EX-12 3 d53793exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
 
UDR, INC.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
                                         
    Years Ended December 31,  
    2007     2006     2005     2004     2003  
 
Income/(loss) before discontinued operations, net of minority interests
  $ 13,219     $ (85,497 )   $ (58,960 )   $ (52,921 )   $ (53,049 )
Add:
                                       
Portion of rents representative of the interest factor
    871       679       667       651       651  
Minority interests
    (16 )     (6,373 )     (4,539 )     (5,082 )     (6,138 )
Interest on indebtedness from continuing operations
    174,677       179,074       159,433       118,504       109,275  
                                         
Earnings
  $ 188,751     $ 87,883     $ 96,601     $ 61,152     $ 50,739  
                                         
Fixed charges and preferred stock dividend:
                                       
Interest on indebtedness from continuing operations
  $ 174,677     $ 179,074     $ 159,433     $ 118,504     $ 109,275  
Capitalized interest
    13,244       5,173       2,769       986       1,808  
Portion of rents representative of the interest factor
    871       679       667       651       651  
                                         
Fixed charges
    188,792       184,926       162,869       120,141       111,734  
                                         
Add:
                                       
Preferred stock dividend
    13,911       15,370       15,370       19,531       26,326  
Accretion of preferred stock
    2,261       —       —       5,729       19,271  
                                         
Preferred stock dividend and accretion of preferred stock
    16,172       15,370       15,370       25,260       45,597  
                                         
Combined fixed charges and preferred stock dividend
  $ 204,964     $ 200,296     $ 178,239     $ 145,401     $ 157,331  
                                         
Ratio of earnings to fixed charges
    —       —       —       —       —  
Ratio of earnings to combined fixed charges and preferred stock dividend
    —       —       —       —       —  
 
For the year ended December 31, 2007, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $41.0 thousand.
 
For the year ended December 31, 2007, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $16.2 million.
 
For the year ended December 31, 2006, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $97.0 million.
 
For the year ended December 31, 2006, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $112.4 million.
 
For the year ended December 31, 2005, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $66.3 million.
 
For the year ended December 31, 2005, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $81.6 million.
 
For the year ended December 31, 2004, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $59.0 million.
 
For the year ended December 31, 2004, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $84.2 million.
 
For the year ended December 31, 2003, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $61.0 million.
 
For the year ended December 31, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $106.6 million.