| Three-months ended March 31, | For the years ended December 31, | |||||||||||||||||||||||||||
| 2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
Earnings before fixed charges: | ||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
| Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures (a) | $ | (1,616 | ) | $ | (8,309 | ) | $ | (34,943 | ) | $ | 1,270 | $ | (9,109 | ) | $ | (110 | ) | $ | (42,168 | ) | ||||||||
| Distributed income of equity investees | 403 | 182 | 657 | 1,557 | 7,639 | 6,900 | 2,150 | |||||||||||||||||||||
| Amortization of capitalized interest | 949 | 1,383 | 3,527 | 3,166 | 2,801 | 2,170 | 1,508 | |||||||||||||||||||||
| Fixed charges — per below | 34,039 | 36,071 | 148,007 | 151,723 | 170,083 | 184,757 | 181,784 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
| Capitalized interest | (380 | ) | (3,245 | ) | (10,385 | ) | (8,893 | ) | (16,746 | ) | (17,885 | ) | (9,537 | ) | ||||||||||||||
| Earnings before fixed charges | $ | 33,395 | $ | 26,082 | $ | 106,863 | $ | 148,823 | $ | 154,668 | $ | 175,832 | $ | 133,737 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
| Interest expense from continuing operations (including amortization) | $ | 33,321 | $ | 32,535 | $ | 136,410 | $ | 141,604 | $ | 152,096 | $ | 165,647 | $ | 171,164 | ||||||||||||||
| Ground leases and other | 338 | 291 | 1,212 | 1,226 | 1,241 | 1,225 | 1,083 | |||||||||||||||||||||
| Capitalized interest | 380 | 3,245 | 10,385 | 8,893 | 16,746 | 17,885 | 9,537 | |||||||||||||||||||||
| Total Fixed Charges | $ | 34,039 | $ | 36,071 | $ | 148,007 | $ | 151,723 | $ | 170,083 | $ | 184,757 | $ | 181,784 | ||||||||||||||
| Ratio of earnings to combined fixed charges | (b | ) | (b | ) | (b | ) | (b | ) | (b | ) | (b | ) | (b | ) | ||||||||||||||
| (a) | Amounts for the three-months ended March 31, 2011 and 2010 and for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing opeartions for all periods presented. | |
| (b) | Due to the registrant’s loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $644 and $9,989 for the three-months ended March 31, 2011 and 2010, respectively, to achieve a coverage ratio of 1:1. The registrant must also generate additional earnings of $41,144 for the year ended December 31, 2010, $2,900 for the year ended December 31, 2009, $15,415 for the year ended December 31, 2008, $8,925 for the year ended December 31, 2007 and $48,047 for the year ended December 31, 2006 to achieve the aforementioned coverage ratio. |
