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|                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                            | Year Ended December 31, |
|                                                                                            | 2008 | 2009 | 2010 | 2011 | 2012 |
| Earnings:                                                                                       |   |   |   |   |   |
| Income (loss) before taxes, noncontrolling interests and equity in earnings of equity investees | $ | (6,894 | ) | $ | 111 |  | $ | (8,120 | ) | $ | (5,281 | ) | $ | 835 |  |
| Interest expense, net of amortization of premium/discount                                       | 25,229 |  | 24,585 |  | 22,179 |  | 18,318 |  | 14,390 |  |
| Amortization of deferred financing fees                                                         | 992 |  | 1,047 |  | 1,276 |  | 1246 |  | 1215 |  |
| Distributed income of equity investees                                                          | 277 |  | 393 |  | 388 |  | 549 |  | 277 |  |
| Total earnings                                                                                  | $ | 19,604 |  | $ | 26,136 |  | $ | 15,723 |  | $ | 14,832 |  | $ | 16,717 |  |
|                                                                                            |   |   |   |   |   |
| Fixed Charges (2):                                                                              |   |   |   |   |   |
| Interest expense, net of amortization of premium/discount                                       | $ | 25,229 |  | $ | 24,585 |  | $ | 22,179 |  | $ | 18,318 |  | $ | 14,390 |  |
| Capitalized interest                                                                            | 453 |  | 554 |  | 13 |  | 911 |  | 3884 |  |
| Amortization of deferred fees                                                                   | 992 |  | 1,047 |  | 1,276 |  | 1,246 |  | 1,215 |  |
| Total fixed charges                                                                             | $ | 26,674 |  | $ | 26,186 |  | $ | 23,468 |  | $ | 20,475 |  | $ | 19,489 |  |
|                                                                                            |   |   |   |   |   |
| Consolidated ratio of earnings to fixed charges (1)                                             | — |  | 1.0 |  | — |  | — |  | — |  |

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|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the years ended December 31, 2008, 2010, 2011 and 2012 fixed charges exceeded earnings by $7,070, $7,745, $5,643 and $2,772 respectively. |

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| (2) | As of December 31, 2012 and 2011, the Trust accrued $3,000 according to the authoritative guidance related to the guarantee of a construction loan for the Johns Hopkins participating development. The Trust has not included the liability in the calculation of fixed charges because it is not considered probable that such obligation will be incurred by the Trust. |