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, 2012, 2013, 2014, 2015 and 2016 are set forth below.
 
 
Years Ended December 31,
 
 
2016
2015
2014
2013
2012
Earnings:
 
 
 
 
 
 
Net loss from continuing operations
 
$
(13,062,774
)
$
(21,377,297
)
$
(12,053,474
)
$
(3,857,915
)
$
(1,205,472
)
Add:
 
 
 
 
 
 
Fixed charges
 
13,425,457

9,758,842

6,813,426

2,497,811

966,113

Less: Net loss attributable to non-controlling interests
 
1,035,456

1,252,723

1,195,560

714,972

43,880

Total earnings
 
$
1,398,139

$
(10,365,732
)
$
(4,044,488
)
$
(645,132
)
$
(195,479
)
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
Interest expense
 
$
11,264,671

$
8,389,195

$
5,940,659

$
2,227,168

$
906,168

Amortization of deferred loan costs related to mortgage indebtedness
 
2,160,786

1,369,647

872,767

270,643

59,945

Total fixed charges
 
13,425,457

9,758,842

6,813,426

2,497,811

966,113

Preferred dividends
 
4,713,169

13,627,532

2,718,257

141,418

—

Total combined fixed charges and preferred dividends
 
$
18,138,626

$
23,386,374

$
9,531,683

$
2,639,229

$
966,113

 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends (A)
 
0.08

(0.44
)
(0.42
)
(0.24
)
(0.20
)

(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 $16.7 million, $33.8 million, $13.6 million, $3.3 million, and $1.2 million for the year ended December 31, 2016, 2015, 2014, 2013, and 2012, respectively.