ACRES Commercial Realty (ACR) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

	Nine months ended September 30,		Year ended December 31,		Year ended December 31,		Year ended December 31,		Year ended December 31,			Year ended December 31,
	2012		2011		2010		2009		2008			2007
	(unaudited)
Earnings:
Pretax Income from continuing operations	$	56,369,482	$	49,752,614	$	25,167,380	$	6,336,588	($	3,314,694	)	$	9,228,102
Fixed charges		25,659,759		30,450,471		36,486,361		45,450,398		79,640,808			121,585,223
Total	$	82,029,241	$	80,203,085	$	61,653,741	$	51,786,986	$	76,326,114		$	130,813,325
Fixed Charges:
Interest (expensed and capitalized)		21,991,337		27,043,926		31,876,054		41,369,137		76,490,096			118,882,304
Amortized premiums, discounts and capitalized expenses related to indebtedness		3,655,453		3,387,123		4,590,397		4,058,255		3,128,657			2,681,235
Estimate of interest within rental expenses		12,969		19,422		19,910		23,006		22,055			21,684
Total	$	25,659,759	$	30,450,471	$	36,486,361	$	45,450,398	$	79,640,808		$	121,585,223
Preferred stock dividend	$	332,860	$	0	$	0	$	0	$	0		$	0
Ratio of earnings to combined fixed charges		3.20		2.63		1.69		1.14		0.96			1.08
Ratio of earnings to combined fixed charges and preferred stock dividends		3.16		2.63		1.69		1.14		0.96			1.08