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EX-32.2 - EXHIBIT 32.2 - PREFERRED APARTMENT COMMUNITIES INCexhibit322apts06302017.htm
EX-32.1 - EXHIBIT 32.1 - PREFERRED APARTMENT COMMUNITIES INCexhibit321apts06302017.htm
EX-31.2 - EXHIBIT 31.2 - PREFERRED APARTMENT COMMUNITIES INCexhibit312apts06302017.htm
EX-31.1 - EXHIBIT 31.1 - PREFERRED APARTMENT COMMUNITIES INCexhibit311apts06302017.htm
10-Q - 10-Q - PREFERRED APARTMENT COMMUNITIES INCaptsq2201710q.htm


Exhibit 12
Statement of Ratios
Preferred Apartment Communities, Inc.
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
Year ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
33,365,682

 
$
(9,843,414
)
 
$
(2,425,989
)
 
$
2,127,203

 
$
(4,205,492
)
 
$
(146,630
)
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
31,406,598

 
44,284,144

 
21,315,731

 
10,188,187

 
5,780,526

 
2,504,679

Less: Net (income) loss attributable to
 
 
 
 
 
 
 
 
 
 
 
 
non-controlling interests
 
(1,095,889
)
 
310,291

 
25,321

 
(33,714
)
 
222,404

 

Total earnings
 
$
63,676,391

 
$
34,751,021

 
$
18,915,063

 
$
12,281,676

 
$
1,797,438

 
$
2,358,049

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
28,756,996

 
$
40,688,714

 
$
19,841,455

 
$
9,183,128

 
$
4,921,797

 
$
2,310,667

 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of deferred loan costs
 
 
 
 
 
 
 
 
 
 
 
 
related to mortgage indebtedness
 
2,649,602

 
3,595,429

 
1,474,276

 
1,005,059

 
858,729

 
194,012

Total fixed charges
 
31,406,598

 
44,284,143

 
21,315,731

 
10,188,187

 
5,780,526

 
2,504,679

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred dividends
 
29,621,185

 
41,080,645

 
18,751,934

 
7,382,320

 
3,963,146

 
450,806

Total Combined fixed charges and
 
 
 
 
 
 
 
 
 
 
 
 
preferred dividends
 
$
61,027,783

 
$
85,364,788

 
$
40,067,665

 
$
17,570,507

 
$
9,743,672

 
$
2,955,485

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined fixed
 
 
 
 
 
 
 
 
 
 
 
 
charges and preferred dividends (A)
 
1.04

 
0.41
 
0.47
 
0.7
 
0.18
 
0.80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
(A) The computation of our ratios of earnings to combined fixed charges and preferred stock dividends indicates that earnings were sufficient to cover combined fixed charges and preferred stock dividends by approximately $2.6 million, and earnings were inadequate to cover combined fixed charges and preferred stock dividends by approximately $50.6 million, $21.2 million, $5.3 million, $7.9 million and $597,000 for the six months ended June 30, 2017 and the twelve months ended December 31, 2016, 2015, 2014, 2013 and 2012, 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.