Exhibit 12

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED SHARE DISTRIBUTIONS

(In Thousands, Except Ratios; Unaudited)

		Three Months Ended			Fiscal Year Ended April 30,
		Ju1y 31, 2011			2011			2010			2009			2008			2007
Earnings
Income from continuing operations		$	1,573		$	4,480		$	5,215		$	10,447		$	14,516		$	14,392
Add:
	Combined fixed charges and preferred distributions (see below)		16,527			67,882			71,497			72,027			66,317			61,280
Less:
	(Income) loss noncontrolling interests – consolidated real estate entities		26			180			(22	)		40			136			26
	Interest capitalized		(9	)		(57	)		(19	)		(912	)		(506	)		(69	)
	Preferred distributions		(593	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)
Total earnings		$	17,524		$	70,113		$	74,299		$	79,230		$	78,091		$	73,257
Fixed charges
	Interest expensed	$	15,925		$	65,453		$	69,106		$	68,743		$	63,439		$	58,839
	Interest capitalized		9			57			19			912			506			69
Total Fixed charges		$	15,934		$	65,510		$	69,125		$	69,655		$	63,945		$	58,908
	Preferred distributions		593			2,372			2,372			2,372			2,372			2,372
Total Combined fixed charges and preferred distributions		$	16,527		$	67,882		$	71,497		$	72,027		$	66,317		$	61,280
Ratio of earnings to fixed charges			1.10			1.07			1.07			1.14			1.22			1.24
Ratio of earnings to combined fixed charges and preferred distributions			1.06			1.03			1.04			1.10			1.18			1.20