            (732,864
                                                                            )
                                                                            
                                                                            $
                                                                            (229,584
                                                                            )
                                                                            
                                                                            $
                                                                            (186,287
                                                                            )
                                                                            
                                                                            $
                                                                            (209,611
                                                                            )
                                                                            
                                                                            $
                                                                            (87,825
                                                                            )Allocation
      of losses incurred by consolidated partnerships to the limited partners of
      those partnerships
                                                                            
                                                                            
                                                                            659,228
                                                                            
                                                                            
                                                                            
                                                                            398,893
                                                                            
                                                                            
                                                                            
                                                                            401,377
                                                                            
                                                                            
                                                                            
                                                                            349,531
                                                                            
                                                                            
                                                                            
                                                                            219,950Earnings
      as adjusted
                                                                            
                                                                            $
                                                                            (73,636
                                                                            )
                                                                            
                                                                            $
                                                                            169,309
                                                                            
                                                                            
                                                                            $
                                                                            215,090
                                                                            
                                                                            
                                                                            $
                                                                            139,920
                                                                            
                                                                            
                                                                            $
                                                                            132,125Ratio
      of Earnings to Combined Fixed Charges and Preference Dividends excluding
      consolidated partnerships
                                                                            
                                                                            
                                                                            (0.7
                                                                            )
                                                                            
                                                                            
                                                                            1.0
                                                                            
                                                                            
                                                                            
                                                                            1.7
                                                                            
                                                                            
                                                                            
                                                                            1.6
                                                                            
                                                                            
                                                                            
                                                                            2.3Shortfall
                                                                            
                                                                            $
                                                                            182,753
                                                                            
                                                                            
                                                                            $
                                                                            4,534
                                                                            
                                                                            
                                                                            $
                                                                            --
                                                                            
                                                                            
                                                                            $
                                                                            --
                                                                            
                                                                            
                                                                            $
                                                                            --