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

EXHIBIT 12.1

	Three months ended March 31,		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	$	17,096,123	$	49,752,614	$	25,167,380	$	6,336,588	$	(3,314,694	)	$	9,228,102
Fixed charges		8,447,400		30,450,471		36,486,361		45,450,398		79,640,808			121,585,223
Total	$	25,543,523	$	80,203,085	$	61,653,741	$	51,786,986	$	76,326,114		$	130,813,325
Fixed Charges:
Interest (expensed and capitalized)		7,559,241		27,043,926		31,876,054		41,369,137		76,490,096			118,882,304
Amortized premiums, discounts and capitalized expenses    related to indebtedness		883,678		3,387,123		4,590,397		4,058,255		3,128,657			2,681,235
Estimate of interest within rental expenses		4,481		19,422		19,910		23,006		22,055			21,684
Total	$	8,447,400	$	30,450,471	$	36,486,361	$	45,450,398	$	79,640,808		$	121,585,223
Ratio of earnings to combined fixed charges and    preferred stock dividends		3.02		2.63		1.69		1.14		0.96			1.08