EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (in thousands, except ratio data) Six Months Year ended December 31, Ended -------------------------------------------------------- June 30, 2002 2001 2000 1999 1998 1997 ------------- ------- -------- -------- -------- -------- Net Income Before Minority Interests $ 8,185 $ 19,666 $ 17,962 $ 16,754 $ 12,109 $ 12,542 Add: Distributed Income of Equity Investees 468 803 302 287 106 - Fixed Charges and Preferred Dividends Excluding Capitalized Interest 13,278 29,866 31,289 28,983 27,132 15,174 Amortization of Capitalized Interest 35 53 39 8 - - Equity in Loss of Equity Investees - - - 204 304 314 Deduct: Gain on Sale of Real Estate (2,164) (5,550) (3,795) (974) - - Preferred Dividends (828) (3,360) (3,360) (3,407) (1,614) (278) Equity in Earnings of Equity Investees (346) (813) (198) - - - -------- -------- -------- -------- -------- -------- $ 18,628 $ 40,665 $ 42,239 $ 41,855 $ 38,037 $ 27,752 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest Expense including Amortization of Debt Costs $ 12,366 $ 26,332 $ 27,756 $ 25,421 $ 25,396 $ 14,753 Capitalized Interest 661 348 1,310 1,694 171 - Interest Factor in Rental Expense 84 174 173 155 122 143 -------- -------- -------- -------- -------- -------- Total Fixed Charges $ 13,111 $ 26,854 $ 29,239 $ 27,270 $ 25,689 $ 14,896 Preferred Stock Dividends 828 3,360 3,360 3,407 1,614 278 -------- -------- -------- -------- -------- -------- Total Fixed Charges and Preferred Dividends $ 13,939 $ 30,214 $ 32,599 $ 30,677 $ 27,303 $ 15,174 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Combined Fixed Charges 1.4 1.5 1.4 1.5 1.5 1.9 Ratio of Earnings to Combined Fixed Charges and Preferred Dividends 1.3 1.3 1.3 1.4 1.4 1.8