Form: S-4

Registration of securities issued in business combination transactions

April 9, 2009

Documents

Exhibit 12.1B

 

    12 Months Ended
December 31,
    2008   2007   2006   2005   2004

Income before equity in earnings of unconsolidated joint ventures, minority interests, discontinued operations and loss on sale of real estate

   31,551,000   31,499,000   28,167,000   26,152,000   33,844,000

Add:

          

Distributed income of unconsolidated joint ventures

   2,365,758   1,705,994   905,819   821,292   988,610

Amortization of capitalized interest

   457,366   409,151   359,076   292,110   272,160

Interest expense

   46,947,042   40,065,523   39,858,974   42,926,499   35,117,327

Portion of rent expense—interest factor

   1,167,514   1,078,250   986,311   992,536   988,196
                   

Income as adjusted

   82,488,680   74,757,918   70,277,180   71,184,437   71,210,293

Fixed Charges

          

Interest expense

   46,947,042   40,065,523   39,858,974   42,926,499   35,117,327

Capitalized interest and capitalized amortization of debt issue costs

   1,678,000   1,745,000   2,307,000   711,000   212,000

Portion of rent expense—interest factor

   1,167,514   1,078,250   986,311   992,536   988,196

Preferred share dividends

   5,625,000   5,625,000   5,433,000   538,000   —  
                   

Total combined fixed charges and preferred share dividends

   55,417,556   48,513,773   48,585,285   45,168,035   36,317,523

Ratio of earnings to combined fixed charges and preferred share dividends

   1.5   1.5   1.4   1.6   2.0