Form: S-3ASR

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

July 2, 2009

Documents

Exhibit 12.2

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED SHARE DIVIDENDS

(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

    28    556    1,811    1,857    2,327    711    212

Portion of rent expense - interest factor

    386    292    1,168    1,078    986    993    988

Preferred share dividends

    1,406    1,406    5,625    5,625    5,433    538    —  
                                  

Total combined fixed charges and preferred share dividends

    13,040    12,453    58,232    51,159    49,539    45,168    36,317

Ratio of earnings to combined fixed charges and preferred share dividends

    3.8    1.5    1.4    1.5    1.4    1.6    2.0