Exhibit 12

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

				Years ended December 31,
				2004			2003			2002			2001			2000
Income/(loss) before discontinued operations, net of minority interests				$	31,821		$	33,349		($	4,291	)	$	9,309		$	13,574
Add:
	Portion of rents representative of the interest factor				651			651			691			794			866
	Minority interests				625			(260	)		(666	)		384			(192	)
	Loss on equity investment in joint venture				—			—			—			254			111
	Interest on indebtedness from continuing operations				124,087			117,457			128,522			135,088			147,455
	Earnings			$	157,184		$	151,197		$	124,256		$	145,829		$	161,814
Fixed charges and preferred stock dividend:
	Interest on indebtedness from continuing operations			$	124,087		$	117,457		$	128,522		$	135,088		$	147,455
	Capitalized interest				986			1,808			931			2,925			3,650
	Portion of rents representative of the interest factor				651			651			691			794			866
	Fixed charges				125,724			119,916			130,144			138,807			151,971
Add:
	Preferred stock dividend				19,531			26,326			27,424			31,190			36,891
	Accretion of preferred stock				5,729			19,271			—			—			—
		Preferred stock dividend and accretion of preferred stock			25,260			45,597			27,424			31,190			36,891
			Combined fixed charges and preferred stock dividend	$	150,984		$	165,513		$	157,568		$	169,997		$	188,862
Ratio of earnings to fixed charges					1.25	x		1.26	x		—			1.05	x		1.06	x
Ratio of earnings to combined fixed charges and preferred stock dividend					1.04	x		—			—			—			—

      For the year ended December 31, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $14.3 million.

      For the year ended December 31, 2002, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $5.9 million.

      For the year ended December 31, 2002, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $33.3 million.

      For the year ended December 31, 2001, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $24.2 million. For the year ended December 31, 2000, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $27.0 million.