| Year Ended December 31, | ||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
| Earnings: | ||||||||||||||||||||
| Income (loss) from continuing operations before taxes, minority interests and income or loss from equity investees | $ | (30,951 | ) | $ | (22,899 | ) | $ | (78,115 | ) | $ | 46,351 | $ | 59,483 | |||||||
| Fixed charges | 463,245 | 426,104 | 358,143 | 323,539 | 306,827 | |||||||||||||||
| Amortization of capitalized interest | 10,239 | 6,101 | 3,380 | 2,449 | 2,057 | |||||||||||||||
| Distributed income of equity investees | 4,239 | 3,578 | 3,259 | 4,200 | 3,728 | |||||||||||||||
| Capitalized interest | (30,719 | ) | (24,533 | ) | (17,733 | ) | (9,065 | ) | (14,479 | ) | ||||||||||
| Preferred OP Unit distributions | (7,128 | ) | (7,153 | ) | (7,226 | ) | (7,858 | ) | (9,312 | ) | ||||||||||
| Total earnings (A) | $ | 408,925 | $ | 381,198 | $ | 261,708 | $ | 359,616 | $ | 348,304 | ||||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | $ | 422,130 | $ | 391,465 | $ | 330,717 | $ | 304,683 | $ | 281,003 | ||||||||||
| Estimate of interest within rental expense | 3,268 | 2,953 | 2,467 | 1,933 | 2,033 | |||||||||||||||
| Capitalized interest | 30,719 | 24,533 | 17,733 | 9,065 | 14,479 | |||||||||||||||
| Preferred OP Unit distributions | 7,128 | 7,153 | 7,226 | 7,858 | 9,312 | |||||||||||||||
| Total fixed charges (B) | $ | 463,245 | $ | 426,104 | $ | 358,143 | $ | 323,539 | $ | 306,827 | ||||||||||
| Preferred stock dividends | $ | 63,381 | $ | 74,284 | $ | 86,825 | $ | 85,315 | $ | 85,920 | ||||||||||
| Redemption related preferred issuance costs | 2,635 | 6,848 | 1,123 | 3,489 | 7,645 | |||||||||||||||
| Total preferred stock dividends | $ | 66,016 | $ | 81,132 | $ | 87,948 | $ | 88,804 | $ | 93,565 | ||||||||||
| Total fixed charges and preferred stock dividends (C) | $ | 529,261 | $ | 507,236 | $ | 446,091 | $ | 412,343 | $ | 400,392 | ||||||||||
| Ratio of earnings to fixed charges (A divided by B) (1) | (1 | ) | (1 | ) | (1 | ) | 1.11 | 1.14 | ||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) (2) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||||
| (1) | During the years ended December 31, 2007, 2006 and 2005, earnings were insufficient to cover fixed charges by $54.3 million, $44.9 million and $96.4 million, respectively. | |
| (2) | During the years ended December 31, 2007, 2006, 2005, 2004 and 2003, earnings were insufficient to cover fixed charges and preferred stock diviedneds by $120.3 million, $126.0 million, $184.4 million, $52.7 million and $52.1 million, respectively. |
