Nine Months

Year

Year

Year

Year

Year

Ended

Ended

Ended

Ended

Ended

Ended

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2001

2000

1999

1998

1997

1996

Net Operating Income

$

186,785

$

210,604

$

172,276

$

123,535

$

64,916

$

51,651

(Less) Nonrecurring item:

Gain on sale

$

(43,999

)

$

(40,779

)

$

(47,093

)

$

(25,270

)

$

(677

)

$

(7,850

)

Non-recurring charges

-

-

16,782

-

-

-

(Plus) Extraordinary item:

Unamortized loan fee write-off

$

-

$

-

$

-

$

245

$

1,183

$

2,356

(Plus) Fixed charges:

Portion of rents representative of the interest factor

$

109

$

461

$

526

$

293

$

172

$

150

Interest expense

75,138

83,609

74,699

54,650

16,977

9,545

Interest capitalized

19,340

18,328

21,888

14,724

9,024

12,883

Debt cost amortization

2,729

2,924

2,624

2,068

700

1,842

Preferred dividend

26,771

39,779

39,779

28,132

19,656

10,422

Total fixed charges (1)

$

124,087

$

145,101

$

139,516

$

99,867

$

46,529

$

34,842

(Less):

Interest capitalized

$

19,340

$

18,328

$

21,888

$

14,724

$

9,024

$

12,883

Preferred dividend

26,771

39,779

39,779

28,132

19,656

10,422

Adjusted earnings (2)

$

220,762

$

256,819

$

219,814

$

155,521

$

83,271

$

57,694

Ratio (2 divided by 1)

1.78

1.77

1.58

1.56

1.79

1.66

Six Months

Year

Year

Year

Year

Year

Ended

Ended

Ended

Ended

Ended

Ended

June 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2001

2000

1999

1998

1997

1996

Net Operating Income

$

186,785

$

210,604

$

172,276

$

123,535

$

64,916

$

51,651

(Less) Nonrecurring item:

Gain on sale

$

(43,999

)

$

(40,779

)

$

(47,093

)

$

(25,270

)

$

(677

)

$

(7,850

)

Non-recurring charges

-

-

16,782

-

-

-

(Plus) Extraordinary item:

Unamortized loan fee write-off

$

-

$

-

$

-

$

245

$

1,183

$

2,356

(Plus) Fixed charges:

Portion of rents representative of the interest factor

$

109

$

461

$

526

$

293

$

172

$

150

Interest expense

75,138

83,609

74,699

54,650

16,977

9,545

Interest capitalized

19,340

18,328

21,888

14,724

9,024

12,883

Debt cost amortization

2,729

2,924

2,624

2,068

700

1,842

Total fixed charges (1)

$

97,316

$

105,322

$

99,737

$

71,735

$

26,873

$

24,420

(Less):

Interest capitalized

$

19,340

$

18,328

$

21,888

$

14,724

$

9,024

$

12,883

Adjusted earnings (2)

$

220,762

$

256,819

$

219,814

$

155,521

$

83,271

$

57,694

Ratio (2 divided by 1)

2.27

2.44

2.20

2.17

3.10

2.36