RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS



The following  table sets forth the ratio of earnings to combined  fixed charges
and preferred  share  dividends for the periods shown.  The ratio of earnings to
fixed charges and preferred share dividends was computed by dividing earnings by
fixed charges and preferred share dividends. For this purpose,  earnings consist
of net  income  before  income  before  gain or (loss)  on sale of real  estate,
minority  interest and  extraordinary  items plus fixed  charges.  Fixed charges
consist of interest costs (including capitalized interest), amortization of debt
issuance costs and that portion of rental expense  estimated to be attributed to
interest.



                      Three Months Ended March 31,
                        2001                 2000
                        ----                 ----
                        1.03                 1.37

-------------------------------------------------------------------------------
                            Years Ended December 31,
      2000            1999            1998           1997           1996
      ----            ----            ----           ----           ----
     1.30              1.50           1.50            1.66           1.71

-------------------------------------------------------------------------------