EX-12.1 4 p17-0149_ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Exhibit 12.1

UMH Properties, Inc.
 
Computation of Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Stock Dividends
                                   
 
   
Three Months
                                
   
Ended
    
Year Ended December 31,
  
   
March 31, 2017
    
2016
    
2015
    
2014
    
2013
    
2012
  
                                     
Earnings:
                                    
Pretax income
  
$
2,378,471
    
$
11,839,559
    
$
2,459,205
    
$
4,552,803
    
$
6,135,823
    
$
6,711,057
  
Fixed charges
    
4,171,360
      
15,792,270
      
14,352,390
      
10,997,076
      
8,559,583
      
6,375,343
  
Interest capitalized
    
(113,630
)
    
(359,906
)
    
(277,944
)
    
(280,354
)
    
(247,386
)
    
(269,891
)
                                                 
Earnings
  
$
6,436,201
    
$
27,271,923
    
$
16,533,651
    
$
15,269,525
    
$
14,448,020
    
$
12,816,509
  
                                                 
Fixed Charges:
                                                
Interest expense
  
$
3,882,943
    
$
14,698,878
    
$
13,245,429
    
$
10,194,472
    
$
7,849,835
    
$
5,803,172
  
Interest capitalized
    
113,630
      
359,906
      
277,944
      
280,354
      
247,386
      
269,891
  
Amortization of debt costs
    
174,787
      
733,486
      
829,017
      
522,250
      
462,362
      
302,280
  
                                                 
Fixed Charges
  
$
4,171,360
    
$
15,792,270
    
$
14,352,390
    
$
10,997,076
    
$
8,559,583
    
$
6,375,343
  
                                                 
Ratio of Earnings to Fixed Charges
    
1.54
x
    
1.73
x
    
1.15
x
    
1.39
x
    
1.69
x
    
2.01
x
                                                 
Preferred Stock Dividends
  
$
3,789,747
    
$
14,103,432
    
$
8,267,198
    
$
7,556,588
    
$
7,556,588
    
$
4,724,718
  
Combined Fixed Charges and
                                                
Preferred Stock Dividends
  
$
7,961,107
    
$
29,895,702
    
$
22,619,588
    
$
18,553,664
    
$
16,116,171
    
$
11,100,061
  
                                                 
Ratio of Earnings to Combined
                                                
Fixed Charges and Preferred
                                                
Stock Dividends
    
0.81
x
    
0.91
x
    
0.73
x
    
0.82
x
    
0.90
x
    
1.15
x
                                                 
Coverage deficiency
  
$
1,524,906
    
$
2,623,779
    
$
6,085,937
    
$
3,284,139
    
$
1,668,151
      
N/A
  
                                                 
Depreciation
  
$
6,540,238
    
$
23,214,100
    
$
18,877,511
    
$
15,163,420
    
$
11,681,724
    
$
7,357,158
  
                                                 
Note: The ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends reflect non-cash depreciation in the amounts indicated above, which amounts were treated as expenses in calculating earnings for the relevant periods.