Exhibit 12

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES—REAL ESTATE TRUST ONLY

	For the Twelve Months Ended September 30
(Dollars in thousands)	2003			2002			2001			2000			1999
FIXED CHARGES:
Interest and debt expense	$	50,862		$	51,061		$	51,203		$	47,149		$	40,546
Ground rent		—			—			—			—			—
Total fixed charges for ratio	$	50,862		$	51,061		$	51,203		$	47,149		$	40,546
EARNINGS:
Operating income (loss)	$	(14,893	)	$	(19,548	)	$	(667	)	$	(4,341	)	$	(10,687	)
Equity in earnings of unconsolidated entities		(7,248	)		(8,811	)		(7,169	)		(7,291	)		(4,964	)
Distributions from unconsolidated entities		12,048			11,496			10,814			10,297			9,513
Capitalized interest		—			(287	)		(569	)		(1,175	)		(961	)
		(10,093	)		(17,150	)		2,409			(2,510	)		(7,099	)
Total fixed charges for ratio		50,862			51,061			51,203			47,149			40,546
Total earnings for ratio	$	40,769		$	33,911		$	53,612		$	44,639		$	33,447
RATIO OF EARNINGS TO FIXED CHARGES		Less than 1			Less than 1			1.05 x			Less than 1			Less than 1
Excess (deficiency) of available earnings to fixed charges	$	(10,093	)	$	(17,150	)	$	2,409		$	(2,510	)	$	(7,099	)