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 |
| Nine Months Ended | ||||||||
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| September 30, |
| September 30, | ||||||||
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| 2018 |
| 2017 |
| 2018 |
| 2017 | ||||
Earnings: |
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Income/(loss) from continuing operations |
| $ | 20,258 |
| $ | 17,570 |
| $ | 61,627 |
| $ | 54,896 |
Add (from continuing operations): |
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Interest on indebtedness (a) |
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| 34,401 |
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| 30,095 |
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| 95,942 |
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| 94,500 |
Portion of rents representative of the interest factor |
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| 681 |
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| 488 |
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| 1,737 |
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| 1,662 |
Amortization of capitalized interest |
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| 1,451 |
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| 1,384 |
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| 4,257 |
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| 3,866 |
Total earnings |
| $ | 56,791 |
| $ | 49,537 |
| $ | 163,563 |
| $ | 154,924 |
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Fixed charges and preferred stock dividends (from continuing operations): |
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Interest on indebtedness (a) |
| $ | 34,401 |
| $ | 30,095 |
| $ | 95,942 |
| $ | 94,500 |
Interest capitalized |
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| 1,657 |
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| 4,638 |
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| 9,833 |
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| 13,990 |
Portion of rents representative of the interest factor |
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| 681 |
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| 488 |
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| 1,737 |
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| 1,662 |
Fixed charges |
| $ | 36,739 |
| $ | 35,221 |
| $ | 107,512 |
| $ | 110,152 |
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Add: |
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Preferred stock dividends |
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| 971 |
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| 926 |
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| 2,897 |
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| 2,784 |
Combined fixed charges and preferred stock dividends |
| $ | 37,710 |
| $ | 36,147 |
| $ | 110,409 |
| $ | 112,936 |
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Ratio of earnings to fixed charges |
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| 1.55 |
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| 1.41 |
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| 1.52 |
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| 1.41 |
Ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.51 |
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| 1.37 |
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| 1.48 |
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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. |