09/30/03

09/30/02

12/31/02

12/31/01

12/31/00

12/31/99

12/31/98

Income from continuing operations

$

180,542

$

199,375

$

301,532

$

362,201

$

321,558

$

276,987

$

217,583

Interest expense incurred, net

246,793

252,892

337,489

352,903

363,851

328,459

243,531

Amortization of deferred financing costs

4,406

4,267

5,748

5,818

5,432

4,024

2,724

Allocation to Minority Interests – Operating Partnership

27,434

19,067

26,862

32,829

41,761

29,536

18,529

Earnings before combined fixed charges and preferred distributions

459,175

475,601

671,631

753,751

732,602

639,006

482,367

Preferred distributions

73,115

72,969

97,151

106,119

111,941

113,196

92,917

Earnings before combined fixed charges

$

386,060

$

402,632

$

574,480

$

647,632

$

620,661

$

525,810

$

389,450

Interest expense incurred, net

$

246,793

$

252,892

$

337,489

$

352,903

$

363,851

$

328,459

$

243,531

Amortization of deferred financing costs

4,406

4,267

5,748

5,818

5,432

4,024

2,724

Interest capitalized for real estate and unconsolidated entities under development

16,013

19,444

27,167

28,174

17,650

8,134

1,620

Total combined fixed charges

267,212

276,603

370,404

386,895

386,933

340,617

247,875

Preferred distributions

73,115

72,969

97,151

106,119

111,941

113,196

92,917

Total combined fixed charges and preferred distributions

$

340,327

$

349,572

$

467,555

$

493,014

$

498,874

$

453,813

$

340,792

Ratio of earnings before combined fixed charges to total combined fixed charges

1.44

1.46

1.55

1.67

1.60

1.54

1.57

Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions

1.35

1.36

1.44

1.53

1.47

1.41

1.42