EX-12.1 6 exhibit121-12x31x2015.htm EXHIBIT 12.1 Exhibit



EXHIBIT 12.1

UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations
$
105,482

 
$
16,260

 
$
2,340

 
$
(46,305
)
 
(126,869
)
 
Add (from continuing operations):
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness (a)
121,875

 
130,262

 
125,905

 
139,069

 
151,764

 
Portion of rents representative of the interest factor
1,922

 
2,224

 
2,163

 
2,073

 
2,039

 
Amortization of capitalized interest
4,112

 
3,711

 
3,374

 
2,883

 
2,187

 
Total earnings
$
233,391

 
$
152,457

 
$
133,782

 
$
97,720

 
$
29,121

 
Fixed charges and preferred stock dividends (from continuing operations):
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness (a)
$
121,875

 
$
130,262

 
$
125,905

 
$
139,069

 
$
151,764

 
Interest capitalized
16,105

 
20,249

 
29,384

 
26,368

 
12,979

 
Portion of rents representative of the interest factor
1,922

 
2,224

 
2,163

 
2,073

 
2,039

 
Fixed charges
$
139,902

 
$
152,735

 
$
157,452

 
$
167,510

 
$
166,782

 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
$
3,722

 
$
3,724

 
$
3,724

 
$
6,010

 
$
9,311

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

 
—

 
—

 
2,791

 
175

 
Combined fixed charges and preferred stock dividends
$
143,624

 
$
156,459

 
$
161,176

 
$
176,311

 
$
176,268

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.67

 
—

(b)
—

(b)
—

(b)
—

(b)
Ratio of earnings to combined fixed charges and preferred stock dividends
1.63

 
—

(c)
—

(c)
—

(c)
—

(c)
(a) 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.

(b) The ratio was less than 1:1 for the years ended December 31, 2014, 2013, 2012, and 2011 as earnings were inadequate to cover fixed charges by deficiencies of approximately $0.3 million, $23.7 million, $69.8 million, and $137.7 million, respectively.

(c) The ratio was less than 1:1 for the years ended December 31, 2014, 2013, 2012, and 2011 as earnings were inadequate to cover combined fixed charges and preferred stock dividends by deficiencies of approximately $4.0 million, $27.4 million, $78.6 million, and $147.1 million, respectively.