EXHIBIT 12.1 Ratio of Earnings to Combined Fixed Charges and Preferred Share dividends (Dollars in thousands)
Nine Months Ended Years ended 9/30/98 1997 1996 1995 1994 1993 ------- ---- ---- ---- ---- ---- Net income $ 1,769 $ (967) $ 293 $ 272 $ 301 $ 180 Add: Minority interest (Common Units) 713 65 -- -- -- -- Total combined fixed charges and Preferred Share dividends (from below) 10,259 3,639 1,259 1,280 1,107 465 Preferred Share Dividends included in fixed charges (10) -- -- -- -- -- ------- ------- ------- ------- ------- ------- Total earnings $12,731 $ 2,737 $ 1,552 $ 1,552 $ 1,408 $ 645 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Combined fixed charges and Preferred Share dividends: Interest on indebtedness $ 7,424 $ 2,855 $ 1,246 $ 1,267 $ 1,098 $ 461 Amortization of debt issuance costs 266 64 13 13 9 4 Preferred Share dividends 10 -- -- -- -- -- Preferred unit distributions 2,559 720 -- -- -- -- ------- ------- ------- ------- ------- ------- Total combined fixed charges and Preferred Share dividends $10,259 $ 3,639 $ 1,259 $ 1,280 $ 1,107 $ 465 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Ratio of earnings to combined fixed charges and Preferred Share dividends 1.24 (A) 1.23 1.21 1.27 1.39 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Deficiency of earnings N/A $ (902) N/A N/A N/A N/A ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(A) During the year ended December 31, 1997, the Company's net income included a non-recurring expense of $1,353 associated with the termination of an advisory agreement. As a result, earnings were inadequate to cover fixed charges by approximately $902 in the year ended December 31, 1997.