06/30/04

06/30/03

12/31/03

12/31/02

12/31/01

12/31/00

12/31/99

Income from continuing operations

$

94,930

$

104,952

$

201,492

$

234,900

$

288,918

$

245,460

$

210,828

Interest expense incurred, net

166,338

162,380

325,191

331,489

342,712

354,916

316,875

Amortization of deferred financing costs

3,127

2,897

6,081

5,587

4,912

4,959

3,797

Allocation to Minority Interests –Operating Partnership

15,738

18,281

34,658

26,862

32,391

41,761

29,536

Earnings before combined fixed charges and preferred distributions

280,133

288,510

567,422

598,838

668,933

647,096

561,036

Preferred distributions

37,493

48,417

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

$

242,640

$

240,093

$

450,214

$

501,687

$

557,490

$

535,155

$

447,840

Interest expense incurred, net

$

166,338

$

162,380

$

325,191

$

331,489

$

342,712

$

354,916

$

316,875

Amortization of deferred financing costs

3,127

2,897

6,081

5,587

4,912

4,959

3,797

Interest capitalized for real estate and unconsolidated entities under development

6,850

10,923

20,647

27,167

28,174

17,650

8,134

Total combined fixed charges

176,315

176,200

351,919

364,243

375,798

377,525

328,806

Preferred distributions

37,493

48,417

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

$

213,808

$

224,617

$

469,127

$

461,394

$

487,241

$

489,466

$

442,002

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

1.38

1.36

1.28

1.38

1.48

1.42

1.36

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

1.31

1.28

1.21

1.30

1.37

1.32

1.27