Preferred Apartment Communities (APTS) 10-Q2017 Q1 Quarterly report

Filed: 8 May 17, 12:00am

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigious
Readability	H.S. sophomore Avg

New words: accurately, acre, affiliate, AL, Aldridge, allotment, alter, anniversary, Antonio, Arizona, Ashford, Augusta, Bishop, bond, boost, Bulletin, California, category, choppy, classify, Columbia, comfortable, compression, consulting, conventional, Dawsonville, deeper, defeasance, defeased, Derecognition, detail, DuPree, earliest, effort, error, expenditure, experienced, FL, Forsyth, GA, grantee, Greystone, GSE, identical, iii, inability, inaccurate, inclusive, inside, Interbank, introduced, IPO, iv, Jose, judgment, Kentucky, knowledge, KS, landlord, Lauderdale, leasehold, lessee, London, loosen, Louisville, margin, mechanism, misclassified, moving, mShare, NC, nonfinancial, notice, notwithstanding, outparcel, overstatement, parity, PCS, permanent, possession, premium, prepaid, presidential, proceeding, propensity, properly, pulled, pursuing, qualitatively, Raleigh, Ravinia, redeploy, redeployed, regulation, reinstatement, relaxing, removal, remove, renter, requisite, Retreat, RSU, SAB, San, SC, Scope, shorter, similarly, site, statistical, stay, straight, Street, stronger, suspended, Tempe, temporarily, Town, trajectory, TX, uncollectible, uncured, understatement, upward, usable, wary, written, youngest, zoned

Removed: adding, Advisory, agent, approximated, attribution, backed, borrowed, character, chart, choose, CityPark, clarify, commencing, comprising, consolidate, customary, customer, define, employee, excellent, exist, expired, Florida, footage, foreseeable, GLA, governed, grew, Hampton, Houston, incorrect, inherent, investor, leasable, likelihood, location, mixed, MLV, North, Northpointe, originated, overcome, Oxford, peer, percent, phase, physical, planned, presumption, Promotional, protection, provision, public, quantified, recommendation, recording, redeem, referenced, reluctance, replaced, representing, retrospectively, satisfied, settlement, size, southeastern, stabilized, Stone, substantive, supplement, Tampa, Tech, Trail, transferred, treated, undergoing, unreasonable, vacancy, Virginia, Vista, voting, waive, waived

Search this filing

Filing tables

Export all tables to Excel

Filing exhibits

Related press release

APTS similar filings

Filing view

Default size S M L
Default font Times Arial

External links

Share this filing



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,
	2017			2016			2015			2014			2013			2012
Earnings:
Net income (loss)	$	30,061,480		$	(9,843,414	)	$	(2,425,989	)	$	2,127,203		$	(4,205,492	)	$	(146,630	)
Add:
Fixed charges	15,008,703			44,284,144			21,315,731			10,188,187			5,780,526			2,504,679
Less: Net (income) loss attributable to
non-controlling interests	(999,066		)	310,291			25,321			(33,714		)	222,404			—
Total earnings	$	44,071,117		$	34,751,021		$	18,915,063		$	12,281,676		$	1,797,438		$	2,358,049

Fixed charges:
Interest expense	$	13,828,517		$	40,688,714		$	19,841,455		$	9,183,128		$	4,921,797		$	2,310,667

Amortization of deferred loan costs
related to mortgage indebtedness	1,180,186			3,595,429			1,474,276			1,005,059			858,729			194,012
Total fixed charges	15,008,703			44,284,143			21,315,731			10,188,187			5,780,526			2,504,679

Preferred dividends	14,386,047			41,080,645			18,751,934			7,382,320			3,963,146			450,806
Total Combined fixed charges and
preferred dividends	$	29,394,750		$	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)	1.50			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 $14.7 million for the three months ended March 31, 2017. 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 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.