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 (loss) from continuing operations before noncontrolling 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 noncontrolling interests	$	(617,070	)	$	(435,991	)	$	74,704	$	75,074	$	63,098
Add back fixed charges:
Interest expense		489,989			700,460			63,410		13,011		5,435
Earnings before fixed charges and preferred share dividends		(127,081	)		264,469			138,114		88,085		68,533
Fixed charges and preferred share dividends:
Interest expense		489,989			700,460			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	$	503,630		$	712,277		$	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 $630.7 million and $447.8 million, respectively.