Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in Thousands)

	Year Ended December 31,															June 30,
	1999			2000			2001			2002			2003			2003			2004
Pretax income from continuing operations	$	85,047		$	99,197		$	89,706		$	100,512		$	241,801		$	107,711		$	141,302
Fixed charges:
Interest expense including amortization of deferred costs and capitalized interest	$	80,063		$	93,866		$	93,213		$	85,336		$	101,111		$	46,751		$	60,698
Ground Rent 33%	$	176		$	244		$	234		$	252		$	398		$	177		$	258
Preferred Dividends on consolidated subsidiaries	$	5,157		$	15,301		$	19,081		$	18,338		$	2,236		$	2,236		$	0
Proportionate share of fixed charges of 50 % owned joint ventures accounted for using equity method of accounting	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total fixed charges	$	85,396		$	109,411		$	112,528		$	103,926		$	103,745		$	49,164		$	60,956
Capitalized interest during the period	($	13,400	)	($	18,200	)	($	12,927	)	($	9,157	)	($	11,478	)	($	4,806	)	($	5,029	)
Preferred Dividends on consolidated subsidiaries	($	5,157	)	($	15,301	)	($	19,081	)	($	18,338	)	($	2,236	)	($	2,236	)	$	0
Amortization of capitalized interest during the period	$	1,272		$	1,879		$	2,310		$	2,616		$	2,999		$	1,468		$	1,667
Majority-owned subsidiary adjustments	$	11,809		$	19,593		$	21,502		$	21,570		$	5,365		$	3,938		$	2,110
Equity Company Adjustments	($	24,713	)	($	23,296	)	($	18,560	)	($	32,769	)	($	52,917	)	($	16,896	)	($	25,164	)
Equity Company Adjustments Distributed Income	$	24,713		$	23,296		$	18,560		$	32,769		$	52,917		$	16,896		$	20,737
Earnings before income taxes and fixed charges	$	164,967		$	196,579		$	194,038		$	201,129		$	340,196		$	155,239		$	196,579
Ratio of earnings to fixed charges		1.93			1.80			1.72			1.94			3.28		$	3.16		$	3.22