EX-12.1 8 udr-2014331x10qxex121.htm EXHIBIT UDR-2014.3.31-10Q-Ex12.1


EXHIBIT 12.1

UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
Three Months Ended March 31,
 
 
2014
 
2013
 
Earnings:
 
 
 
 
Income/(loss) from continuing operations
$
(5,195
)
 
$
(1,162
)
 
Add (from continuing operations):
 
 
 
 
Interest on indebtedness (1)
32,884

 
30,981

 
Portion of rents representative of the interest factor
564

 
521

 
Total earnings
$
28,253

 
$
30,340

 
Fixed charges and preferred stock dividends (from continuing operations):
 
 
 
 
Interest on indebtedness (1)
$
32,884

 
$
30,981

 
Interest capitalized
5,308

 
8,371

 
Portion of rents representative of the interest factor
564

 
521

 
Fixed charges
$
38,756

 
$
39,873

 
 
 
 
 
 
Add:
 
 
 
 
Preferred stock dividends
$
931

 
$
931

 
Combined fixed charges and preferred stock dividends
$
39,687

 
$
40,804

 
 
 
 
 
 
Ratio of earnings to fixed charges
—

(2
)
—

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

(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 three months ended March 31, 2014 and 2013 as earnings were inadequate to cover fixed charges by deficiencies of approximately $10.5 million and $9.5 million, respectively.
(3) The ratio was less than 1:1 for the three months ended March 31, 2014 and 2013 as earnings were inadequate to cover combined fixed charges and preferred stock dividends by deficiencies of approximately $11.4 million and $10.5 million, respectively.