1



                                  EXHIBIT 12.1

               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
    AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

    The ratio of earnings to fixed charges for the Company (including its
predecessor-in-interest, Sundance Enterprises, Inc., the partnerships
affiliated with Sundance Enterprises, Inc., and the Company's subsidiaries and
majority-owned partnerships) presents the relationship of the Company's
earnings to its fixed charges.  "Earnings" as used in the computation, is based
on net income (loss) from continuing operations (which includes a charge to
income for depreciation and amortization expense) before income taxes, plus
fixed charges.  "Fixed charges" is comprised of (i) interest charges, whether
expensed or capitalized, and (ii) amortization of loan costs and discounts or
premiums relating to indebtedness of the Company and its subsidiaries and
majority-owned partnerships, excluding in all cases items which would be or are
eliminated in consolidation.





                                                                                 YEAR ENDED
                                      9 MONTHS                                   DECEMBER 31,    
                                        ENDED       --------------------------------------------------------------------
                                       9/30/97         1996         1995         1994           1993              1992  
                                      ---------     ----------    ---------    -----------    ---------     ------------
                                                                       (UNAUDITED, IN THOUSANDS)
                                                                                          
Earnings:
     Net income                       $    20,909   $   21,953(1) $  13,591    $    8,924     $     288     $        272
     Add fixed charges other
     than capitalized interest             10,397       11,277        6,420         4,894         5,280            5,522
                                      -----------   ----------    ---------    ----------     ---------     ------------

                                      $    31,306   $   33,230    $  20,011    $   13,818     $   5,568     $      5,794
                                      ===========   ==========    =========    ==========     =========     ============


Fixed Charges:
     Interest expense                 $    10,397   $   11,277    $   6,420    $    4,894     $   5,280     $      5,522
     Preferred OP distribution              1,879        1,670           --            --            --               --
     Capitalized interest                     445          380          192            58            --               --
                                      -----------   ----------    ---------    ----------     ---------     ------------

     Total fixed charges              $    12,721   $   13,327    $   6,612    $    4,952     $   5,280     $      5,522
                                      ===========   ==========    =========    ==========     =========     ============


Ratio of Earnings to
     Fixed Charges:                        2.46:1       2.49:1       3.03:1        2.79:1        1.05:1           1.05:1





(1) Before extraordinary item