Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)

	Years Ended December 31,

	2012			2011			2010			2009			2008
Earnings
Net income (loss) from continuing operations	$	(275,508	)	$	(259,007	)	$	(391,203	)	$	(153,544	)	$	699,074
Add (subtract):
Equity in (earnings) losses of unconsolidated ventures		(88	)		2,738			(2,550	)		1,524			11,789
Distributions from unconsolidated ventures		2,920			1,695			28,894			24,325			11,369
Interest expense		142,027			142,220			126,210			116,133			185,368

Total earnings	$	(130,649	)	$	(112,354	)	$	(238,649	)	$	(11,562	)	$	907,600

Fixed Charges
Interest expense		142,027			142,220			126,210			116,133			185,368

Total Fixed Charges		142,027			142,220			126,210			116,133			185,368
Preferred stock dividends		27,025			20,925			20,925			20,925			20,925

Total Combined Fixed Charges and Preferred Stock Dividends	$	169,052		$	163,145		$	147,135		$	137,058		$	206,293

Ratio of earnings to fixed charges(1)		(0.92	)		(0.79	)		(1.89	)		(0.10	)		4.90
Ratio of earnings to combined fixed charges and preferred stock dividends(2)		(0.77	)		(0.69	)		(1.62	)		(0.08	)		4.40
Deficiency related to ratio of earnings to fixed charges	$	(272,676	)	$	(254,574	)	$	(364,859	)	$	(127,695	)		NA
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends	$	(299,701	)	$	(275,499	)	$	(385,784	)	$	(148,620	)		NA

(1): Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to unconsolidated ventures recognized in the years ended December 31, 2012, 2011, 2010, 2009 and 2008, the ratios of earnings to fixed charges were 2.38, 1.92, 1.60, 1.63 and 1.41, respectively.
(2): Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to unconsolidated ventures recognized in the years ended December 31, 2012, 2011, 2010, 2009 and 2008, the ratios of earnings to combined fixed charges and preferred stock dividends were 2.00, 1.67, 1.38, 1.38 and 1.26, respectively.