EX-12 3 ex12.htm

 

Exhibit 12

 

UMH Properties, Inc.
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
                     
   Year Ended December 31, 
    2017    2016    2015    2014    2013 
                          
Earnings:                         
Pretax income  $12,913,034   $11,839,559   $2,459,205   $4,552,803   $6,135,823 
Fixed charges   16,377,831    15,792,270    14,352,390    10,997,076    8,559,583 
Interest capitalized   (500,859)   (359,906)   (277,944)   (280,354)   (247,386)
                          
   Earnings  $28,790,006   $27,271,923   $16,533,651   $15,269,525   $14,448,020 
                          
Fixed Charges:                         
Interest expense  $15,216,068   $14,698,878   $13,245,429   $10,194,472   $7,849,835 
Interest capitalized   500,859    359,906    277,944    280,354    247,386 
Amortization of debt costs   660,904    733,486    829,017    522,250    462,362 
                          
   Fixed Charges  $16,377,831   $15,792,270   $14,352,390   $10,997,076   $8,559,583 
                          
Ratio of Earnings to Fixed Charges                 1.76                   1.73                  1.15                  1.39                  1.69  
                          
Preferred Stock Dividends  $16,844,812   $14,103,432   $8,267,198   $7,556,588   $7,556,588 
Combined Fixed Charges and                         
   Preferred Stock Dividends  $33,222,643   $29,895,702   $22,619,588   $18,553,664   $16,116,171 
                          
Ratio of Earnings to Combined                         
  Fixed Charges and Preferred                         
  Stock Dividends                 0.87                   0.91                   0.73                  0.82                   0.90  
                          
Coverage deficiency  $4,432,637   $2,623,779   $6,085,937   $3,284,139   $1,668,151