EXHIBIT 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Our consolidated ratio of earnings to combined fixed charges and preferred stock dividends for the years ended December 31, 2011, 2012, 2013, 2014 and 2015 and for the three months ended March 31, 2016 are set forth below.
| Three months ended March 31, |
Year ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
| Earnings: |
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| Net loss from continuing operations |
$ | (3,582,307 | ) | $ | (21,377,297 | ) | $ | (12,053,474 | ) | $ | (3,857,915 | ) | $ | (1,205,472 | ) | $ | (554,599 | ) | ||||||
| Add: |
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| Fixed charges |
2,441,923 | 9,758,842 | 6,813,426 | 2,497,811 | 966,113 | 805,969 | ||||||||||||||||||
| Less: Net loss attributable to non-controlling interests |
332,876 | 1,252,723 | 1,195,560 | 714,972 | 43,880 | — | ||||||||||||||||||
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| Total earnings |
$ | (807,508 | ) | $ | (10,365,732 | ) | $ | (4,044,488 | ) | $ | (645,132 | ) | $ | (195,479 | ) | $ | 251,370 | |||||||
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| Fixed charges: |
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| Interest expense |
$ | 2,237,294 | $ | 8,389,195 | $ | 5,940,659 | $ | 2,227,168 | $ | 906,168 | $ | 805,969 | ||||||||||||
| Amortization of deferred loan costs related to mortgage indebtedness |
204,629 | 1,369,647 | 872,767 | 270,643 | 59,945 | — | ||||||||||||||||||
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| Total fixed charges |
2,441,923 | 9,758,842 | 6,813,426 | 2,497,811 | 966,113 | 805,969 | ||||||||||||||||||
| Preferred dividends |
511,300 | 13,627,532 | 2,718,257 | 141,418 | — | — | ||||||||||||||||||
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| Total combined fixed charges and preferred dividends |
$ | 2,953,223 | $ | 23,386,374 | $ | 9,531,683 | $ | 2,639,229 | $ | 966,113 | $ | 805,969 | ||||||||||||
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| Ratio of earnings to combined fixed charges and preferred dividends(A) |
(0.27 | ) | (0.44 | ) | (0.42 | ) | (0.24 | ) | (0.20 | ) | 0.31 | |||||||||||||
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| (A) | The computation of our ratios of earnings to combined fixed charges and preferred stock dividends indicates that earnings were inadequate to cover combined fixed charges and preferred stock dividends by approximately $3.8 million, $33.8 million, $13.6 million, $3.3 million, and $1.2 million for the three months ended March 31, 2016 and the twelve months ended December 31, 2015, 2014, 2013, and 2012, respectively. |