Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
For the three and six months ended June 30, 2011 and 2010
(in thousands, except ratio computation)
	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Pretax income (loss) from continuing operations before adjustment      for noncontrolling interest (a)	$	64		$	(156	)	$	(461	)	$	(1,760	)
Add back:
Fixed charges and preferred dividends		9,245			9,069			18,186			17,982
Distributed income of equity investees		1,113			662			2,192			1,396
Deduct:
Equity in (earnings) loss of equity investees		(672	)		73			(1,633	)		(885	)
Capitalized interest		(101	)		(430	)		(203	)		(864	)
Preferred share dividends		(1,619	)		-			(1,619	)		-
Earnings as Defined	$	8,030		$	9,218		$	16,462		$	15,869
Fixed Charges
Interest expense including amortization of deferred financing fees	$	7,443		$	8,564		$	16,202		$	16,969
Capitalized interest		101			430			203			864
Interest portion of rent expense		82			75			162			149
Fixed Charges	$	7,626		$	9,069		$	16,567		$	17,982
Preferred share dividends		1,619			-			1,619			-
Combined Fixed Charges and Preferred Dividends	$	9,245		$	9,069		$	18,186		$	17,982
Ratio of Earnings to Fixed Charges		1.05			1.02		(b)			(b)
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends	(a)				1.02		(c)			(c)
(a) Due to the pretax income from continuing operations for the three months ended June 30, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $1.2 million to achieve a coverage of 1:1 for the three months ended  June 30, 2011.
(b) Due to the pretax loss from continuing operations for the six months ended June 30, 2011 and 2010, the ratio coverage was less than 1:1.  We would have needed to generate additional earnings of approximately $0.1 million and $2.1 million to achieve a coverage of 1:1 for the six  months ended June 30, 2011 and 2010, respectively. The pretax loss from continuing operations before adjustment for noncontrolling interest for the six months ended June 30, 2010 includes impairment charges of equity investments in unconsolidated joint ventures of $2.7 million as discussed in Note 5 to the condensed consolidated financial statements in the Form 10-Q for the period ended June 30, 2011.
(c) Due to the pretax loss from continuing operations for the six months ended June 30, 2011 and 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $1.7 million and $2.1 million to achieve a coverage of 1:1 for the six months ended June 30, 2011 and 2010, respectively.