EX-12 3 d66511exv12.htm EX-12 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,  
    2008     2007     2006     2005     2004  
 
(Loss)/income before discontinued operations, net of minority interests
  $ (50,207 )   $ 49,183     $ (68,758 )   $ (50,084 )   $ (43,055 )
Add:
                                       
Interest on indebtedness from continuing operations
    162,903       161,761       179,075       159,433       118,504  
Minority interests
    (3,781 )     2,054       (5,291 )                
Portion of rents representative of the interest factor
    1,883       871       679       667       651  
                                         
Earnings
  $ 110,798     $ 213,869     $ 105,705     $ 110,016     $ 76,100  
                                         
Fixed charges and preferred stock dividend:
                                       
Interest on indebtedness from continuing operations
  $ 162,903     $ 161,761     $ 179,075     $ 159,433     $ 118,504  
Capitalized interest
    14,857       13,244       5,173       2,769       986  
Portion of rents representative of the interest factor
    1,883       871       679       667       651  
                                         
Fixed charges
    179,643       175,876       184,927       162,869       120,141  
                                         
Add:
                                       
Preferred stock dividend
    12,138       13,910       15,370       15,370       19,531  
(Discount)/premium on preferred stock
    (3,056 )     2,261       —       —       5,729  
                                         
Preferred stock dividend and preferred stock
    9,082       16,171       15,370       15,370       25,260  
                                         
Combined fixed charges and preferred stock
  $ 188,725     $ 192,047     $ 200,297     $ 178,239     $ 145,401  
                                         
Ratio of earnings to fixed charges
    —       1.22       —       —       —  
Ratio of earnings to combined fixed charges and preferred stock
    —       1.11       —       —       —  
 
For the year ended December 31, 2008, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $68.8 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 $77.9 million.
 
For the year ended December 31, 2006, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $79.2 million.
 
For the year ended December 31, 2006, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $94.6 million.
 
For the year ended December 31, 2005, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $52.9 million.
 
For the year ended December 31, 2005, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $68.2 million.
 
For the year ended December 31, 2004, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $44.0 million.
 
For the year ended December 31, 2004, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $69.3 million.