<Page> EXHIBIT 12.1 COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS <Table> <Caption> THE COMPANY THE COMPANY THE PREDECESSOR GROUP THE COMPANY THE COMPANY ----------- ----------- ----------------------- ------------ ------------ PRO FORMA PRO FORMA HISTORICAL SIX MONTHS SIX MONTHS SIX MONTHS ENDED PRO FORMA PRO FORMA ENDED ENDED JUNE 30, YEAR ENDED YEAR ENDED JUNE 30, JUNE 30, ----------------------- DECEMBER 31, DECEMBER 31, 2002 (1) 2002 (2) 2002 2001 2001 (1) 2001 (2) ----------- ----------- ---------- ---------- ------------ ------------ Income before adjustments for minority interests and extraordinary items............. $ 3,048(3) $ 6,022(3) $ 2,943 $(2,970) $ 6,286(3) $14,253(3) Fixed charges: Interest expense............... 3,115 3,115 1,586 6,482 6,347 6,347 ------- ------- ------- ------- ------- ------- Income before adjustments for minority interests and extraordinary items plus fixed charges.................. $ 6,163 $ 9,137 $ 4,529 $ 3,512 $12,633 $20,600 ======= ======= ======= ======= ======= ======= Total fixed charges.............. 3,115 3,115 1,586 6,482 6,347 6,347 ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges (4).................... 1.98 2.93 2.86 --(5) 1.99 3.25 Preferred share dividend requirements................... $ 1,273 $ 3,182 $ 2,545 $ 6,364 Total fixed charges.............. 3,115 3,115 6,347 6,347 ------- ------- ------- ------- Total combined fixed charges and preferred share dividends...................... $ 4,388 $ 6,297 $ 8,892 $12,711 ======= ======= ======= ======= Ratio of earnings to combined fixed charges and preferred share dividends (6)............ 1.40 1.45 --(7) --(7) 1.42 1.62 <Caption> THE PREDECESSOR GROUP ---------------------------------------------------- HISTORICAL YEARS ENDED DECEMBER 31, ---------------------------------------------------- 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Income before adjustments for minority interests and extraordinary items............ (3,179) (905) (595) (46) (2,422) Fixed charges: Interest expense............... 12,273 8,217 6,840 5,600 6,814 ------- ------- ------- ------- ------- Income before adjustments for minority interests and extraordinary items plus fixed charges.................. $ 9,094 $ 7,312 $ 6,245 $ 5,554 $ 4,392 ======= ======= ======= ======= ======= Total fixed charges.............. 12,273 8,217 6,840 5,600 6,814 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges(4)..................... --(5) --(5) --(5) --(5) --(5) Preferred share dividend requirements................... Total fixed charges.............. Total combined fixed charges and preferred share dividends...................... Ratio of earnings to combined fixed charges and preferred share dividends (6)............ --(7) --(7) --(7) --(7) --(7) </Table> - ------------------------------ (1) Assuming 10% of the Interests in the mortgage funds are tendered for Preferred Shares and certain other transactions occurred as of the beginning of the fiscal periods presented and carried forward through the year or interim period presented. This financial data should be read in conjunction with the unaudited pro forma consolidated condensed financial statements of the Company. (2) Assuming 25% of the Interests in the mortgage funds are tendered for Preferred Shares and certain other transactions occurred as of the beginning of the fiscal periods presented and carried forward through the year or interim period presented. This financial data should be read in conjunction with the unaudited pro forma consolidated condensed financial statements of the Company. (3) Income from operations before adjustments for minority interests and extraordinary items does not include an incremental increase in income resulting from the $15,530 increase in cash relating to the refinancing of the Seasons of Laurel mortgage note payable which occurred in July of 2002. (4) The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges. We define "earnings" as income before minority interest and extraordinary items plus fixed charges. We define "fixed charges" as interest expense including amortization of deferred financing costs. (5) The ratio is less than "1" due to charges for participating note interest on the Seasons of Laurel subordinate note payable which was paid off in July of 2001. (6) The ratio of earnings to combined fixed charges and preferred share dividends was computed by dividing earnings by combined fixed charges and preferred share dividends. We define "earnings" and "fixed charges" as described in Note (4) above. We define "preferred share dividends" as the amount of income that would be required to cover preferred share dividends. (7) Historical ratios of earnings to combined fixed charges and preferred share reflect payments for preferred share dividends have not been presented since the historical presentation does not reflect payments for preferred share dividends. <Page> COMPUTATIONS OF RATIOS OF "ADJUSTED" EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS (DOLLARS IN THOUSANDS) <Table> <Caption> THE COMPANY THE COMPANY THE PREDECESSOR GROUP THE COMPANY THE COMPANY ----------- ----------- ----------------------- ------------ ------------ PRO FORMA PRO FORMA HISTORICAL SIX MONTHS SIX MONTHS SIX MONTHS ENDED PRO FORMA PRO FORMA ENDED ENDED JUNE 30, YEAR ENDED YEAR ENDED JUNE 30, JUNE 30, ----------------------- DECEMBER 31, DECEMBER 31, 2002 (1) 2002 (2) 2002 2001 2001 (1) 2001 (2) ----------- ----------- ---------- ---------- ------------ ------------ Income before adjustments for minority interests and extraordinary items............ $ 3,048(3) $ 6,022(3) $ 2,943 $(2,970) $ 6,286(3) $14,253(3) Add: Fixed charges.................. 3,115 3,115 1,586 6,482 6,347 6,347 Depreciation expense........... 2,215 2,215 2,215 2,826 5,603 5,603 Asset management fee (subordinate)................ 338 338 -- -- 675 675 Deduct: Capital expenditures........... (945) (945) (1,190) (701) (732) (732) ------- ------- ------- ------- ------- ------- Income before adjustments for minority interests and extraordinary items plus fixed charges.................. $ 7,771 $10,745 $ 5,554 $ 5,637 $18,179 $26,146 ======= ======= ======= ======= ======= ======= Total fixed charges.............. 3,115 3,115 1,586 6,482 6,347 6,347 ======= ======= ======= ======= ======= ======= Ratio of "adjusted" earnings to fixed charges (4)(5)........... 2.49 3.45 3.50 --(6) 2.86 4.12 Preferred share dividend requirements................... $ 1,273 $ 3,182 $ 2,545 $ 6,364 Total fixed charges.............. 3,115 3,115 6,347 6,347 ------- ------- ------- ------- Total combined fixed charges and preferred share dividends...... $ 4,388 $ 6,297 $ 8,892 $12,711 ======= ======= ======= ======= Ratio of "adjusted" earnings to combined fixed charges and preferred share dividends (4)(7)............... 1.77 1.71 --(8) --(8) 2.04 2.06 <Caption> THE PREDECESSOR GROUP ---------------------------------------------------- HISTORICAL YEARS ENDED DECEMBER 31, ---------------------------------------------------- 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Income before adjustments for minority interests and extraordinary items............ $(3,179) $ (905) $ (595) $ (46) $(2,422) Add: Fixed charges.................. 12,273 8,217 6,840 5,600 6,814 Depreciation expense........... 4,751 5,011 5,700 6,017 6,197 Asset management fee (subordinate)................ -- -- -- -- -- Deduct: Capital expenditures........... (732) (2,959) (2,190) (2,492) (2,750) ------- ------- ------- ------- ------- Income before adjustments for minority interests and extraordinary items plus fixed charges.................. $13,113 $ 9,364 $ 9,755 $ 9,079 $ 7,839 ======= ======= ======= ======= ======= Total fixed charges.............. 12,273 8,217 6,840 5,600 6,814 ======= ======= ======= ======= ======= Ratio of "adjusted" earnings to fixed charges (4)(5)........... 1.07 1.14 1.43 1.62 1.15 Preferred share dividend requirements................... Total fixed charges.............. Total combined fixed charges and preferred dividends............ Ratio of "adjusted" earnings to combined fixed charges and preferred share dividends (4)(7)............... --(8) --(8) --(8) --(8) --(8) </Table> - ------------------------------ (1) Assuming 25% of the Interests in the mortgage funds are tendered for Preferred Shares and certain other transactions occurred as of the beginning of the fiscal periods presented and carried forward through the year or interim period presented. This financial data should be read in conjunction with the unaudited pro forma consolidated condensed financial statements of the Company. (2) Assuming 25% of the Interests in the mortgage funds are tendered for Preferred Shares and certain other transactions occurred as of the beginning of the fiscal periods presented and carried forward through the year or interim period presented. This financial data should be read in conjunction with the unaudited pro forma consolidated condensed financial statements of the Company. (3) Income before adjustments for minority interests and extraordinary loss does not include an incremental increase in income resulting from the $15,530 increase in cash relating to the refinancing of the Seasons of Laurel mortgage note payable which occurred in July of 2002. (4) We are presenting the ratios of "adjusted" earnings to fixed charges and "adjusted" earnings to combined fixed charges and preferred share dividends, for additional information. We do not consider these ratios more important than the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred share dividends. We believe that the "adjusted" earnings ratios provide an appropriate measure of cash that will be available for payment of fixed charges and preferred share dividends requirements. (5) The ratio of "adjusted" earnings to fixed charges was computed by dividing "adjusted " earnings by fixed charges. We defined "adjusted " earnings as income before minority interest and extraordinary items plus fixed charges, depreciation and subordinate asset management fees less capital expenditures, and "fixed charges " as interest expense including amortization of deferred financing costs. (6) The ratio is less than "1" due to charges for participating note interest on the former Seasons of Laurel note payable which was paid off in July of 2001. (7) The ratio of "adjusted" earnings to combined fixed charges and preferred share dividends was computed by dividing "adjusted" earnings by combined fixed charges and preferred share dividends. We define "adjusted earnings" and "fixed charges" as described in Note (5) above. We define "preferred share dividends" as the amount of income that would be required to cover preferred share dividends. (8) Historical ratio of "adjusted" earnings to combined fixed charges and preferred share dividends has not been presented since the historical presentation does not reflect payments for preferred share dividends.