EX-12.1 2 d78598exv12w1.htm EX-12.1 exv12w1
 
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,  
    2010     2009     2008     2007     2006  
 
(Loss)/income from continuing operations
  $ (111,313 )   $ (94,812 )   $ (63,202 )   $ 44,051     $ (78,480 )
Add (from continuing operations):
                                       
Interest on indebtedness(a)
    149,592       149,427       165,123       168,338       182,798  
Portion of rents representative of the interest factor
    1,969       2,351       1,883       871       679  
                                         
Earnings
  $ 40,248     $ 56,966     $ 103,804     $ 213,260     $ 104,997  
                                         
Fixed charges and preferred stock dividend (from continuing operations:
                                       
Interest on indebtedness(a)
  $ 149,592     $ 149,427     $ 165,123     $ 168,338     $ 182,798  
Capitalized interest
    12,505       16,929       14,857       13,244       5,173  
Portion of rents representative of the interest factor
    1,969       2,351       1,883       871       679  
                                         
Fixed charges
    164,066       168,707       181,863       182,453       188,650  
                                         
Add:
                                       
Preferred stock dividend
    9,488       10,912       12,138       13,910       15,370  
(Discount)/premium on preferred stock
    (25 )     (2,586 )     (3,056 )     2,261       —  
                                         
Combined fixed charges and preferred stock dividend
  $ 173,529     $ 177,033     $ 190,945     $ 198,624     $ 204,020  
                                         
Ratio of earnings to fixed charges
    —       —       —       1.17       —  
Ratio of earnings to combined fixed charges and preferred stock
    —       —       —       1.07       —  
 
For the year ended December 31, 2010, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $123.8 million.
 
For the year ended December 31, 2010, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $133.3 million.
 
For the year ended December 31, 2009, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $111.7 million.
 
For the year ended December 31, 2009, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $120.1 million.
 
For the year ended December 31, 2008, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $78.1 million.
 
For the year ended December 31, 2008, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $87.1 million.
 
For the year ended December 31, 2006, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $83.7 million.

 

For the year ended December 31, 2006, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $99.0 million.
 
(a) Interest on indebtedness for the year ended December 31, 2010 is presented gross of the loss on debt extinguishment of $1.2 million. Interest on indebtedness for the year ended December 31, 2009 is presented gross of the gain on debt extinguishment of $9.8 million, the prepayment penalty on debt restructure of $1.0 million, and expenses related to tender offer of $3.8 million. Interest on indebtedness for the year ended December 31, 2008 is presented gross of the gain on debt extinguishment of $26.3 million and prepayment penalty on debt restructure of $4.2 million.