Centro NP 10-Q 2005 Q2 Quarterly report

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth the ratio of earnings to fixed charges for the periods indicated:

Three Months Ended June 30,		Six Months Ended June 30,
2005	2004	2005	2004
2.0	2.1	2.1	2.2

For purposes of computing these ratios, earnings have been calculated by adding fixed charges (excluding preferred stock dividends and capitalized interest) to pretax income from continuing operations before adjustment for minority interest in income of consolidated partnership or equity in income of unconsolidated ventures plus distributions from equity investee.  Fixed charges consist of interest costs, whether expensed or capitalized, the interest component of rental expense, if any, and amortization of debt discounts and issue costs, whether expensed or capitalized.

CALCULATION OF COMBINED RATIO OF EARNINGS TO FIXED CHARGES

(DOLLAR AMOUNTS IN THOUSANDS)

	Three Months Ended June 30,				Six Months Ended June 30,
	2005		2004		2005		2004
EARNINGS:
Pretax income from continuing operations before adjustment for minority interests in income of consolidated partnership or equity in income of unconsolidated ventures	$	34,343	$	32,857	$	66,925	$	67,522
Interest expense (including amortization of debt discount and issuing costs)	28,177		26,581		55,514		53,041
Distributions from equity investee	—		108		—		265
Interest component of rental expense	284		99		525		196
Total	$	62,804	$	59,645	$	122,964	$	121,024
FIXED CHARGES:
Interest expense (including amortization of debt discount and issuing costs)	$	28,177	$	26,581	$	55,514	$	53,041
Capitalized interest	2,181		1,748		3,412		3,016
Interest component of rental expense	284		99		525		196
Total	$	30,642	$	28,428	$	59,451	$	56,253
RATIO OF EARNINGS TO FIXED CHARGES	2.0		2.1		2.1		2.2