Exhibit



	Years Ended December 31,
Earnings:	2015			2014			2013			2012			2011
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes	$	120,812		$	34,590		$	36,704		$	8,894		$	(85,574	)
Gain on sales of real estate, excluding discontinued operations	68,047			10,671			9,016			21			2,732
Fixed charges (from below)	96,867			99,243			99,676			111,825			122,397
Amortization of capitalized interest	2,591			2,374			1,977			1,798			1,610
Distributed income (loss) of equity investees	361			225			1,857			—			(31		)
Subtract:
Capitalized interest (from below)	(7,151		)	(6,065		)	(8,785		)	(13,903		)	(17,400		)
Preferred distributions of other consolidated entities	(16		)	(16		)	(16		)	—			—
Total earnings	$	281,511		$	141,022		$	140,429		$	108,635		$	23,734

Fixed charges:
Interest expense on continuing operations	$	89,074		$	92,393		$	82,010		$	86,401		$	90,037
Interest expense on discontinued operations	—			—			8,221			10,397			14,264
Capitalized interest (internal and external)	7,151			6,065			8,785			13,903			17,400
Amortization of debt issuance costs-capitalized	8			186			144			649			183
Interest included in rental expense	618			583			500			475			513
Preferred distributions of other consolidated entities	16			16			16			—			—
Total fixed charges	$	96,867		$	99,243		$	99,676		$	111,825		$	122,397

Ratio of earnings to fixed charges	2.91			1.42			1.41			0.97			0.19
										$	3,190		$	98,663

For purposes of calculating the above ratios, earnings were computed by adding fixed charges (excluding capitalized interest), gain on sales of real estate (excluding discontinued operations) amortization of capitalized interest and distributed income (loss) of equity investees to income (loss) from continuing operations before noncontrolling interests, equity in income (loss) of unconsolidated entities and income taxes. Fixed charges consist of interest costs and capitalized amortization of debt issuance costs.