Exhibit 12.2

COMBINED RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

                The following table sets forth the ratio of earnings to fixed charges and preferred stock dividends

for the periods indicated:

For the three months ending March 31,
	2007		2006
1.4		1.7

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, preferred stock dividend requirements, 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

AND PREFERRED STOCK DIVIDEND REQUIREMENTS

(DOLLAR AMOUNTS IN THOUSANDS)

	For the three months ending March 31,
	2007		2006
EARNINGS:
Pretax income from continuing operations before adjustment for minority interests in income of consolidated partnership or equity in income of unconsolidated ventures	$	19,050	$	28,967
Interest expense (including amortization of debt discount and issuing costs)	25,245		22,781
Distributions from equity investee	3,474		2,101
Interest component of rental expense	224		172
Total	$	47,993	$	54,021
FIXED CHARGES:
Interest expense (including amortization of debt discount and issuing costs)	$	25,245	$	22,781
Capitalized interest	4,562		2,960
Interest component of rental expense	224		172
Total	$	30,031	$	25,913
PREFERRED DIVIDEND REQUIREMENTS	$	5,275	$	5,275
TOTAL FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS	$	35,306	$	31,188
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS	1.4		1.7