Exhibit 12.1

MREIC

Consolidated Ratio of Earnings to Fixed Charges and to Preferred Stock Dividends

	9 mo ended		Year Ended September 30
	6/30/2012		2011		2010		2009		2008		2007
Net Income (Loss) from continuing operations		15,839,688		15,237,283		11,353,411		1,983,416		3,873,127		5,687,884
Fixed Charges:
Interest expense		11,442,602		14,870,906		14,822,725		13,897,398		13,138,767		8,969,087
Amortization - deferred debt costs		550,465		702,379		619,527		323,545		425,399		304,352
Total Fixed Charges		11,993,067		15,573,285		15,442,252		14,220,943		13,564,166		9,273,439
Earnings		27,832,755		30,810,568		26,795,663		16,204,359		17,437,293		14,961,323
Fixed Charges		11,993,067		15,573,285		15,442,252		14,220,943		13,564,166		9,273,439
Preferred Stock Dividends		3,361,289		4,079,219		2,521,214		2,521,344		2,521,344		1,869,753
Combined Fixed Charges &
Preferred Stock Dividends		15,354,356		19,652,504		17,963,466		16,742,287		16,085,510		11,143,192
Ratio of Earnings to Fixed charges		2.32		1.98		1.74		1.14		1.29		1.61
Ratio of Earnings to Combined Fixed
Charges and Preferred Stock Dividends		1.81		1.57		1.49		0.97		1.08		1.34

Note: No income taxes were paid other than franchise taxes in the various states.