Exhibit 12

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

	For the Three Months Ended December 31						For the Twelve Months Ended September 30
(Dollars in thousands)	2003			2002			2003			2002			2001			2000			1999
FIXED CHARGES:
Interest and debt expense	$	12,575		$	12,754		$	50,862		$	51,061		$	51,203		$	47,149		$	40,546
Ground rent		—			—			—			—			—			—			—
Total fixed charges for ratio	$	12,575		$	12,754		$	50,862		$	51,061		$	51,203		$	47,149		$	40,546
EARNINGS:
Operating income (loss)	$	(5,838	)	$	(5,943	)	$	(14,893	)	$	(19,548	)	$	(667	)	$	(4,341	)	$	(10,687	)
Equity in earnings of unconsolidated entities		(1,932	)		(2,377	)		(7,248	)		(8,811	)		(7,169	)		(7,291	)		(4,964	)
Distributions from unconsolidated entities		3,092			2,962			12,048			11,496			10,814			10,297			9,513
Capitalized interest		—			—			—			(287	)		(569	)		(1,175	)		(961	)
		(4,678	)		(5,358	)		(10,093	)		(17,150	)		2,409			(2,510	)		(7,099	)
Total fixed charges for ratio		12,575			12,754			50,862			51,061			51,203			47,149			40,546
Total earnings for ratio	$	7,897		$	7,396		$	40,769		$	33,911		$	53,612		$	44,639		$	33,447
RATIO OF EARNINGS TO FIXED CHARGES		Less than 1			Less than 1			Less than 1			Less than 1			1.05	x		Less than 1			Less than 1
Excess (deficiency) of available earnings to fixed charges	$	(4,678	)	$	(5,358	)	$	(10,093	)	$	(17,150	)	$	2,409		$	(2,510	)	$	(7,099	)