Pretax loss from continuing operations before adjustment for

  noncontrolling interests or income loss from equity investees

$

(75,286,270)

Add:

   Interest on indebtedness (excluding capitalized interest)

151,231,289

   Amortization of debt related expenses

6,356,110

   Portion of rents representative of the

     interest factor

5,669,339

87,970,468

Distributed income from equity investees

90,265,102

       Pretax earnings from continuing operations, as adjusted

$

178,235,570

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

167,859,493

   Amortization of debt related expenses

3,653,334

   Portion of rents representative of the

     interest factor

5,669,339

        Fixed charges

$

177,182,166

Ratio of earnings to fixed charges

1.01