EXHIBIT 12.3 PARTNERSHIP GUARANTORS RATIO OF EARNINGS TO FIXED CHARGES (AMOUNTS IN THOUSANDS, EXCEPT RATIO) THREE MONTHS ENDED YEAR ENDED DECEMBER 31, MARCH 31, 1998 1997 1996 1995 1994 1999 1998 --------- --------- --------- --------- -------- --------- --------- Pre-tax income from continuing operations 56,663 55,011 42,459 27,556 28,422 3,663 9,751 Capitalized interest, net of amortization (8,983) (8,501) (8,687) (7,900) 765 (2,301) (2,133) --------- --------- --------- --------- -------- --------- --------- 47,680 46,510 33,772 19,656 29,187 1,362 7,618 Fixed charges: Interest expense and amortization of deferred finance charges on all indebtedness 13,836 13,753 13,697 16,726 3,285 5,694 3,297 --------- --------- --------- --------- -------- --------- --------- Total fixed charges 13,836 13,753 13,697 16,726 3,285 5,694 3,297 Earnings before income taxes and fixed charges 61,516 60,263 47,469 36,382 32,472 7,056 10,915 Ratio of earnings to fixed charges 4.446 4.382 3.466 2.175 9.885 1.239 3.311