Table of Contents

EXHIBIT 12(b)

			6 Months Ended June 30, 2006						6 Months Ended June 30, 2005						12 Months Ended December 31,
															2005						2004						2003						2002						2001
Income before equity in earnings of unconsolidated joint ventures, minority interests, discontinued operations and loss on sale of real estate					10,341,000						12,864,000						26,394,000						34,091,000						13,437,000						6,534,000						2,480,000
Add:
Distributed income of unconsolidated joint ventures					410,000						430,500						821,500						988,610						753,000						371,500						10,500
Amortization of capitalized interest					164,000						138,000						292,110						272,160						266,130						261,900						256,740
Interest expense					19,923,870						16,394,599						42,926,499						35,117,327						26,486,266						28,459,805						30,471,907
Portion of rent expense – interest factor					444,749						430,178						869,205						864,050						723,154						654,247						643,528
Income as adjusted					31,283,619						30,257,277						71,303,314						71,333,146						41,665,550						36,281,452						33,862,675
Fixed Charges
Interest expense					19,923,870						16,394,599						42,926,499						35,117,327						26,486,266						28,459,805						30,471,907
Capitalized interest and capitalized amortization of debt issue costs					1,234,000						120,000						711,000						212,000						149,000						180,000						583,000
Portion of rent expense – interest factor					444,749						430,178						869,205						864,050						723,154						654,247						643,528
Preferred dividends					2,621,000						—						538,000						—						806,000						1,771,000						1,771,000
Total combined fixed charges and
preferred share dividends					24,223,619						16,944,777						45,044,704						36,193,377						28,164,420						31,065,052						33,469,435
Ratio of earnings to combined fixed charges and preferred share dividends					1.3						1.8						1.6						2.0						1.5						1.2						1.0

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