EXHIBIT 12.1
UDR, Inc.
Computation of Ratio Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Years Ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Loss from continuing operations | $ | (43,036 | ) | $ | (123,225 | ) | $ | (117,930 | ) | $ | (104,913 | ) | $ | (75,707 | ) | ||||
Add (from continuing operations): | |||||||||||||||||||
Interest on indebtedness (a) | 139,069 | 151,764 | 142,254 | 139,597 | 159,380 | ||||||||||||||
Portion of rents representative of the interest factor | 2,073 | 2,039 | 1,969 | 2,351 | 1,883 | ||||||||||||||
$ | 98,106 | $ | 30,578 | $ | 26,293 | $ | 37,035 | $ | 85,556 | ||||||||||
Fixed charges and preferred stock dividends (from continuing operations): | |||||||||||||||||||
Interest on indebtedness (a) | $ | 139,069 | $ | 151,764 | $ | 142,254 | $ | 139,597 | $ | 159,380 | |||||||||
Capitalized interest | 26,368 | 12,979 | 12,505 | 16,929 | 14,857 | ||||||||||||||
Portion of rents representative of the interest factor | 2,073 | 2,039 | 1,969 | 2,351 | 1,883 | ||||||||||||||
Fixed charges | $ | 167,510 | $ | 166,782 | $ | 156,728 | $ | 158,877 | $ | 176,120 | |||||||||
Add: | |||||||||||||||||||
Preferred stock dividends | $ | 6,010 | $ | 9,311 | $ | 9,488 | $ | 10,912 | $ | 12,138 | |||||||||
Premium/(discount) on preferred stock redemption or repurchase, net | 2,791 | 175 | (25 | ) | (2,586 | ) | (3,056 | ) | |||||||||||
Combined fixed charges and preferred stock dividends | $ | 176,311 | $ | 176,268 | $ | 166,191 | $ | 167,203 | $ | 185,202 | |||||||||
Ratio of earnings to fixed charges | — | — | — | — | — | ||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock | — | — | — | — | — |
For the year ended December 31, 2012, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $69.4 million.
For the year ended December 31, 2012, the ration of earnings to combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $78.2 million.
For the year ended December 31, 2011, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $136.2 million.
For the year ended December 31, 2011, the ratio of earnings to combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $145.7 million.
For the year ended December 31, 2010, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $130.4 million.
For the year ended December 31, 2010, the ratio of earnings to combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $139.9 million.
For the year ended December 31, 2009, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $121.8 million.
For the year ended December 31, 2009, the ratio of earnings to combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $130.2 million.
For the year ended December 31, 2008, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $90.6 million.
For the year ended December 31, 2008, the ratio of earnings to combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $99.6 million.
(a) | Interest on indebtedness for the year ended December 31, 2012 is presented gross of the benefit on debt extinguishment of $277,000. Interest on indebtedness for the years ended December 31, 2011 and 2010 is presented gross of the loss on debt extinguishment of $4.6 million and $1.2 million, respectively. 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. |