EXHIBIT 12
                   RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                        AND PREFERRED STOCK DIVIDENDS (1)

    The  ratio of  earnings  to  combined  fixed  charges  and  preferred  stock
dividends are as follows:


                                                                              Year Ended December 31,
                                                                   ----------------------------------
                                                                   2000 (2)  1999     1998     1997     1996
                         
                                                                  --------   ----     ----     ----     ----
              Ratio of Earnings to Combined Fixed Charges
                 and Preferred Stock Dividends (1) ............... (0.29)X  1.39X    1.86X    2.48X    2.66X

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(1)  For purposes of calculating the ratio of earnings to combined fixed charges
     and preferred stock  dividends,  net earnings  (before  gain/loss on assets
     sold) has been  added to fixed  charges,  and that sum has been  divided by
     such  fixed  charges.   Fixed  charges  consist  of  interest  expense  and
     amortization of deferred  financing  costs,  and for each of the four years
     ended December 31, 1997,  1998, 1999 and 2000,  cumulative  preferred stock
     dividends are included starting as of the dates of issuance of the Series A
     Cumulative  Preferred Stock, Series B Cumulative Preferred Stock and Series
     C Cumulative Preferred Stock.

(2)  The deficit in 2000 represents  approximately $135.8 million.  Earnings for
     2000 include  charges of $61.7  million  provision  for  impairment,  $15.3
     million  provision  for loss on mortgages  and notes  receivable,  and $4.7
     million of severance and consulting  expense for former  Company  managers.
     Earnings for 1999 and 1998 include  impairment charges of $19.5 million and
     $6.8 million, respectively.