EX-12.1 4 c25564exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
UDR, INC.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
                                         
    Years Ended December 31,  
    2011     2010     2009     2008     2007  
(Loss)/income from continuing operations
   $ (111,636 )   $ (115,804 )   $ (97,480 )   $ (66,536 )   $ 40,008  
 
Add (from continuing operations):
                                        
Interest on indebtedness (a)
     152,221       144,399       143,364       159,380       161,620  
Portion of rents representative of the interest factor
     2,039       1,969       2,351       1,883       871  
 
                              
Earnings
   $ 42,624     $ 30,564     $ 48,235     $ 94,727     $ 202,499  
 
                              
 
Fixed charges and preferred stock dividend (from continuing operations:
                                        
Interest on indebtedness (a)
   $ 152,221     $ 144,399     $ 143,364     $ 159,380     $ 161,620  
Capitalized interest
     12,979       12,505       16,929       14,857       13,244  
Portion of rents representative of the interest factor
     2,039       1,969       2,351       1,883       871  
 
                              
Fixed charges
     167,239       158,873       162,644       176,120       175,735  
 
                              
 
Add:
                                        
Preferred stock dividend
     9,311       9,488       10,912       12,138       13,910  
Premium/(discount on preferred stock
     175       (25 )     (2,586 )     (3,056 )     2,261  
 
                              
Combined fixed charges and preferred stock dividend
   $ 176,725     $ 168,336     $ 170,970     $ 185,202     $ 191,906  
 
                              
 
Ratio of earnings to fixed charges
     —       —       —       —       1.15  
Ratio of earnings to combined fixed charges and preferred stock
     —       —       —       —       1.06  
For the year ended December 31, 2011, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $124.6 million.
For the year ended December 31, 2011, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $134.1 million.
For the year ended December 31, 2010, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $128.3 million.
For the year ended December 31, 2010, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $137.8 million.
For the year ended December 31, 2009, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $114.4 million.
For the year ended December 31, 2009, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $122.7 million.
For the year ended December 31, 2008, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $81.4 million.
For the year ended December 31, 2008, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $90.5 million.
(a)   Interest on indebtedness for the year ended December 31, 2011 is presented gross of the loss on debt extinguishment of $4.6 million. Interest on indebtedness for the year ended December 31, 2010 is presented gross of the loss on debt extinguishment of $1.2 million. Interest on indebtedness for the year ended December 31, 2009 is presented gross of the gain on debt extinguishment of $9.8 million, the prepayment penalty on debt restructure of $1.0 million, and the write-off of fair market value adjustment for debt paid off on a consolidated joint venture of $1.6 million. Interest on indebtedness for the year ended December 31, 2008 is presented gross of the gain on debt extinguishment of $26.3 million and prepayment penalty on debt restructure of $4.2 million.