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EXHIBIT 12
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STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY
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For the Twelve Months Ended September 30
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(Dollars in thousands) 2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C>
FIXED CHARGES:
Interest and debt expense $ 45,974 $ 39,585 $ 42,817 $ 40,819 $ 40,514
Ground rent -- -- 69 101 101
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Total fixed charges for ratio $ 45,974 $ 39,585 $ 42,886 $ 40,920 $ 40,615
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EARNINGS:
Operating loss $ (3,921) $ (10,291) $ (18,457) $ (18,987) $ (24,176)
Total fixed charges for ratio 45,974 39,585 42,886 40,920 40,615
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Total earnings for ratio $ 42,053 $ 29,294 $ 24,429 $ 21,933 $ 16,439
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RATIO OF EARNINGS TO FIXED CHARGES Less than 1 Less than 1 Less than 1 Less than 1 Less than 1
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Deficiency of available earnings to fixed
charges $ (3,921) $ (10,291) $ (18,457) $ (18,987) $ (24,176)
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