EX-12.1 7 exhibit121-20131213.htm EXHIBIT Exhibit 12.1-2013.12.13



EXHIBIT 12.1

UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations
$
2,340

 
$
(46,305
)
 
$
(126,869
)
 
$
(121,117
)
 
$
(106,061
)
 
Add (from continuing operations):
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness (1)
125,905

 
139,069

 
151,764

 
142,254

 
139,298

 
Portion of rents representative of the interest factor
2,163

 
2,073

 
2,039

 
1,969

 
2,351

 
Total earnings
$
130,408

 
$
94,837

 
$
26,934

 
$
23,106

 
$
35,588

 
Fixed charges and preferred stock dividends (from continuing operations):
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness (1)
$
125,905

 
$
139,069

 
$
151,764

 
$
142,254

 
$
139,298

 
Interest capitalized
29,384

 
26,368

 
12,979

 
12,505

 
16,929

 
Portion of rents representative of the interest factor
2,163

 
2,073

 
2,039

 
1,969

 
2,351

 
Fixed charges
$
157,452

 
$
167,510

 
$
166,782

 
$
156,728

 
$
158,578

 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
$
3,724

 
$
6,010

 
$
9,311

 
$
9,488

 
$
10,912

 
Premium/(discount) on preferred stock redemption or repurchase, net
—

 
2,791

 
175

 
(25
)
 
(2,586
)
 
Combined fixed charges and preferred stock dividends
$
161,176

 
$
176,311

 
$
176,268

 
$
166,191

 
$
166,904

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
—

(2
)
—

(2
)
—

(2
)
—

(2
)
—

(2
)
Ratio of earnings to combined fixed charges and preferred stock dividends
—

(3
)
—

(3
)
—

(3
)
—

(3
)
—

(3
)
(1) Includes interest expense of consolidated subsidiaries, amortization of deferred loan costs, realized losses related to hedging activities and amortization of premiums and discounts related to indebtedness.

(2) The ratio was less than 1:1 for the years ended December 31, 2013, 2012, 2011, 2010, and 2009 as earnings were inadequate to cover fixed charges by deficiencies of approximately $27.0 million, $72.7 million, $139.8 million, $133.6 million, and $123.0 million, respectively.

(3) The ratio was less than 1:1 for the years ended December 31, 2013, 2012, 2011, 2010, and 2009 as earnings were inadequate to cover combined fixed charges and preferred stock dividends by deficiencies of approximately $30.8 million, $81.5 million, $149.3 million, $143.1 million and $131.3 million, respectively.