Exhibit 12
Statement of Ratios
Preferred Apartment Communities, Inc.
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
	Year ended December 31,
	2017			2016			2015			2014			2013
Earnings:
Net income (loss)	$	28,666,601		$	(9,843,414	)	$	(2,425,989	)	$	2,127,203		$	(4,205,492	)
Add:
Fixed charges	67,468,042			44,284,144			21,315,731			10,188,187			5,780,526
Less: Net (income) loss attributable to
non-controlling interests	(985,605		)	310,291			25,321			(33,714		)	222,404
Total earnings	$	95,149,038		$	34,751,021		$	18,915,063		$	12,281,676		$	1,797,438
Fixed charges:
Interest expense	$	62,383,849		$	40,688,714		$	19,841,455		$	9,183,128		$	4,921,797
Amortization of deferred loan costs
related to mortgage indebtedness	5,084,193			3,595,429			1,474,276			1,005,059			858,729
Total fixed charges	67,468,042			44,284,143			21,315,731			10,188,187			5,780,526
Preferred dividends	63,651,265			41,080,645			18,751,934			7,382,320			3,963,146
Total Combined fixed charges and
preferred dividends	$	131,119,307		$	85,364,788		$	40,067,665		$	17,570,507		$	9,743,672
Ratio of Earnings to Combined fixed
charges and preferred dividends (A)	0.73			0.41			0.47			0.70			0.18

(A) The computation of our ratios of earnings to combined fixed charges and preferred stock dividends indicates that earnings were inadequate to cover combined fixed charges and preferred stock dividends by approximately $36.0 million, $50.6 million, $21.2 million, $5.3 million and $7.9 million for the year ended December 31, 2017, 2016, 2015, 2014 and 2013, 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.