Centro NP 10-Q 2006 Q3 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 September 30,		Nine Months Ended September 30,
2006	2005	2006	2005
1.9	5.6	2.0	3.5

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 September 30,				Nine Months Ended September 30,
	2006		2005		2006		2005
EARNINGS:
Pretax income from continuing operations before adjustment for minority interests in income of consolidated partnership or equity in income of unconsolidated ventures	$	27,949	$	194,367	$	86,948	$	258,950
Interest expense (including amortization of debt discount and issuing costs)	23,480		39,554		69,155		95,063
Distributions from equity investee	702		755		3,577		2,436
Interest component of rental expense	236		319		624		844
Total	$	52,367	$	234,995	$	160,304	$	357,293
FIXED CHARGES:
Interest expense (including amortization of debt discount and issuing costs)	$	23,480	$	39,554	$	69,155	$	95,063
Capitalized interest	3,161		1,762		9,233		5,174
Interest component of rental expense	236		319		624		844
Total	$	26,877	$	41,635	$	79,012	$	101,081
RATIO OF EARNINGS TO FIXED CHARGES	1.9		5.6		2.0		3.5