EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO COMBINED
FIXED CHARGE AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands, except ratio data)

|                                                                    |                                                                                       | Year Ended December 31, |        
|------------------------------------------------------------------- | ------------------------------------------------------------------------------------- | ----------------------- | -------
|
|Income before minority interest and discontinued operations         |                                                                                       | $                       | 155,810
|Add:                                                                |                                                                                       |                         |        
|                                                                    | Loss on extinguishment debt                                                           |                         |        
|                                                                    | Distributed income of unconsolidated joint ventures                                   |                         |        
|                                                                    | Fixed charges excluding capitalized interest and preferred dividends and distribution |                         |        
|                                                                    | Amortization of capitalized interest                                                  |                         |        
|Deduct:                                                             |                                                                                       |                         |        
|                                                                    | Equity in earnings of unconsolidated joint ventures                                   |                         |        
|                                                                    |                                                                                       |                         |        
|                                                                    |                                                                                       | $                       | 272,038
|                                                                    |                                                                                       |                         |        
|Fixed Charges:                                                      |                                                                                       |                         |        
|                                                                    | Interest expense including amortization of debt costs                                 |                         | $      
|                                                                    | Loss on extinguishment of debt                                                        |                         |        
|                                                                    | Series D preferred unit distributions                                                 |                         |        
|                                                                    | Capitalized interest                                                                  |                         |        
|                                                                    |                                                                                       |                         |        
|                                                                    | Combined fixed charges                                                                |                         |        
|                                                                    | Preferred stock dividends (1)                                                         |                         |        
|                                                                    |                                                                                       |                         |        
|                                                                    | Fixed charges and preferred dividends                                                 |                         | $      
|                                                                    |                                                                                       |                         |        
|Ratio of earnings to combined fixed charges                         |                                                                                       |                         | 2.1    
|Ratio of earnings to combined fixed charges and preferred dividends |                                                                                       |                         | 1.7    

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