EXHIBIT 12
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY
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For the Twelve Months Ended September 30
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(Dollars in thousands) 2001 2000 1999 1998 1997
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FIXED CHARGES:
Interest and debt expense $ 51,203 $ 47,149 $ 40,546 $ 43,025 $ 40,845
Ground rent -- -- -- 69 101
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Total fixed charges for ratio $ 51,203 $ 47,149 $ 40,546 $ 43,094 $ 40,946
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EARNINGS:
Operating income (loss) $ 541 $ (3,921) $(10,291) $(18,457) $ (18,987)
Equity in earnings of unconsolidated entities (8,314) (7,711) (5,360) (1,918) (4,150)
Distributions from unconsolidated entities 10,814 10,297 9,513 8,581 7,992
Capitalized interest (569) (1,175) (961) (208) (26)
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2,472 (2,510) (7,099) (12,002) (15,171)
Total fixed charges for ratio 51,203 47,149 40,546 43,094 40,946
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Total earnings for ratio $ 53,675 $ 44,639 $ 33,447 $ 31,092 $ 25,775
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RATIO OF EARNINGS TO FIXED CHARGES 1.0 x Less than 1 Less than 1 Less than 1 Less than 1
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Excess (deficiency) of available earnings
to fixed charges $ 2,472 $ (2,510) $ (7,099) $(12,002) $ (15,171)
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