Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

	Nine Months
	Ended
	9/30/2004			2003			2002			2001			2000			1999
Earnings:
Pre-tax income (loss) from continuing operations, adjusted for equity investees and minority interests	$	3,112		$	(1,749	)	$	(7,243	)	$	9,842		$	17,160		$	21,867
Add:
Gain on sale of investment property, net of applicable income tax provision	$	88,648		$	100,558		$	6,254		$	23,496		$	11,937		$	58,767
Distributed income of equity investees		154,846			58,488			36,036			44,978			32,538			39,686
Amortization of capitalized interest		445			631			631			575			598			118
Fixed charges		22,733			32,626			33,437			27,994			23,262			16,190
Subtract:
Capitalized interest		(10,551	)		(9,684	)		(5,934	)		(9,712	)		(15,285	)		(16,155	)
Earnings	$	259,233		$	180,870		$	63,181		$	97,173		$	70,210		$	120,473
Fixed charges:
Interest expense	$	11,916		$	22,576		$	27,041		$	17,852		$	7,680		$	(215	)
Capitalized interest		10,551			9,684			5,934			9,712			15,285			16,155
Interest component of rental expense (30%)		266			366			462			430			297			250
Fixed charges	$	22,733		$	32,626		$	33,437		$	27,994		$	23,262		$	16,190
Ratio of Earnings to Fixed Charges		11.40			5.54			1.89			3.47			3.02			7.44

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Nine Months
	Ended
	9/30/2004			2003			2002			2001			2000			1999
Earnings:
Pre-tax income (loss) from continuing operations, adjusted for equity investees and minority interests	$	3,112		$	(1,749	)	$	(7,243	)	$	9,842		$	17,160		$	21,867
Add:
Gain on sale of investment property, net of applicable income tax provision	$	88,648		$	100,558		$	6,254		$	23,496		$	11,937		$	58,767
Distributed income of equity investees		154,846			58,488			36,036			44,978			32,538			39,686
Amortization of capitalized interest		445			631			631			575			598			118
Fixed charges		28,545			35,984			33,437			27,994			23,262			16,190
Subtract:
Capitalized interest		(10,551	)		(9,684	)		(5,934	)		(9,712	)		(15,285	)		(16,155	)
Preferred dividends		(5,812	)		(3,358	)		0			0			0			0
Earnings	$	259,233		$	180,870		$	63,181		$	97,173		$	70,210		$	120,473
Fixed charges:
Interest expense	$	11,916		$	22,576		$	27,041		$	17,852		$	7,680		$	(215	)
Capitalized interest		10,551			9,684			5,934			9,712			15,285			16,155
Interest component of rental expense (30%)		266			366			462			430			297			250
		22,733			32,626			33,437			27,994			23,262			16,190
Preferred stock dividends		5,812			3,358			—			—			—			—
Fixed charges	$	28,545		$	35,984		$	33,437		$	27,994		$	23,262		$	16,190
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		9.08			5.03			1.89			3.47			3.02			7.44