EX-12.1 2 udr-2013930x10qxex121.htm EXHIBIT UDR-2013.9.30-10Q-Ex 12.1


EXHIBIT 12.1

UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Income/(loss) from continuing operations
$
3,235

 
$
(8,543
)
 
$
8,280

 
$
(29,925
)
 
 
 
 
 
 
 
 
Add (from continuing operations):
 
 
 
 
 
 
 
Interest on indebtedness
30,939

 
31,845

 
92,723

 
108,132

Portion of rents representative of the interest factor
554

 
510

 
1,596

 
1,534

 
$
34,728

 
$
23,812

 
$
102,599

 
$
79,741

Fixed charges and preferred stock dividends (from continuing operations):
 
 
 
 
 
 
 
Interest on indebtedness
$
30,939

 
$
31,845

 
$
92,723

 
$
108,132

Capitalized interest
6,635

 
7,616

 
23,212

 
17,604

Portion of rents representative of the interest factor
554

 
510

 
1,596

 
1,534

Fixed charges
$
38,128

 
$
39,971

 
$
117,531

 
$
127,270

 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
Preferred stock dividends
$
931

 
$
931

 
$
2,793

 
$
5,079

Premium on preferred stock redemptions, net
—

 
—

 
—

 
2,791

Combined fixed charges and preferred stock dividends
$
39,059

 
$
40,902

 
$
120,324

 
$
135,140

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
—

 
—

 
—

 
—

Ratio of earnings to combined fixed charges and preferred stock dividends
—

 
—

 
—

 
—

For the three months ended September 30, 2013, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends were deficient of 1:1 ratio by $3.4 million and $4.3 million, respectively.
For the nine months ended September 30, 2013, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends were deficient of 1:1 ratio by $14.9 million and $17.7 million, respectively.
For the three months ended September 30, 2012, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends were deficient of 1:1 ratio by $16.2 million and $17.1 million, respectively.
For the nine months ended September 30, 2012, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends were deficient of 1:1 ratio by $47.5 million and $55.4 million, respectively.