EXHIBIT 12.1
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
DOLLARS IN THOUSANDS



                                               SIX MONTHS
                                                 ENDED                       YEARS ENDED DECEMBER 31,
                                              -------------    ------------------------------------------------------------
                                              JUNE 30, 2003      2002          2001       2000        1999         1998
                                              -------------    ------------------------------------------------------------
                                                                                             
EARNINGS:
Income from continuing operations before
equity in income of joint ventures, gain
on sale and minority interest                 $ 16,290        $  37,381    $  43,283   $   55,712   $  55,641   $  42,986

Add:
  Gain on sale of previously depreciated
    operating real estate assets                    --           17,906        34,110      28,622       9,166          --
  Gain on sale of land and development
    rights                                          --            2,100         3,220         845        (252)         --
  Distributions from unconsolidated joint
    ventures                                     1,007           12,425         1,703       1,432         349         408

  Fixed charges (see below)                     28,314           54,096        53,749      54,422      52,082      49,115

Subtract:
  Interest capitalized                           4,361            8,875         8,844       8,858       7,725       8,737
  Loan cost amortization capitalized               158              229           204         196         192         227
                                              --------        ---------     ---------   ---------   ---------   ---------
TOTAL EARNINGS (1)                            $ 41,092        $ 114,804     $ 127,017   $ 131,979   $ 109,069   $  83,545

FIXED CHARGES:
  Interest expense and credit
    enhancement fees                            22,889           43,656        43,663      44,473      43,246      39,167
  Interest capitalized                           4,361            8,875         8,844       8,858       7,725       8,737
  Loan cost amortization expense                   906            1,336         1,038         895         919         984
  Loan cost amortization capitalized               158              229           204         196         192         227
                                              --------        ---------     ---------   ---------   ---------   ---------
TOTAL FIXED CHARGES (2)                       $ 28,314        $  54,096     $  53,749   $  54,422   $  52,082   $  49,115

RATIO (1 DIVIDED BY 2)                            1.45x            2.12x         2.36x       2.43x       2.09x       1.70x
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