Exhibit 12

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY



|                                                           |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|---------------------------------------------------------- |  | ----------------------------------------- | ------- | - | ---- | - | ----------- | ---- |  | - | ----------- | - |  | ---- | ----------- | - |  | - | ----------- | -
|                                                           |  | For the Twelve Months Ended September 30, |        
|(Dollars in thousands)                                     |  | 2006                                      |         |   | 2005 |   |             | 2004 |  |   | 2003        |   |  | 2002 |            
|FIXED CHARGES:                                             |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|Interest and debt expense                                  |  | $                                         | 51,645  |   |      | $ | 46,503      |      |  | $ | 58,645      |   |  | $    | 48,970      |   |  | $ | 49,086      |  
|Ground rent                                                |  |                                           |        |   |      |   |            |      |  |   |            |   |  |      |            |   |  |   |            |  
|                                                           |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|Total fixed charges for ratio                              |  | $                                         | 51,645  |   |      | $ | 46,503      |      |  | $ | 58,645      |   |  | $    | 48,970      |   |  | $ | 49,086      |  
|                                                           |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|EARNINGS:                                                  |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|Operating loss                                             |  | $                                         | (2,030  | ) |      | $ | (7,368      | )    |  | $ | (22,648     | ) |  | $    | (13,645     | ) |  | $ | (17,735     | )
|Equity in earnings of unconsolidated entities              |  |                                           | (10,051 | ) |      |   | (8,246      | )    |  |   | (7,788      | ) |  |      | (7,248      | ) |  |   | (8,811      | )
|Distributions from unconsolidated entities                 |  |                                           | 14,821  |   |      |   | 13,272      |      |  |   | 12,550      |   |  |      | 12,048      |   |  |   | 11,496      |  
|Capitalized interest                                       |  |                                           | (1,129  | ) |      |   |            |      |  |   |            |   |  |      |            |   |  |   | (287        | )
|                                                           |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|                                                           |  |                                           | 1,611   |   |      |   | (2,342      | )    |  |   | (17,886     | ) |  |      | (8,845      | ) |  |   | (15,337     | )
|Total fixed charges for ratio                              |  |                                           | 51,645  |   |      |   | 46,503      |      |  |   | 58,645      |   |  |      | 48,970      |   |  |   | 49,086      |  
|                                                           |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|Total earnings for ratio                                   |  | $                                         | 53,256  |   |      | $ | 44,161      |      |  | $ | 40,759      |   |  | $    | 40,125      |   |  | $ | 33,749      |  
|                                                           |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|RATIO OF EARNINGS TO FIXED CHARGES                         |  |                                           | 1.03    | x |      |   | Less than 1 |      |  |   | Less than 1 |   |  |      | Less than 1 |   |  |   | Less than 1 |  
|                                                           |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|Excess (deficiency) of available earnings to fixed charges |  | $                                         | 1,611   |   |      | $ | (2,342      | )    |  | $ | (17,886     | ) |  | $    | (8,845      | ) |  | $ | (15,337     | )
|                                                           |  |                                           |         |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |