EX-12.1 8 exhibit121-12x31x2016.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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations
$
109,529

 
$
105,482

 
$
16,260

 
$
2,340

 
$
(46,305
)
 
Add (from continuing operations):
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness (a)
123,031

 
121,875

 
130,262

 
125,905

 
139,069

 
Portion of rents representative of the interest factor
1,923

 
1,922

 
2,224

 
2,163

 
2,073

 
Amortization of capitalized interest
4,599

 
4,112

 
3,711

 
3,374

 
2,883

 
Total earnings
$
239,082

 
$
233,391

 
$
152,457

 
$
133,782

 
$
97,720

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends (from continuing operations):
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness (a)
$
123,031

 
$
121,875

 
$
130,262

 
$
125,905

 
$
139,069

 
Interest capitalized
16,482

 
16,105

 
20,249

 
29,384

 
26,368

 
Portion of rents representative of the interest factor
1,923

 
1,922

 
2,224

 
2,163

 
2,073

 
Fixed charges
$
141,436

 
$
139,902

 
$
152,735

 
$
157,452

 
$
167,510

 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
$
3,717

 
$
3,722

 
$
3,724

 
$
3,724

 
$
6,010

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

 
—

 
—

 
—

 
2,791

 
Combined fixed charges and preferred stock dividends
$
145,153

 
$
143,624

 
$
156,459

 
$
161,176

 
$
176,311

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.69

 
1.67

 
—

(b)
—

(b)
—

(b)
Ratio of earnings to combined fixed charges and preferred stock dividends
1.65

 
1.63

 
—

(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, and 2012 as earnings were inadequate to cover fixed charges by deficiencies of approximately $0.3 million, $23.7 million, and $69.8 million, respectively.

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