Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - PREFERRED APARTMENT COMMUNITIES INC | exhibit31110q1q2016.htm |
| EX-32.1 - EXHIBIT 32.1 - PREFERRED APARTMENT COMMUNITIES INC | exhibit32110q1q2016.htm |
| EX-32.2 - EXHIBIT 32.2 - PREFERRED APARTMENT COMMUNITIES INC | exhibit32210q1q2016.htm |
| EX-31.2 - EXHIBIT 31.2 - PREFERRED APARTMENT COMMUNITIES INC | exhibit31210q1q2016.htm |
| 10-Q - 10-Q - PREFERRED APARTMENT COMMUNITIES INC | pac10q1q2016.htm |
Exhibit 12 | ||||||||||||||||||||||||
Statement of Ratios | ||||||||||||||||||||||||
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||||||||||||||||||
Three months ended March 31, | Year ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income (loss) | $ | (3,389,490 | ) | $ | (2,425,989 | ) | $ | 2,127,203 | $ | (4,205,492 | ) | $ | (146,630 | ) | $ | (8,495,424 | ) | |||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 8,894,830 | 21,315,731 | 10,188,187 | 5,780,526 | 2,504,679 | 1,514,581 | ||||||||||||||||||
Less: Net (income) loss attributable to | ||||||||||||||||||||||||
non-controlling interests | 88,561 | 25,321 | (33,714 | ) | 222,404 | — | — | |||||||||||||||||
Total earnings | $ | 5,593,901 | $ | 18,915,063 | $ | 12,281,676 | $ | 1,797,438 | $ | 2,358,049 | $ | (6,980,843 | ) | |||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 8,203,623 | $ | 19,841,455 | $ | 9,183,128 | $ | 4,921,797 | $ | 2,310,667 | $ | 1,450,101 | ||||||||||||
Amortization of deferred loan costs | ||||||||||||||||||||||||
related to mortgage indebtedness | 691,207 | 1,474,276 | 1,005,059 | 858,729 | 194,012 | 64,480 | ||||||||||||||||||
Total fixed charges | 8,894,830 | 21,315,731 | 10,188,187 | 5,780,526 | 2,504,679 | 1,514,581 | ||||||||||||||||||
Preferred dividends | 7,881,735 | 18,751,934 | 7,382,320 | 3,963,146 | 450,806 | — | ||||||||||||||||||
Total Combined fixed charges and | ||||||||||||||||||||||||
preferred dividends | $ | 16,776,565 | $ | 40,067,665 | $ | 17,570,507 | $ | 9,743,672 | $ | 2,955,485 | $ | 1,514,581 | ||||||||||||
Ratio of Earnings to Combined fixed | ||||||||||||||||||||||||
charges and preferred dividends | 0.33 | 0.47 | 0.70 | 0.18 | 0.80 | (A) | ||||||||||||||||||
(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 $11.2 million, $21.2 million, $5.3 million, $7.9 million, $597,000 and $8.5 million for the three months ended March 31, 2016 and the twelve months ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. Our net loss to common stockholders for the year ended December 31, 2013 includes the effect of a one-time deemed non-cash dividend of approximately $7.0 million related to a beneficial conversion feature within our Series B Preferred Stock, all of which was converted to Common Stock on May 16, 2013. Combined fixed charges and preferred dividends for the twelve months ended December 31, 2013 do not reflect the deemed non-cash dividend.