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 year ended December 31, 2017 and the years ended December 31, 2013, 2014, 2015 and 2016 are set forth below.
 
Twelve Months Ended December 31,
 
2017
2016
2015
2014
2013
Earnings:
 
 
(in thousands)
 
Net loss from continuing operations
$
(14,296
)
$
(13,062
)
$
(21,377
)
$
(12,053
)
$
(3,858
)
Add:
 
 
 
 
 
Fixed charges
17,174

13,425

9,758

6,814

2,498

Less: Net loss attributable to non-controlling interests
684

1,035

1,253

1,196

715

Total earnings
$
3,562

$
1,398

$
(10,366
)
$
(4,043
)
$
(645
)
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense
$
14,087

$
11,265

$
8,389

$
5,941

$
2,227

Amortization of deferred loan costs related to mortgage indebtedness
3,087

2,160

1,369

873

271

Total fixed charges
17,174

13,425

9,758

6,814

2,498

Preferred dividends
9,969

4,713

13,628

2,718

141

Preferred dividend accretion
(809
)
(417
)
(8,925
)
(380
)
—

Total combined fixed charges and preferred dividends
$
26,334

$
17,721

$
14,461

$
9,152

$
2,639

 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends (A)
0.14

0.08

(0.72
)
(0.44
)
(0.24
)

(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 $22.77 million, $16.32 million, $24.83 million, $13.20 million, and $3.28 million the years ended December 31, 2017, 2016, 2015, 2014, and 2013, respectively.