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)                                     |  | 2004                                      |             |   | 2003 |   |             | 2002 |  |   | 2001        |   |  | 2000 |       
|FIXED CHARGES:(1)                                          |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  
|Interest and debt expense                                  |  | $                                         | 60,478      |   |      | $ | 50,862      |      |  | $ | 51,061      |   |  | $    | 51,203 |   |  | $ | 47,149      |  
|Ground rent                                                |  |                                           |            |   |      |   |            |      |  |   |            |   |  |      |       |   |  |   |            |  
|                                                           |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  
|Total fixed charges for ratio                              |  | $                                         | 60,478      |   |      | $ | 50,862      |      |  | $ | 51,061      |   |  | $    | 51,203 |   |  | $ | 47,149      |  
|                                                           |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  
|EARNINGS:(1)                                               |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  
|Operating income (loss)                                    |  | $                                         | (24,371     | ) |      | $ | (14,893     | )    |  | $ | (19,548     | ) |  | $    | (667   | ) |  | $ | (4,341      | )
|Equity in earnings of unconsolidated entities              |  |                                           | (7,788      | ) |      |   | (7,248      | )    |  |   | (8,811      | ) |  |      | (7,169 | ) |  |   | (7,291      | )
|Distributions from unconsolidated entities                 |  |                                           | 12,550      |   |      |   | 12,048      |      |  |   | 11,496      |   |  |      | 10,814 |   |  |   | 10,297      |  
|Capitalized interest                                       |  |                                           |            |   |      |   |            |      |  |   | (287        | ) |  |      | (569   | ) |  |   | (1,175      | )
|                                                           |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  
|                                                           |  |                                           | (19,609     | ) |      |   | (10,093     | )    |  |   | (17,150     | ) |  |      | 2,409  |   |  |   | (2,510      | )
|Total fixed charges for ratio                              |  |                                           | 60,478      |   |      |   | 50,862      |      |  |   | 51,061      |   |  |      | 51,203 |   |  |   | 47,149      |  
|                                                           |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  
|Total earnings for ratio                                   |  | $                                         | 40,869      |   |      | $ | 40,769      |      |  | $ | 33,911      |   |  | $    | 53,612 |   |  | $ | 44,639      |  
|                                                           |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  
|RATIO OF EARNINGS TO FIXED CHARGES                         |  |                                           | Less than 1 |   |      |   | Less than 1 |      |  |   | Less than 1 |   |  |      | 1.05 x |   |  |   | Less than 1 |  
|                                                           |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  
|Excess (deficiency) of available earnings to fixed charges |  | $                                         | (19,609     | ) |      | $ | (10,093     | )    |  | $ | (17,150     | ) |  | $    | 2,409  |   |  | $ | (2,510      | )
|                                                           |  |                                           |             |   |      |   |             |      |  |   |             |   |  |      |        |   |  |   |             |  

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|(1) | Includes Discontinued Real Estate Operations
|--- | --------------------------------------------