Years Ended December 31,

2005

2004

2003

2002

2001

Earnings:

Income from continuing operations before equity in loss of unconsolidated entities, income taxes and minority interests

$

41,108

$

43,319

$

33,995

$

26,143

$

24,752

Gain (loss) on sales of real estate, excluding discontinued operations

366

(150

)

472

2,564

1,618

Combined fixed charges and preferred share dividends (from below)

85,240

70,627

71,541

57,894

49,765

Amortization of capitalized interest

339

288

256

197

88

Distributed (loss) income of equity investees

(164

)

(83

)

(181

)

295

104

Subtract:

Capitalized interest (from below)

(9,871

)

(5,112

)

(2,846

)

(3,091

)

(5,295

)

Preferred share dividends

(14,615

)

(16,329

)

(12,003

)

(10,134

)

(6,857

)

Preferred unit distributions

(660

)

(179

)

(1,049

)

(2,287

)

(2,287

)

Repurchase of preferred units in excess of recorded book value

—

—

(11,224

)

—

—

Less: Issuance costs associated with redeemed preferred shares

—

(1,813

)

—

—

—

Total earnings

$

101,743

$

90,568

$

78,961

$

71,581

$

61,888

Combined fixed charges and preferred share dividends:

Interest expense on continuing operations

$

56,655

$

43,600

$

40,367

$

38,287

$

31,578

Interest expense on discontinued operations

489

663

812

1,069

1,203

Capitalized interest

9,871

5,112

2,846

3,091

5,295

Amortization of debt issuance costs-expensed

2,240

2,431

2,767

2,501

2,031

Amortization of debt issuance costs-capitalized

272

113

—

59

119

Interest included in rental expense

438

387

473

466

395

Preferred share dividends

14,615

16,329

12,003

10,134

6,857

Preferred unit distributions

660

179

1,049

2,287

2,287

Repurchase of preferred units in excess of recorded book value

—

—

11,224

—

—

Issuance costs associated with redeemed preferred shares

—

1,813

—

—

—

Total combined fixed charges and preferred share dividends

$

85,240

$

70,627

$

71,541

$

57,894

$

49,765

Ratio of earnings to combined fixed charges and preferred share dividends

1.19

1.28

1.10

1.24

1.24