Exhibit 12


        STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES FOR
                                REAL ESTATE TRUST
- --------------------------------------------------------------------------------




                                                                  For the Twelve Months Ended September 30
                                                    ------------------------------------------------------------------------
(Dollars in thousands)                                  1994            1993           1992           1991            1990
- ----------------------                              ------------    ------------   -----------     -----------    -----------
                                                                                                  

FIXED CHARGES:

Interest and debt expense                           $     40,576    $    53,499    $    53,024     $    60,148    $    62,664
Ground rent                                                  115            506            542             533            535
                                                    ------------    -----------    -----------     -----------    -----------
   Total fixed charges                              $     40,691    $    54,005    $    53,566     $    60,681    $    63,199
                                                    ============    ===========    ===========     ===========    ===========


EARNINGS:
Operating loss                                      $    (34,305)   $   (44,495)   $   (28,511)    $   (20,035)   $   (39,262)
Total fixed charges for ratio                             40,691         54,005         53,566          60,681         63,199
Capitalized interest                                         --             --             --              (37)          (444)
                                                    ------------    -----------    -----------     -----------    -----------
   Total earnings for ratio                         $      6,386    $     9,510    $    25,055     $    40,609    $    23,493
                                                    ============    ===========    ===========     ===========    ===========


RATIO OF EARNINGS TO FIXED CHARGES                  Less than 1     Less than 1    Less than 1     Less than 1    Less than 1
                                                    ============    ===========    ===========     ===========    ===========

Deficiency of available earnings to fixed charges   $    (34,305)   $   (44,495)   $   (28,511)    $   (20,072)    $   (39,706)
                                                    ============    ===========    ===========     ===========     ===========