Exhibit 12.1

Statement of Computation of Ratio of Fixed Charges and Preferred Dividends to Earnings

				Year Ended December 31,
Earnings	Three Months Ended March 31, 2013			2012			2011			2010
Net income (loss)	$	2,289,886		$	7,892,613		$	9,656,321		$	(400,921	)
Less:
Equity in earnings from unconsolidated joint ventures		(231,194	)		(1,697,980	)		(1,458,249	)		(38,013	)
Plus:
Fixed charges		3,845,877			11,430,172			6,328,952			324,126
Distribution of cumulative earnings from unconsolidated joint venture		-			686,017			1,513,090			390,000
Less:
Interest capitalized		(20,726	)		(50,315	)		(103,868	)		-
Total Earnings	$	5,883,843		$	18,260,507		$	15,936,246		$	275,192

Fixed Charges	Three Months Ended March 31, 2013			2012			2011			2010
Interest expense	$	3,229,832		$	9,185,680		$	4,193,966		$	103,833
Capitalized interest		20,726			50,315			103,868			-
Amortization of financing costs		595,319			2,194,177			2,031,118			220,293
Total Fixed Charges	$	3,845,877		$	11,430,172		$	6,328,952		$	324,126
Ratio of earnings to fixed charges		1.53	x		1.60	x		2.52	x		0.85	x
Ratio of earnings to combined fixed charges and preferred dividend		1.53	x		1.60	x		2.52	x		0.85	x