03/31/04

03/31/03

12/31/03

12/31/02

12/31/01

12/31/00

12/31/99

Income from continuing operations

$

47,381

$

51,822

$

211,558

$

246,840

$

304,683

$

260,667

$

224,489

Interest expense incurred, net

79,858

79,417

326,465

333,152

344,755

358,432

319,216

Amortization of deferred financing costs

1,426

1,338

6,164

5,617

4,978

5,015

3,852

Allocation to Minority Interests -Operating Partnership

7,640

9,110

34,658

26,862

32,391

41,761

29,536

Earnings before combined fixed charges and preferred distributions

136,305

141,687

578,845

612,471

686,807

665,875

577,093

Preferred distributions

18,756

24,180

96,971

97,151

106,119

111,941

113,196

Premium on redemption of preferred shares

—

—

20,237

—

5,324

—

—

Earnings before combined fixed charges

$

117,549

$

117,507

$

461,637

$

515,320

$

575,364

$

553,934

$

463,897

Interest expense incurred, net

$

79,858

$

79,417

$

326,465

$

333,152

$

344,755

$

358,432

$

319,216

Amortization of deferred financing costs

1,426

1,338

6,164

5,617

4,978

5,015

3,852

Interest capitalized for real estate and unconsolidated entities under development

2,652

5,437

20,647

27,167

28,174

17,650

8,134

Total combined fixed charges

83,936

86,192

353,276

365,936

377,907

381,097

331,202

Preferred distributions

18,756

24,180

96,971

97,151

106,119

111,941

113,196

Premium on redemption of preferred shares

—

—

20,237

—

5,324

—

—

Total combined fixed charges and preferred distributions

$

102,692

$

110,372

$

470,484

$

463,087

$

489,350

$

493,038

$

444,398

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

1.40

1.36

1.31

1.41

1.52

1.45

1.40

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

1.33

1.28

1.23

1.32

1.40

1.35

1.30