Exhibit 12

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, |            
|(Dollars in thousands)                                     |  | 2007                                      |             |   | 2006 |   |         | 2005 |  |   | 2004        |   |  | 2003 |            
|FIXED CHARGES:                                             |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |  
|Interest and debt expense                                  |  | $                                         | 56,097      |   |      | $ | 51,645  |      |  | $ | 46,503      |   |  | $    | 58,645      |   |  | $ | 48,970      |  
|Ground rent                                                |  |                                           | 480         |   |      |   |        |      |  |   |            |   |  |      |            |   |  |   |            |  
|                                                           |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |  
|Total fixed charges for ratio                              |  | $                                         | 56,577      |   |      | $ | 51,645  |      |  | $ | 46,503      |   |  | $    | 58,645      |   |  | $ | 48,970      |  
|                                                           |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |  
|                                                           |  |                                           |             |   |     
|EARNINGS:                                                  |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |  
|Operating loss                                             |  | $                                         | (2,498      | ) |      | $ | (2,030  | )    |  | $ | (7,368      | ) |  | $    | (22,648     | ) |  | $ | (13,645     | )
|Equity in earnings of unconsolidated entities              |  |                                           | (12,540     | ) |      |   | (10,051 | )    |  |   | (8,246      | ) |  |      | (7,788      | ) |  |   | (7,248      | )
|Distributions from unconsolidated entities                 |  |                                           | 16,179      |   |      |   | 14,821  |      |  |   | 13,272      |   |  |      | 12,550      |   |  |   | 12,048      |  
|Capitalized interest                                       |  |                                           | (2,054      | ) |      |   | (1,129  | )    |  |   |            |   |  |      |            |   |  |   |            |  
|                                                           |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |  
|                                                           |  |                                           | (913        | ) |      |   | 1,611   |      |  |   | (2,342      | ) |  |      | (17,886     | ) |  |   | (8,845      | )
|Total fixed charges for ratio                              |  |                                           | 56,577      |   |      |   | 51,645  |      |  |   | 46,503      |   |  |      | 58,645      |   |  |   | 48,970      |  
|                                                           |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |  
|Total earnings for ratio                                   |  | $                                         | 55,664      |   |      | $ | 53,256  |      |  | $ | 44,161      |   |  | $    | 40,759      |   |  | $ | 40,125      |  
|                                                           |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |  
|                                                           |  |                                           |             |   |     
|RATIO OF EARNINGS TO FIXED CHARGES                         |  |                                           | Less than 1 |   |      |   | 1.03 x  |      |  |   | Less than 1 |   |  |      | Less than 1 |   |  |   | Less than 1 |  
|                                                           |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |  
|                                                           |  |                                           |             |   |     
|Excess (deficiency) of available earnings to fixed charges |  | $                                         | (913        | ) |      | $ | 1,611   |      |  | $ | (2,342      | ) |  | $    | (17,886     | ) |  | $ | (8,845      | )
|                                                           |  |                                           |             |   |      |   |         |      |  |   |             |   |  |      |             |   |  |   |             |