EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

(unaudited)

		Years Ended
		December 31,
		2016			2015			2014			2013			2012			2011
Earnings:
Pre-tax net income (loss) (1)		$	12,436		$	14,645		$	3,652		$	5,886		$	4,377		$	8,162
Less:	Equity in earnings of unconsolidated joint ventures		(9,767	)		(8,927	)		(6,970	)		(6,194	)		(6,476	)		(5,224	)
Plus:	Distributions from unconsolidated joint ventures		2,926			7,731			7,358			7,204			6,477			4,993
Fixed charges			53,845			51,717			56,145			54,891			61,352			59,028
	Total adjusted earnings	$	59,440		$	65,166		$	60,185		$	61,787		$	65,730		$	66,959
Fixed charges:
Interest expense (including debt issue costs amortized to interest expense)		$	42,746		$	41,684		$	42,727		$	45,791		$	53,783		$	52,798
Adjustments to exclude fair value adjustments of cash flow hedges reclassified from OCI to interest expense			–			–			–			–			(918	)		(1,225	)
Write-off of debt issue costs			709			–			4,389			–			–			–
Portion of rent expense representative of the interest factor (2)			10,390			10,033			9,029			9,100			8,487			7,455
	Total fixed charges	$	53,845		$	51,717		$	56,145		$	54,891		$	61,352		$	59,028
Ratio of earnings to fixed charges			1.10			1.26			1.07			1.13			1.07			1.13
Additional earnings required to have a one-to-one ratio of earnings to fixed charges		$	–		$	–		$	–		$	–		$	–		$	–

(1) Excludes net income attributable to non-controlling interests

(2) Represents 14% of operating lease costs, which approximates the portion that relates to the interest portion based on our estimated incremental borrowing rate