<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>
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(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>
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(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.