EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth the ratio of earnings to fixed charges for the periods indicated:

Three Months Ended March 31,
2005	2004
2.1	2.2

For purposes of computing these ratios, earnings have been calculated by adding fixed charges (excluding preferred stock dividends and capitalized interest) to pretax income from continuing operations before adjustment for minority interest in income of consolidated partnership or equity in income of unconsolidated ventures plus distributions from equity investee.  Fixed charges consist of interest costs, whether expensed or capitalized, the interest component of rental expense, if any, and amortization of debt discounts and issue costs, whether expensed or capitalized.

CALCULATION OF COMBINED RATIO OF EARNINGS TO FIXED CHARGES

(DOLLAR AMOUNTS IN THOUSANDS)

	Three Months Ended March 31,
	2005		2004
EARNINGS:
Pretax income from continuing operations before adjustment for minority interests in income of consolidated partnership or equity in income of unconsolidated ventures	$	33,020	$	35,181
Interest expense (including amortization of debt discount and issuing costs)	27,331		26,401
Distributions from equity investee	—		159
Interest component of rental expense	241		97
Total	$	60,592	$	61,838
FIXED CHARGES:
Interest expense (including amortization of debt discount and issuing costs)	$	27,331	$	26,401
Capitalized interest	1,230		1,268
Interest component of rental expense	241		97
Total	$	28,802	$	27,766
RATIO OF EARNINGS TO FIXED CHARGES	2.1		2.2