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
(Dollars in thousands) 2002 2001 2000 1999 1998
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FIXED CHARGES:
Interest and debt expense $ 51,061 $ 51,203 $ 47,149 $ 40,546 $ 43,025
Ground rent -- -- -- -- 69
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Total fixed charges for ratio $ 51,061 $ 51,203 $ 47,149 $ 40,546 $ 43,094
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EARNINGS:
Operating income (loss) $(19,548) $ (667) $ (4,341) $(10,687) $(18,733)
Equity in earnings of unconsolidated entities (9,057) (7,402) (7,291) (4,964) (1,642)
Distributions from unconsolidated entities 11,496 10,814 10,297 9,513 8,581
Capitalized interest (287) (569) (1,175) (961) (208)
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(17,396) 2,176 (2,510) (7,099) (12,002)
Total fixed charges for ratio 51,061 51,203 47,149 40,546 43,094
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Total earnings for ratio $ 33,665 $ 53,379 $ 44,639 $ 33,447 $ 31,092
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RATIO OF EARNINGS TO FIXED CHARGES Less than 1 1.0 x Less than 1 Less than 1 Less than 1
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Excess (deficiency) of available earnings
to fixed charges $(17,396) $ 2,176 $ (2,510) $ (7,099) $(12,002)
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