EXHIBIT 12.1
UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
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| Three Months Ended |
| Six Months Ended | ||||||||
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| June 30, |
| June 30, | ||||||||
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| 2018 |
| 2017 |
| 2018 |
| 2017 | ||||
Earnings: |
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Income/(loss) from continuing operations |
| $ | 22,444 |
| $ | 11,062 |
| $ | 41,369 |
| $ | 37,326 |
Add (from continuing operations): |
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Interest on indebtedness (a) |
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| 31,598 |
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| 33,866 |
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| 61,541 |
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| 64,405 |
Portion of rents representative of the interest factor |
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| 559 |
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| 690 |
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| 1,057 |
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| 1,174 |
Amortization of capitalized interest |
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| 1,438 |
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| 1,288 |
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| 2,806 |
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| 2,482 |
Total earnings |
| $ | 56,039 |
| $ | 46,906 |
| $ | 106,773 |
| $ | 105,387 |
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Fixed charges and preferred stock dividends (from continuing operations): |
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Interest on indebtedness (a) |
| $ | 31,598 |
| $ | 33,866 |
| $ | 61,541 |
| $ | 64,405 |
Interest capitalized |
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| 3,603 |
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| 4,646 |
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| 8,176 |
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| 9,352 |
Portion of rents representative of the interest factor |
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| 559 |
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| 690 |
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| 1,057 |
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| 1,174 |
Fixed charges |
| $ | 35,760 |
| $ | 39,202 |
| $ | 70,774 |
| $ | 74,931 |
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Add: |
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Preferred stock dividends |
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| 971 |
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| 929 |
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| 1,926 |
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| 1,858 |
Combined fixed charges and preferred stock dividends |
| $ | 36,731 |
| $ | 40,131 |
| $ | 72,700 |
| $ | 76,789 |
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Ratio of earnings to fixed charges |
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| 1.57 |
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| 1.20 |
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| 1.51 |
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| 1.41 |
Ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.53 |
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| 1.17 |
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| 1.47 |
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| 1.37 |
(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. |