09/30/04

09/30/03

12/31/03

12/31/02

12/31/01

12/31/00

12/31/99

Income from continuing operations

$

110,580

$

136,840

$

174,466

$

207,858

$

262,502

$

226,813

$

202,909

Interest expense incurred, net

252,267

243,579

324,652

330,287

341,505

353,675

316,060

Amortization of deferred financing costs

5,062

3,905

5,981

5,576

4,901

4,949

3,787

Allocation to Minority Interests -Operating Partnership

21,223

27,434

34,658

26,862

32,391

41,761

29,536

Earnings before combined fixed charges and preferred distributions

389,132

411,758

539,757

570,583

641,299

627,198

552,292

Preferred distributions

40,671

57,713

76,435

76,615

87,504

100,855

112,011

Premium on redemption of preferred shares

—

—

20,237

—

5,324

—

—

Earnings before combined fixed charges

$

348,461

$

354,045

$

443,085

$

493,968

$

548,471

$

526,343

$

440,281

Interest expense incurred, net

$

252,267

$

243,579

$

324,652

$

330,287

$

341,505

$

353,675

$

316,060

Amortization of deferred financing costs

5,062

3,905

5,981

5,576

4,901

4,949

3,787

Interest capitalized for real estate and unconsolidated entities under development

10,277

16,013

20,647

27,167

28,174

17,650

8,134

Total combined fixed charges

267,606

263,497

351,280

363,030

374,580

376,274

327,981

Preferred distributions

40,671

57,713

76,435

76,615

87,504

100,855

112,011

Premium on redemption of preferred shares

—

—

20,237

—

5,324

—

—

Total combined fixed charges and preferred distributions

$

308,277

$

321,210

$

447,952

$

439,645

$

467,408

$

477,129

$

439,992

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

1.30

1.34

1.26

1.36

1.46

1.40

1.34

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

1.26

1.28

1.20

1.30

1.37

1.31

1.26