UDR (UDR) 10-Q 2011 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,						Nine months ended September 30,
	2011			2010			2011			2010
Loss from continuing operations	$	(25,596	)	$	(28,642	)	$	(85,731	)	$	(84,392	)
Add (from continuing operations):
Interest on indebtedness		39,969			37,079			117,410			109,553
Portion of rents representative of the interest factor		522			511			1,519			1,485
Earnings	$	14,895		$	8,948		$	33,198		$	26,646
Fixed charges and preferred stock dividend (from continuing operations):
Interest on indebtedness	$	39,969		$	37,079		$	117,410		$	109,553
Capitalized interest		3,397			2,578			9,489			9,854
Portion of rents representative of the interest factor		522			511			1,519			1,485
Fixed charges		43,888			40,168			128,418			120,892
Add:
Preferred stock dividend		2,308			2,368			7,003			7,119
Premium/(discount) on preferred stock repurchases		—			—			175			(25	)
Combined fixed charges and preferred stock dividend	$	46,196		$	42,536		$	135,596		$	127,986
Ratio of earnings to fixed charges		—			—			—			—
Ratio of earnings to combined fixed charges and preferred stock dividend		—			—			—			—

For the three months ended September 30, 2011, 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 $29.0 million and $31.3 million, respectively.

For the nine months ended September 30, 2011, 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 $95.2 million and $102.4 million, respectively.

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 $31.2 million and $33.6 million, respectively.

For the nine 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 $94.2 million and $101.3 million, respectively.