Three months
ended
March 31,
2006

Earnings:

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

$

9,001

Gain on sales of real estate, excluding discontinued operations

135

Combined fixed charges and preferred share dividends (from below)

25,403

Amortization of capitalized interest

107

Distributed loss of equity investees

(28

)

Subtract:

Capitalized interest (from below)

(3,130

)

Preferred share dividends

(3,654

)

Preferred unit distributions

(165

)

Total earnings

$

27,669

Combined fixed charges and preferred share dividends:

Interest expense on continuing operations

$

17,584

Interest expense on discontinued operations

131

Capitalized interest

3,130

Amortization of debt issuance costs-expensed

559

Amortization of debt issuance costs-capitalized

59

Interest included in rental expense

121

Preferred share dividends

3,654

Preferred unit distributions

165

Total combined fixed charges and preferred share dividends

$

25,403

Ratio of earnings to combined fixed
charges and preferred share dividends

1.09