EX-12 11 dex12.txt EXHIBIT 12 EXHIBIT 12 UNITED DOMINION REALTY TRUST, INC. Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (In thousands, except ratio data)
Three months ended Nine months ended September 30, September 30, -------------------- -------------------- 2003 2002 2003 2002 --------- --------- --------- --------- Income/(loss) before discontinued operations, net of minority interests $ 12,533 ($ 1,113) $ 38,275 $ 7,237 Add: Portion of rents representative of the interest factor 160 156 493 517 Minority interests 330 ( 129) 1,338 217 Interest on indebtedness 27,829 34,136 88,921 98,222 --------- --------- --------- --------- Earnings $ 40,852 $ 33,050 $ 129,027 $ 106,193 ========= ========= ========= ========= Fixed charges and preferred stock dividend: Interest on indebtedness $ 27,829 $ 34,136 $ 88,921 $ 98,222 Capitalized interest 1,030 82 1,355 782 Portion of rents representative of the interest factor 160 156 493 517 --------- --------- --------- --------- Fixed charges 29,019 34,374 90,769 99,521 --------- --------- --------- --------- Add: Preferred stock dividend 7,102 6,797 20,580 20,548 Accretion of preferred stock 12,100 -- 18,350 -- --------- --------- --------- --------- Preferred stock dividend 19,202 6,797 38,930 20,548 --------- --------- --------- --------- Combined fixed charges and preferred stock dividend $ 48,221 $ 41,171 $ 129,699 $ 120,069 ========= ========= ========= ========= Ratio of earnings to fixed charges 1.41x --x 1.42x 1.07x Ratio of earnings to combined fixed charges and preferred stock dividend --x --x --x --x
For the three months ended September 30, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $7.4 million. For the three months ended September 30, 2002, the ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividend were deficient of achieving a 1:1 ratio by $1.3 million and $8.1 million, respectively. For the nine months ended September 30, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $0.7 million. For the nine months ended September 30, 2002, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $13.9 million.