EX-12.1 8 udr-2013630x10qxex121.htm EXHIBIT UDR-2013.6.30-10Q-Ex 12.1


EXHIBIT 12.1

UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Income/(loss) from continuing operations
$
5,354

 
$
(23,123
)
 
$
5,045

 
$
(21,382
)
 
 
 
 
 
 
 
 
Add (from continuing operations):
 
 
 
 
 
 
 
Interest on indebtedness (a)
30,803

 
41,542

 
61,784

 
76,287

Portion of rents representative of the interest factor
521

 
517

 
1,041

 
1,033

 
$
36,678

 
$
18,936

 
$
67,870

 
$
55,938

Fixed charges and preferred stock dividends (from continuing operations):
 
 
 
 
 
 
 
Interest on indebtedness (a)
$
30,803

 
$
41,542

 
$
61,784

 
$
76,287

Capitalized interest
8,206

 
5,136

 
16,576

 
9,988

Portion of rents representative of the interest factor
521

 
517

 
1,041

 
1,033

Fixed charges
$
39,530

 
$
47,195

 
$
79,401

 
$
87,308

 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
Preferred stock dividends
$
931

 
$
1,840

 
$
1,862

 
$
4,148

Premium on preferred stock redemptions, net
—

 
2,791

 
—

 
2,791

Combined fixed charges and preferred stock dividends
$
40,461

 
$
51,826

 
$
81,263

 
$
94,247

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
—

 
—

 
—

 
—

Ratio of earnings to combined fixed charges and preferred stock dividends
—

 
—

 
—

 
—

For the three months ended June 30, 2013, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends were deficient of 1:1 ratio by $2.9 million and $3.8 million, respectively.
For the six months ended June 30, 2013, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends were deficient of 1:1 ratio by $11.5 million and $13.4 million, respectively.
For the three months ended June 30, 2012, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends were deficient of 1:1 ratio by $28.3 million and $32.9 million, respectively.
For the six months ended June 30, 2012, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends were deficient of 1:1 ratio by $31.4 million and $38.3 million, respectively.
(a)
Interest on indebtedness for the three and six months ended June 30, 2012 is presented gross of the (charge)/benefit for early debt extinguishment of $(4.1) million and $285,000, respectively.