Exhibit 12

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

(Dollars in thousands)

	Years ended December 31,
	2002			2001			2000			1999			1998
Income before discontinued operations and extraordinary items	$	50,058		$	53,644		$	61,198		$	80,110		$	60,253
Add:
Portion of rents representative of the interest factor		691			794			866			928			569
Minority interests		2,914			3,599			3,267			4,607			1,541
Loss on equity investment in joint venture		—			254			111			—			—
Interest on indebtedness		132,941			144,379			156,040			153,748			106,238
Earnings	$	186,604		$	202,670		$	221,482		$	239,393		$	168,601
Fixed charges and preferred stock dividend:
Interest on indebtedness	$	132,941		$	144,379		$	156,040		$	153,748		$	106,238
Capitalized interest		931			2,925			3,650			5,153			3,360
Portion of rents representative of the interest factor		691			794			866			928			569
Fixed charges		134,563			148,098			160,556			159,829			110,167
Add:
Preferred stock dividend		27,424			31,190			36,891			37,714			23,593
Combined fixed charges and preferred stock dividend	$	161,987		$	179,288		$	197,447		$	197,543		$	133,760
Ratio of earnings to fixed charges		1.39	x		1.37	x		1.38	x		1.50	x		1.53	x
Ratio of earnings to combined fixed charges and preferred stock dividend		1.15	x		1.13	x		1.12	x		1.21	x		1.26	x