6/30/05

6/30/04

12/31/04

12/31/03

12/31/02

12/31/01

12/31/00

Income from continuing operations

$

147,595

$

99,612

$

185,624

$

201,898

$

221,456

$

278,904

$

246,822

Interest expense incurred, net

184,322

161,224

329,801

317,726

321,942

329,235

340,767

Amortization of deferred financing costs

3,294

2,872

6,381

5,510

5,435

4,746

4,807

Earnings before combined fixed charges and preferred distributions

335,211

263,708

521,806

525,134

548,833

612,885

592,396

Preference Unit distributions

(26,043

)

(27,325

)

(53,746

)

(76,435

)

(76,615

)

(87,504

)

(100,855

)

Preference Interest distributions

(5,272

)

(10,106

)

(19,420

)

(20,211

)

(20,211

)

(18,263

)

(10,650

)

Junior Preference Unit distributions

(7

)

(62

)

(70

)

(325

)

(325

)

(352

)

(436

)

Premium on redemption of Preference Units

—

—

—

(20,237

)

—

(5,324

)

—

Premium on redemption of Preference Interests

(4,112

)

—

(1,117

)

—

—

—

—

Earnings before combined fixed charges

$

299,777

$

226,215

$

447,453

$

407,926

$

451,682

$

501,442

$

480,455

Interest expense incurred, net

$

184,322

$

161,224

$

329,801

$

317,726

$

321,942

$

329,235

$

340,767

Amortization of deferred financing costs

3,294

2,872

6,381

5,510

5,435

4,746

4,807

Interest capitalized for real estate and unconsolidated entities under development

5,761

6,850

13,969

20,647

27,167

28,174

17,650

Total combined fixed charges

193,377

170,946

350,151

343,883

354,544

362,155

363,224

Preference Unit distributions

26,043

27,325

53,746

76,435

76,615

87,504

100,855

Preference Interest distributions

5,272

10,106

19,420

20,211

20,211

18,263

10,650

Junior Preference Unit distributions

7

62

70

325

325

352

436

Premium on redemption of Preference Units

—

—

—

20,237

—

5,324

—

Premium on redemption of Preference Interests

4,112

—

1,117

—

—

—

—

Total combined fixed charges and preferred distributions

$

228,811

$

208,439

$

424,504

$

461,091

$

451,695

$

473,598

$

475,165

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

1.55

1.32

1.28

1.19

1.27

1.38

1.32

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

1.47

1.27

1.23

1.14

1.22

1.29

1.25