EX-12.1 2 d51243exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12
 
UDR, Inc.
 
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
                                 
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2007     2006     2007     2006  
 
Loss before discontinued operations, net of minority interests
  $ (6,256 )   $ (6,893 )   $ (20,645 )   $ (20,585 )
Add (from continuing operations):
                               
Interest on indebtedness
    46,110       47,068       133,075       137,969  
Minority interests
    (542 )     (762 )     (1,835 )     (2,092 )
Portion of rents representative of the interest factor
    203       164       602       502  
                                 
Earnings
  $ 39,515     $ 39,577     $ 111,197     $ 115,794  
                                 
Fixed charges and preferred stock dividend (from continuing operations):
                               
Interest on indebtedness
  $ 46,110     $ 47,068     $ 133,075     $ 137,969  
Capitalized interest
    3,254       1,132       9,109       2,090  
Portion of rents representative of the interest factor
    203       164       602       502  
                                 
Fixed charges
    49,567       48,364       142,786       140,561  
                                 
Add:
                               
Preferred stock dividend
    3,259       3,842       10,726       11,527  
Premium on preferred stock repurchases
    —       —       2,261       —  
                                 
Preferred stock dividend
    3,259       3,842       12,987       11,527  
                                 
Combined fixed charges and preferred stock dividend
  $ 52,826     $ 52,206     $ 155,773     $ 152,088  
                                 
Ratio of earnings to fixed charges
    —       —       —       —  
Ratio of earnings to combined fixed charges and preferred stock dividend
    —       —       —       —  
 
For the three months ended September 30, 2007, 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 $10.1 million and $13.3 million, respectively.
 
For the three months ended September 30, 2006, 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 $8.8 million and $12.6 million, respectively.
 
For the nine months ended September 30, 2007, 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 $31.6 million and $44.6 million, respectively.
 
For the nine months ended September 30, 2006, 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 $24.8 million and $36.3 million, respectively.