Years Ended December 31,

2008

2007

2006

2005

2004

Earnings:

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

$

63,488

$

35,138

$

34,796

$

38,151

$

39,879

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

1,682

3,108

889

366

(150

)

Combined fixed charges and preferred share dividends (from below)

118,491

123,387

110,541

85,240

70,627

Amortization of capitalized interest

890

695

527

337

285

Distributed income (loss) of equity investees

(203

)

(224

)

26

(164

)

(83

)

Subtract:

Capitalized interest (from below)

(17,632

)

(19,274

)

(14,559

)

(9,871

)

(5,112

)

Preferred share dividends included in fixed charges

(16,102

)

(16,068

)

(15,404

)

(14,615

)

(16,329

)

Preferred unit distributions included in fixed charges

(660

)

(660

)

(660

)

(660

)

(179

)

Issuance costs associated with redeemed preferred shares

—

—

(3,896

)

—

(1,813

)

Total earnings

$

149,954

$

126,102

$

112,260

$

98,784

$

87,125

Combined fixed charges and preferred share dividends:

Interest expense on continuing operations

$

83,646

$

85,576

$

72,984

$

55,979

$

43,663

Interest expense on discontinued operations

51

1,382

2,417

3,405

3,031

Capitalized interest (internal and external)

17,632

19,274

14,559

9,871

5,112

Amortization of debt issuance costs-capitalized

32

138

237

272

113

Interest included in rental expense

368

289

384

438

387

Preferred share dividends

16,102

16,068

15,404

14,615

16,329

Preferred unit distributions

660

660

660

660

179

Issuance costs associated with redeemed preferred shares

—

—

3,896

—

1,813

Total combined fixed charges and preferred share dividends

$

118,491

$

123,387

$

110,541

$

85,240

$

70,627

Ratio of earnings to combined fixed charges and preferred share dividends

1.27

1.02

1.02

1.16

1.23