Form: S-3ASR

Automatic shelf registration statement of securities of well-known seasoned issuers

July 2, 2009

Documents

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

 

     3 Months Ended
March 31,		    12 Months Ended
December 31,
     2009    2008    2008    2007    2006    2005    2004

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

    37,365    7,004    28,866    28,965    27,233    26,152    33,844

Add:

                     

Distributed income of unconsolidated joint ventures

    168    885    2,366    1,706    906    821    989

Amortization of capitalized interest

    117    108    465    413    360    292    272

Interest expense

    11,210    10,199    49,628    42,599    40,793    42,926    35,117

Portion of rent expense - interest factor

    386    292    1,168    1,078    986    993    988
                                  

Income as adjusted

    49,246    18,488    82,493    74,761    70,278    71,184    71,210

Fixed Charges

                     

Interest expense

    11,210    10,199    49,628    42,599    40,793    42,926    35,117

Capitalized interest and capitalized amortization of debt issue costs

    38    556    1,811    1,857    2,327    711    212

Portion of rent expense - interest factor

    386    292    1,168    1,078    986    993    988
                                  

Total fixed charges

    11,634    11,047    52,607    45,534    44,106    44,630    36,317

Ratio of earnings to fixed charges

    4.2    1.7    1.6    1.6    1.6    1.6    2.0