Centro Saturn Mergersub S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Qtr Ended 31-Mar-04		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2001		Year Ended December 31, 2000		July 9, 1999 to December 31, 1999
Income before allocation to minority interests and preferred distributions	$	10,953	$	37,284	$	12,668	$	10,529	$	23,625	$	13,404
Fixed charges:
Interest expense (including financing amortization)		17,615		69,415		72,312		90,342		35,517		2,032
Interest capitalized		—		—		151		65		—		50
Interest portion of rent expense 33%		130		—		—		—		—		—
Fixed charges		17,615		69,415		72,463		90,407		35,517		2,082
Net income before fixed charges		28,568		106,699		84,980		100,871		59,142		15,436
Divided by fixed charges		17,615		69,415		72,463		90,407		35,517		2,082
Ratio of earnings to fixed charges		1.62		1.54		1.17		1.12		1.67		7.41