EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

(unaudited)

		Years Ended
		December 31,
		2014			2013			2012			2011			2010			2009
Earnings:
Pre-tax net income (loss) (1)		$	3,652		$	5,886		$	4,377		$	8,162		$	(12,109	)	$	(1,732	)
Less:	Equity in earnings of unconsolidated joint ventures		(6,970	)		(6,194	)		(6,476	)		(5,224	)		(4,952	)		(5,209	)
Plus:	Distributions from unconsolidated joint ventures		7,358			7,204			6,477			4,993			7,639			4,420
Fixed charges			56,145			54,891			61,352			59,028			61,751			49,965
Total adjusted earnings		$	60,185		$	61,787		$	65,730		$	66,959		$	52,329		$	47,444
Fixed charges:
Interest expense (including debt issue costs amortized to interest expense)		$	42,727		$	45,791		$	53,783		$	52,798		$	48,398		$	50,016
Adjustments to exclude fair value adjustments of cash flow hedges reclassified from OCI to interest expense			–			–			(918	)		(1,225	)		(917	)		(6,119	)
Write-off of debt issue costs			4,389			–			–			–			7,559			–
Portion of rent expense representative of the interest factor (2)			9,029			9,100			8,487			7,455			6,711			6,068
Total fixed charges		$	56,145		$	54,891		$	61,352		$	59,028		$	61,751		$	49,965
Ratio of earnings to fixed charges			–			1.13			1.07			1.13			–			–
Additional earnings required to have a one- to-one ratio of earnings to fixed charges		$	(4,040	)	$	–		$	–		$	–		$	9,422		$	2,521

(1) Excludes net income attributable to noncontrolling interests

(2) Represents 14% of operating lease costs, which approximates the portion that relates to the interest portion based on our estimated incremental borrowing rate