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,
	2015			2014			2013			2012			2011
Earnings before Fixed Charges:
Net Income from Continuing Operations	$	20,584,573		$	19,845,294		$	21,103,686		$	18,699,765		$	15,263,380
Interest Expense		18,558,150			16,104,678			14,956,954			15,352,499			14,870,906
Amortization of Financing Costs		1,286,016			725,745			647,112			630,969			457,279
Total Earnings before Fixed Charges	$	40,428,739		$	36,675,717		$	36,707,752		$	34,683,233		$	30,591,565
Fixed Charges & Preferred Stock Dividends:
Interest Expense	$	18,558,150		$	16,104,678		$	14,956,954		$	15,352,499		$	14,870,906
Amortization of Financing Costs		1,286,016			725,745			647,112			630,969			457,279
Preferred Dividends		8,607,032			8,607,032			8,607,032			5,513,126			4,079,219
Total Fixed Charges & Preferred Share Dividends	$	28,451,198		$	25,437,455		$	24,211,098		$	21,496,594		$	19,407,404
Fixed Charge Coverage Ratio		1.4	x		1.4	x		1.5	x		1.6	x		1.6	x