EXHIBIT 12.1
UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Earnings: | |||||||||||||||
Income/(loss) from continuing operations | $ | 12,249 | $ | 10,842 | $ | 20,783 | $ | 87,259 | |||||||
Add (from continuing operations): | |||||||||||||||
Interest on indebtedness (a) | 30,678 | 29,673 | 61,782 | 58,473 | |||||||||||
Portion of rents representative of the interest factor | 483 | 485 | 966 | 940 | |||||||||||
Amortization of capitalized interest | 1,107 | 934 | 2,159 | 1,865 | |||||||||||
Total earnings | $ | 44,517 | $ | 41,934 | $ | 85,690 | $ | 148,537 | |||||||
Fixed charges and preferred stock dividends (from continuing operations): | |||||||||||||||
Interest on indebtedness (a) | $ | 30,678 | $ | 29,673 | $ | 61,782 | $ | 58,473 | |||||||
Interest capitalized | 3,786 | 3,775 | 7,989 | 8,615 | |||||||||||
Portion of rents representative of the interest factor | 483 | 485 | 966 | 940 | |||||||||||
Fixed charges | $ | 34,947 | $ | 33,933 | $ | 70,737 | $ | 68,028 | |||||||
Add: | |||||||||||||||
Preferred stock dividends | 929 | 931 | $ | 1,858 | $ | 1,862 | |||||||||
Combined fixed charges and preferred stock dividends | $ | 35,876 | $ | 34,864 | $ | 72,595 | $ | 69,890 | |||||||
Ratio of earnings to fixed charges | 1.27 | 1.24 | 1.21 | 2.18 | |||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.24 | 1.20 | 1.18 | 2.13 |
(a) Includes interest expense of consolidated subsidiaries, amortization of deferred loan costs, realized losses related to hedging activities and amortization of premiums and discounts related to indebtedness.