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

Exhibit 12.1

	Six Months ended June 30, 2013		Year ended December 31, 2012		Year ended December 31, 2011		Year ended December 31, 2010		Year ended December 31, 2009		Year ended December 31, 2008
	unaudited
Earnings:
Pretax income before preferred shares from continuing operations	$	24,668,502	$	79,045,303	$	49,752,614	$	25,167,380	$	6,336,588	($	3,314,694	)
Fixed charges		22,312,326		42,809,788		30,450,471		36,486,361		45,450,398		79,640,808
Total earnings before fixed charges and preferred shares	$	46,980,828	$	121,855,091	$	80,203,085	$	61,653,741	$	51,786,986	$	76,326,114
Fixed Charges:
Interest (expensed and capitalized)		19,793,016		38,027,275		27,043,926		31,876,054		41,369,137		76,490,096
Amortized premiums, discounts and capitalized expenses related to indebtedness		2,505,611		4,765,109		3,387,123		4,590,397		4,058,255		3,128,657
Estimate of interest within rental expenses		13,699		17,404		19,422		19,910		23,006		22,055
Total fixed charges		22,312,326		42,809,788	$	30,450,471	$	36,486,361	$	45,450,398	$	79,640,808
Preferred stock dividend	$	3,110,610	$	1,243,971	$	0	$	0	$	0	$	0
Ratio of earnings to combined fixed charges (1)		2.11		2.85		2.63		1.69		1.14		0.96
Ratio of earnings to combined fixed charges and preferred stock dividends (1)		1.85		2.77		2.63		1.69		1.14		0.96

(1) The Company did not have any shares of preferred stock outstanding until June 2012 and paid its first preferred stock dividend in July 2012.