EXHIBIT 12
UNITED DOMINION REALTY, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | | Six Months Ended June 30, | |
| | 2010 | | | 2009 | | | 2010 | | | 2009 | |
|
(Loss)/income from continuing operations | | $ | (4,259 | ) | | $ | 1,460 | | | $ | (8,743 | ) | | | 5,272 | |
Add from continuing operations: | | | | | | | | | | | | | | | | |
Interest on indebtedness | | | 12,966 | | | | 13,560 | | | | 26,041 | | | | 25,113 | |
Portion of rents representative of the interest factor | | | 395 | | | | 389 | | | | 786 | | | | 778 | |
| | | | | | | | | | | | |
Earnings | | $ | 9,102 | | | $ | 15,409 | | | $ | 18,084 | | | $ | 31,163 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Fixed charges from continuing operations: | | | | | | | | | | | | | | | | |
Interest on indebtedness | | $ | 12,966 | | | $ | 13,560 | | | $ | 26,041 | | | $ | 25,113 | |
Capitalized interest | | | 393 | | | | 49 | | | | 590 | | | | 59 | |
Portion of rents representative of the interest factor | | | 395 | | | | 389 | | | | 786 | | | | 778 | |
| | | | | | | | | | | | |
Fixed charges | | | 13,754 | | | | 13,998 | | | | 27,417 | | | | 25,950 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | | — | | | | 1.10 | | | | — | | | | 1.20 | |
For the three months ended June 30, 2010, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $4.7 million.
For the six months ended June 30, 2010, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $9.3 million.
| | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, | |
| | 2009 | | | 2008 | | | 2007 | | | 2006 | | | 2005 | |
|
(Loss)/income from continuing operations | | $ | (5,520 | ) | | $ | 9,636 | | | $ | 116,370 | | | $ | 15,522 | | | $ | 7,689 | |
Add from continuing operations: | | | | | | | | | | | | | | | | | | | | |
Interest on indebtedness | | | 53,547 | | | | 46,671 | | | | 35,455 | | | | 37,727 | | | | 39,593 | |
Portion of rents representative of the interest factor | | | 1,543 | | | | 1,437 | | | | 447 | | | | 379 | | | | 362 | |
| | | | | | | | | | | | | | | |
Earnings | | $ | 49,570 | | | $ | 57,744 | | | $ | 152,272 | | | $ | 53,628 | | | $ | 47,644 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Fixed charges from continuing operations: | | | | | | | | | | | | | | | | | | | | |
Interest on indebtedness | | $ | 53,547 | | | $ | 46,671 | | | $ | 35,455 | | | $ | 37,727 | | | $ | 39,593 | |
Capitalized interest | | | 444 | | | | 573 | | | | 909 | | | | 1,096 | | | | — | |
Portion of rents representative of the interest factor | | | 1,543 | | | | 1,437 | | | | 447 | | | | 379 | | | | 362 | |
| | | | | | | | | | | | | | | |
Fixed charges | | | 55,534 | | | | 48,681 | | | | 36,811 | | | | 39,202 | | | | 39,955 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | | — | | | | 1.19 | | | | 4.14 | | | | 1.37 | | | | 1.19 | |
For the year ended December 31, 2009, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $6.0 million.