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<PAGE>
Exhibit 99.1
<TABLE>
<CAPTION>
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
---------------------------------------------------------------------------------------------------------------------------
(Dollar amounts in thousands)
Quarter Ended September 30,
2000 1999
---------- -----------
<S> <C> <C>
Income before net gain on sales of investments in rental
properties and minority interest $21,741 $20,434
Less - minority interest not convertible into common stock (160) (155)
------- -------
Earnings $21,581 $20,279
======= =======
Fixed charges:
Interest $11,154 $10,400
Capitalized interest 3,755 2,191
Preferred stock dividends 1,142 1,142
Other 12 12
------- -------
Fixed Charges $16,063 $13,745
======= =======
Earnings plus fixed charges, excluding capitalized interest
and preferred stock dividends $32,747 $30,691
======= =======
Divided by fixed charges $16,063 $13,745
======= =======
Ratio of earnings to fixed charges 2.0 2.2
======= =======
<CAPTION>
Nine Months Ended September 30,
2000 1999
----------- -------------
<S> <C> <C>
Income before net gain on sales of investments in rental
properties and minority interest $63,999 $57,407
Plus - provision for nonrecurring charge - 1,250
Less - minority interest not convertible into common stock (371) (445)
------ -------
Earnings $63,628 $58,212
======= =======
Fixed charges:
Interest $34,882 $30,535
Capitalized interest 11,885 7,226
Preferred stock dividends 3,426 3,040
Other 36 35
------- -------
Fixed Charges $50,229 $40,836
======= =======
Earnings plus fixed charges, excluding capitalized interest
and preferred stock dividends $98,546 $88,782
======= =======
Divided by fixed charges $50,229 $40,836
======= =======
Ratio of earnings to fixed charges 2.0 2.2
======= =======
</TABLE>
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