EXHIBIT 12.1 Ratio of Earnings to Combined Fixed Charges and Preferred Share dividends (Dollars in thousands)
Years ended 1998 1997 1996 1995 1994 ------- ---- ---- ---- ---- Net income $ 4,696 $ (967) $ 293 $ 272 $ 301 Add: Minority interest (Common Units) 1,171 65 -- -- -- Total combined fixed charges and Preferred Share dividends (from below) 16,446 3,639 1,259 1,280 1,107 Preferred Share Dividends included in fixed charges (327) -- -- -- -- Interest capitalized (77) -- -- -- -- ------- ------- ------- ------- ------- Total earnings $21,909 $ 2,737 $ 1,552 $ 1,552 $ 1,408 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Combined fixed charges and Preferred Share dividends: Interest on indebtedness $12,207 $ 2,855 $ 1,246 $ 1,267 $ 1,098 Interest capitalized 77 -- -- -- -- Amortization of debt issuance costs 423 64 13 13 9 Preferred Share dividends 327 -- -- -- -- Preferred unit distributions 3,412 720 -- -- -- ------- ------- ------- ------- ------- Total combined fixed charges and Preferred Share dividends $16,446 $ 3,639 $ 1,259 $ 1,280 $ 1,107 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Ratio of earnings to combined fixed charges and Preferred Share dividends 1.33 (A) 1.23 1.21 1.27 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Deficiency of earnings N/A $ (902) 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.