Attached files
| file | filename |
|---|---|
| 10-K - MONMOUTH REAL ESTATE INVESTMENT CORP | form10-k.htm |
| EX-32.1 - MONMOUTH REAL ESTATE INVESTMENT CORP | ex32-1.htm |
| EX-31.2 - MONMOUTH REAL ESTATE INVESTMENT CORP | ex31-2.htm |
| EX-31.1 - MONMOUTH REAL ESTATE INVESTMENT CORP | ex31-1.htm |
| EX-23 - MONMOUTH REAL ESTATE INVESTMENT CORP | ex23.htm |
| EX-21 - MONMOUTH REAL ESTATE INVESTMENT CORP | ex21.htm |
| EX-10.16 - MONMOUTH REAL ESTATE INVESTMENT CORP | ex10-16.htm |
MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS
| Fiscal Years Ended September 30, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| Earnings before Fixed Charges: | ||||||||||||||||||||
| Net Income from Continuing Operations | $ | 32,494,507 | $ | 20,584,573 | $ | 19,845,294 | $ | 21,103,686 | $ | 18,699,765 | ||||||||||
| Interest Expense | 21,836,811 | 18,558,150 | 16,104,678 | 14,956,954 | 15,352,499 | |||||||||||||||
| Amortization of Financing Costs | 1,116,238 | 1,286,016 | 725,745 | 647,112 | 630,969 | |||||||||||||||
| Total Earnings before Fixed Charges | $ | 55,447,556 | $ | 40,428,739 | $ | 36,675,717 | $ | 36,707,752 | $ | 34,683,233 | ||||||||||
| Fixed Charges & Preferred Stock Dividends: | ||||||||||||||||||||
| Interest Expense | $ | 21,836,811 | $ | 18,558,150 | $ | 16,104,678 | $ | 14,956,954 | $ | 15,352,499 | ||||||||||
| Amortization of Financing Costs | 1,116,238 | 1,286,016 | 725,745 | 647,112 | 630,969 | |||||||||||||||
| Preferred Dividends | 9,020,470 | 8,607,032 | 8,607,032 | 8,607,032 | 5,513,126 | |||||||||||||||
| Total Fixed Charges & Preferred Share Dividends | $ | 31,973,519 | $ | 28,451,198 | $ | 25,437,455 | $ | 24,211,098 | $ | 21,496,594 | ||||||||||
| Fixed Charge Coverage Ratio | 1.7 | x | 1.4 | x | 1.4 | x | 1.5 | x | 1.6 | x | ||||||||||
| Fiscal Year Ended September 30, 2016 – Pro Forma (1) | ||||||||||||||||||||
| Earnings before Fixed Charges: | ||||||||||||||||||||
| Net Income from Continuing Operations | $ | 32,494,507 | ||||||||||||||||||
| Interest Expense | 21,836,811 | |||||||||||||||||||
| Amortization of Financing Costs | 1,116,238 | |||||||||||||||||||
| Total Earnings before Fixed Charges | $ | 55,447,556 | ||||||||||||||||||
| Fixed Charges & Preferred Stock Dividends: | ||||||||||||||||||||
| Interest Expense | $ | 21,836,811 | ||||||||||||||||||
| Amortization of Financing Costs | 1,116,238 | |||||||||||||||||||
| Preferred Dividends (1) | 12,796,884 | |||||||||||||||||||
| Total Fixed Charges & Preferred Share Dividends | $ | 35,749,933 | ||||||||||||||||||
| Pro Forma Fixed Charge Coverage Ratio | 1.6 | x | ||||||||||||||||||
| (1) | Pro Forma information for the fiscal year ended September 30, 2016 is presented because a portion of the proceeds received from the issuance of 5,400,000 shares of the Company’s 6.125% Series C Cumulative Redeemable Preferred Stock (Series C Preferred Stock) were used to redeem all of the Company’s 2,139,750 outstanding 7.625% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock). The Series C Preferred Stock was issued on September 13, 2016 and the Series A Preferred Stock was redeemed on October 14, 2016. The Pro Forma information has been presented as if the effects of the Preferred Dividends from the issuance of the Series C Preferred Stock and the redemption of the Series A Preferred Stock took place on October 1, 2015. |