UDR (UDR) 10-Q 2010 Q3 Quarterly report

EXHIBIT 12.1

UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)

	Three Months Ended September 30,						Six months ended September 30,
	2010			2009			2010			2009
Loss from continuing operations	$	(28,745	)	$	(40,555	)	$	(81,947	)		(68,932	)
Add (from continuing operations):
Interest on indebtedness (a)		38,166			38,640			111,947			112,874
Portion of rents representative of the interest factor		511			557			1,485			1,812
Earnings	$	9,932		$	(1,358	)	$	31,485		$	45,754
Fixed charges and preferred stock dividend (from continuing operations):
Interest on indebtedness (a)	$	38,166		$	38,640		$	111,947		$	112,874
Capitalized interest		2,578			4,239			9,854			12,409
Portion of rents representative of the interest factor		511			557			1,485			1,812
Fixed charges		41,255			43,436			123,286			127,095
Add:
Preferred stock dividend		2,368			2,800			7,119			8,400
Discount on preferred stock repurchases		—			—			(25	)		—
Combined fixed charges and preferred stock dividend	$	43,623		$	46,236		$	130,380		$	135,495
Ratio of earnings to fixed charges		—			—			—			—
Ratio of earnings to combined fixed charges and preferred stock dividend		—			—			—			—

For the three months ended September 30, 2010, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $31.3 million and $33.7 million, respectively.

For the three months ended September 30, 2009, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $44.8 million and $47.6 million, respectively.

For the six months ended September 30, 2010, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $91.8 million and $98.9 million, respectively.

For the six months ended September 30, 2009, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $81.3 million and $89.7 million, respectively.

(a) Interest on indebtedness for the three and six months ended September 30, 2010 is presented gross of the loss on debt extinguishment of $91,000 and $1.1 million. Interest on indebtedness for the three and six months ended September 30, 2009 is presented gross of the gain on debt extinguishment of $0 and $9.8 million.