UDR (UDR) 10-Q 2003 Q1 Quarterly report

EXHIBIT 12

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

	Three months ended March 31,
	2003			2002
Income / (loss) before discontinued operations	$	11,985		$	(2,554	)
Add:
Portion of rents representative of the interest factor		156			195
Minority interests		742			(186	)
Loss on equity investment in joint venture		—			(4	)
Interest on indebtedness		31,507			31,613
Earnings	$	44,390		$	29,064
Fixed charges and preferred stock dividend:
Interest on indebtedness	$	31,507		$	31,613
Capitalized interest		154			637
Portion of rents representative of the interest factor		156			195
Fixed charges		31,817			32,445
Add:
Preferred stock dividend		6,947			6,875
Combined fixed charges and preferred stock dividend	$	38,764		$	39,320
Ratio of earnings to fixed charges		1.40	x		0.90	x
Ratio of earnings to combined fixed charges and preferred stock dividend		1.15	x		0.74	x

For the three months ended March 31, 2002, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $3,381.

For the three months ended March 31, 2002, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $10,256.