Exhibit 12

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED SHARE DISTRIBUTIONS

(In Thousands, Except Ratios; Unaudited)

		Three Months Ended			Fiscal Year Ended April 30,
		July 31, 2010			2010			2009			2008			2007			2006
Earnings
Income from continuing operations		$	1,986		$	4,001		$	10,713		$	15,063		$	14,217		$	11,142
Add:
	Combined fixed charges and preferred distributions (see below)		17,355			71,478			72,027			66,317			60,866			53,070
Less:
	(Income) loss noncontrolling interests – consolidated real estate entities		24			(22	)		40			136			26			(484	)
	Interest capitalized		0			0			(912	)		(506	)		(69	)		(21	)
	Preferred distributions		(593	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)
Total earnings		$	18,772		$	73,085		$	79,496		$	78,638		$	72,668		$	61,335
Fixed charges
	Interest expensed	$	16,762		$	69,106		$	68,743		$	63,439		$	58,425		$	50,677
	Interest capitalized		24			19			912			506			69			21
Total Fixed charges		$	16,786		$	69,125		$	69,655		$	63,945		$	58,494		$	50,698
	Preferred distributions		593			2,372			2,372			2,372			2,372			2,372
Total Combined fixed charges and preferred distributions		$	17,379		$	71,497		$	72,027		$	66,317		$	60,866		$	53,070
Ratio of earnings to fixed charges			1.12			1.06			1.14			1.23			1.24			1.21
Ratio of earnings to combined fixed charges and preferred distributions			1.08			1.02			1.10			1.19			1.19			1.16