EX-12 2 d48807exv12.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS exv12
 

Exhibit 12
 
UDR, Inc.
 
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
                                 
    Three Months Ended
 		    Six Months Ended
 		 
    June 30,     June 30,  
    2007     2006     2007     2006  
 
Loss before discontinued operations, net of minority interests
  ($ 5,335 )   $ (6,361 )   ($ 13,909 )   $ (13,685 )
Add (from continuing operations):
                               
Interest on indebtedness
    42,758       46,430       86,948       90,900  
Minority interests
    (670 )     (625 )     (1,323 )     (1,335 )
Portion of rents representative of the interest factor
    199       170       399       338  
                                 
Earnings
  $ 36,952     $ 39,614     $ 72,115     $ 76,218  
                                 
Fixed charges and preferred stock dividend (from continuing operations):
                               
Interest on indebtedness
  $ 42,758     $ 46,430     $ 86,948     $ 90,900  
Capitalized interest
    4,096       1,170       5,871       1,686  
Portion of rents representative of the interest factor
    199       170       399       338  
                                 
Fixed charges
    47,053       47,770       93,218       92,924  
                                 
Add:
                               
Preferred stock dividend
    3,624       3,842       7,467       7,685  
Premium on preferred stock repurchases
    2,261       —       2,261       —  
                                 
Preferred stock dividend
    5,885       3,842       9,728       7,685  
                                 
Combined fixed charges and preferred stock dividend
  $ 52,938     $ 51,612     $ 102,946     $ 100,609  
                                 
Ratio of earnings to fixed charges
    —       —       —       —  
Ratio of earnings to combined fixed charges and preferred stock dividend
    —       —       —       —  
 
For the three months ended June 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 $16.0 million, respectively.
 
For the three months ended June 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 $8.2 million and $12.0 million, respectively.
 
For the six months ended June 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 $21.1 million and $30.8 million, respectively.
 
For the six months ended June 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 $16.7 million and $24.4 million, respectively.