Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

Our ratio of earnings to fixed
charges and preferred share dividends for the periods indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income from continuing operations before minority interests from our consolidated
statements of operations, as adjusted for fixed charges; and fixed charges represent interest expense and preferred share dividends from our consolidated statements of operations.

The following table presents our ratio of earnings to fixed charges and preferred share dividends for the five years ended December 31, 2008
(dollars in thousands):



|                                                                               |  |                                 |          |     |      |   |          |      |  |      |         |      |   |        |  |   |       
|------------------------------------------------------------------------------ |  | ------------------------------- | -------- | --- | ---- | - | -------- | ---- |  | ---- | ------- | ---- | - | ------ |  | - | ------
|                                                                               |  | For the Years Ended December 31
|                                                                               |  | 2008                            |          |     | 2007 |   |          | 2006 |  | 2005 |         | 2004
|Net income (loss) from continuing operations as adjusted for minority interest |  | $                               | (610,969 | )   |      | $ | (437,102 | )    |  | $    | 74,704  |      | $ | 75,074 |  | $ | 63,098
|Add back fixed charges:                                                        |  |                                 |          |     |      |   |          |      |  |      |         |      |   |        |  |   |       
|Interest expense                                                               |  |                                 | 489,625  |     |      |   | 700,953  |      |  |      | 63,410  |      |   | 13,011 |  |   | 5,435 
|                                                                               |  |                                 |          |     |      |   |          |      |  |      |         |      |   |        |  |   |       
|Earnings before fixed charges and preferred share dividends                    |  |                                 | (121,344 | )   |      |   | 263,851  |      |  |      | 138,114 |      |   | 88,085 |  |   | 68,533
|                                                                               |  |                                 |          |     |     
|Fixed charges and preferred share dividends:                                   |  |                                 |          |     |      |   |          |      |  |      |         |      |   |        |  |   |       
|Interest expense                                                               |  |                                 | 489,625  |     |      |   | 700,953  |      |  |      | 63,410  |      |   | 13,011 |  |   | 5,435 
|Preferred share dividends                                                      |  |                                 | 13,641   |     |      |   | 11,817   |      |  |      | 10,079  |      |   | 10,076 |  |   | 5,279 
|                                                                               |  |                                 |          |     |      |   |          |      |  |      |         |      |   |        |  |   |       
|Total fixed charges and preferred share dividends                              |  | $                               | 503,266  |     |      | $ | 712,770  |      |  | $    | 73,489  |      | $ | 23,087 |  | $ | 10,714
|                                                                               |  |                                 |          |     |      |   |          |      |  |      |         |      |   |        |  |   |       
|Ratio of earnings to fixed charges and preferred share dividends               |  |                                 |         | (1) |      |   |         | (1)  |  |      | 1.9x    |      |   | 3.8x   |  |   | 6.4x  
|                                                                               |  |                                 |          |     |      |   |          |      |  |      |         |      |   |        |  |   |       



|(1) | The dollar amount of the deficiency for the years ended December 31, 2008 and 2007 is $624.6 million and $448.9 million, respectively.
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