EXHIBIT 12.1
UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Earnings: | |||||||||||||||
Income/(loss) from continuing operations | $ | 29,466 | $ | 13,695 | $ | 50,249 | $ | 100,954 | |||||||
Add (from continuing operations): | |||||||||||||||
Interest on indebtedness (a) | 31,954 | 30,232 | 93,736 | 88,705 | |||||||||||
Portion of rents representative of the interest factor | 477 | 442 | 1,443 | 1,424 | |||||||||||
Amortization of capitalized interest | 1,177 | 937 | 3,336 | 2,802 | |||||||||||
Total earnings | $ | 63,074 | $ | 45,306 | $ | 148,764 | $ | 193,885 | |||||||
Fixed charges and preferred stock dividends (from continuing operations): | |||||||||||||||
Interest on indebtedness (a) | $ | 31,954 | $ | 30,232 | $ | 93,736 | $ | 88,705 | |||||||
Interest capitalized | 4,133 | 3,572 | 12,122 | 12,187 | |||||||||||
Portion of rents representative of the interest factor | 477 | 442 | 1,443 | 1,424 | |||||||||||
Fixed charges | $ | 36,564 | $ | 34,246 | $ | 107,301 | $ | 102,316 | |||||||
Add: | |||||||||||||||
Preferred stock dividends | $ | 929 | $ | 930 | $ | 2,787 | $ | 2,792 | |||||||
Combined fixed charges and preferred stock dividends | $ | 37,493 | $ | 35,176 | $ | 110,088 | $ | 105,108 | |||||||
Ratio of earnings to fixed charges | 1.73 | 1.32 | 1.39 | 1.89 | |||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.68 | 1.29 | 1.35 | 1.84 |
(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.