EX-12 2 c88937exv12.htm EXHIBIT 12 Exhibit 12
EXHIBIT 12
UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
                                 
    Three months ended June 30,     Six months ended June 30,  
    2009     2008     2009     2008  
 
                                
Loss from continuing operations
   $ (14,713 )   $ (13,681 )   $ (27,968 )   $ (28,082 )
 
                                
Add (from continuing operations):
                                
Interest on indebtedness (a)
     36,429       39,685       74,234       81,861  
Portion of rents representative of the interest factor
     580       437       1,255       863  
 
                        
Earnings
   $ 22,296     $ 26,441     $ 47,521     $ 54,642  
 
                        
 
                                
 
                                
Fixed charges and preferred stock dividend (from continuing operations):
                                
Interest on indebtedness (a)
   $ 36,429     $ 39,685     $ 74,234     $ 81,861  
Capitalized interest
     4,268       3,849       8,170       7,142  
Portion of rents representative of the interest factor
     580       437       1,255       863  
 
                        
Fixed charges
     41,277       43,971       83,659       89,866  
 
                        
 
                                
Add:
                                
Preferred stock dividend
     2,800       3,209       5,600       6,418  
 
                        
Combined fixed charges and preferred stock dividend
   $ 44,077     $ 47,180     $ 89,259     $ 96,284  
 
                        
 
                                
Ratio of earnings to fixed charges
     —       —       —       —  
 
                                
Ratio of earnings to combined fixed charges and preferred stock dividend
     —       —       —       —  
For the three months ended June 30, 2009, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $19.0 million and $21.8 million, respectively.
For the three months ended June 30, 2008, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $17.5 million and $20.7 million, respectively.
For the six months ended June 30, 2009, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $36.1 million and $41.7 million, respectively.
For the six months ended June 30, 2008, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $35.2 million and $41.6 million, respectively.
(a) Interest on indebtedness for the three and six months ended June 30, 2009 and 2008 is presented gross of the gain on debt extinguishment of $2.7 million and $9.8 million and $1.3 million and $6.1 million, respectively.