Attached files
| file | filename |
|---|---|
| 10-K - MONMOUTH REAL ESTATE INVESTMENT CORP | form10-k.htm |
| EX-32 - MONMOUTH REAL ESTATE INVESTMENT CORP | ex32.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 |
Exhibit 12
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, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| Earnings before Fixed Charges: | ||||||||||||||||||||
| Net Income from Continuing Operations | $ | 40,271,085 | $ | 32,494,507 | $ | 20,584,573 | $ | 19,845,294 | $ | 21,103,686 | ||||||||||
| Interest Expense, including Amortization of Financing Costs | 25,754,121 | 22,953,049 | 19,844,166 | 16,830,423 | 15,604,066 | |||||||||||||||
| Total Earnings before Fixed Charges | $ | 66,025,206 | $ | 55,447,556 | $ | 40,428,739 | $ | 36,675,717 | $ | 36,707,752 | ||||||||||
| Fixed Charges & Preferred Stock Dividends: | ||||||||||||||||||||
| Interest Expense, including Amortization of Financing Costs | $ | 25,754,121 | $ | 22,953,049 | $ | 19,844,166 | $ | 16,830,423 | $ | 15,604,066 | ||||||||||
| Preferred Dividends | 14,861,686 | 9,020,470 | 8,607,032 | 8,607,032 | 8,607,032 | |||||||||||||||
| Total Fixed Charges & Preferred Share Dividends | $ | 40,615,807 | $ | 31,973,519 | $ | 28,451,198 | $ | 25,437,455 | $ | 24,211,098 | ||||||||||
| Fixed Charge Coverage Ratio | 1.6 | x | 1.7 | x | 1.4 | x | 1.4 | x | 1.5 | x | ||||||||||
| Fiscal Year Ended September 30, 2017 – Pro Forma (1) | ||||
| Earnings before Fixed Charges: | ||||
| Net Income from Continuing Operations | $ | 40,271,085 | ||
| Interest Expense, including Amortization of Financing Costs | 25,754,121 | |||
| Total Earnings before Fixed Charges | $ | 66,025,206 | ||
| Fixed Charges & Preferred Stock Dividends: | ||||
| Interest Expense, including Amortization of Financing Cost | $ | 25,754,121 | ||
| Preferred Dividends (1) | 13,681,525 | |||
| Total Fixed Charges & Preferred Share Dividends | $ | 39,435,646 | ||
| Pro Forma Fixed Charge Coverage Ratio | 1.7 | x | ||
| (1) | Pro Forma information for the fiscal year ended September 30, 2017 is presented because a portion of the proceeds received from the secondary offering of the issuance of 3,000,000 shares of the Company’s 6.125% Series C Cumulative Redeemable Preferred Stock (6.125% Series C Preferred Stock) were used to redeem all of the Company’s 2,300,000 outstanding 7.875% Series B Cumulative Redeemable Preferred Stock (7.875% Series B Preferred Stock). The secondary offering of the 3,000,000 shares of the Series C Preferred Stock was issued on March 9, 2017 and the Series B Preferred Stock was redeemed on June 7, 2017. The Pro Forma information has been presented as if the effects of the Preferred Dividends from the secondary offering of the 6.125% Series C Preferred Stock and the redemption of the 7.875% Series B Preferred Stock took place on October 1, 2016. |