EXHIBIT 12.1
UDR, INC.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Years Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(Loss)/income from continuing operations | $ | (111,636 | ) | $ | (115,804 | ) | $ | (97,480 | ) | $ | (66,536 | ) | $ | 40,008 | ||||||
Add (from continuing operations): | ||||||||||||||||||||
Interest on indebtedness (a) | 152,221 | 144,399 | 143,364 | 159,380 | 161,620 | |||||||||||||||
Portion of rents representative of the interest factor | 2,039 | 1,969 | 2,351 | 1,883 | 871 | |||||||||||||||
Earnings | $ | 42,624 | $ | 30,564 | $ | 48,235 | $ | 94,727 | $ | 202,499 | ||||||||||
Fixed charges and preferred stock dividend (from continuing operations: | ||||||||||||||||||||
Interest on indebtedness (a) | $ | 152,221 | $ | 144,399 | $ | 143,364 | $ | 159,380 | $ | 161,620 | ||||||||||
Capitalized interest | 12,979 | 12,505 | 16,929 | 14,857 | 13,244 | |||||||||||||||
Portion of rents representative of the interest factor | 2,039 | 1,969 | 2,351 | 1,883 | 871 | |||||||||||||||
Fixed charges | 167,239 | 158,873 | 162,644 | 176,120 | 175,735 | |||||||||||||||
Add: | ||||||||||||||||||||
Preferred stock dividend | 9,311 | 9,488 | 10,912 | 12,138 | 13,910 | |||||||||||||||
Premium/(discount on preferred stock | 175 | (25 | ) | (2,586 | ) | (3,056 | ) | 2,261 | ||||||||||||
Combined fixed charges and preferred stock dividend | $ | 176,725 | $ | 168,336 | $ | 170,970 | $ | 185,202 | $ | 191,906 | ||||||||||
Ratio of earnings to fixed charges | — | — | — | — | 1.15 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock | — | — | — | — | 1.06 |
For the year ended December 31, 2011, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $124.6 million.
For the year ended December 31, 2011, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $134.1 million.
For the year ended December 31, 2010, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $128.3 million.
For the year ended December 31, 2010, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $137.8 million.
For the year ended December 31, 2009, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $114.4 million.
For the year ended December 31, 2009, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $122.7 million.
For the year ended December 31, 2008, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $81.4 million.
For the year ended December 31, 2008, the ratio of earnings to combined fixed charges and preferred stock was deficient of achieving a 1:1 ratio by $90.5 million.
(a) | Interest on indebtedness for the year ended December 31, 2011 is presented gross of the loss on debt extinguishment of $4.6 million. Interest on indebtedness for the year ended December 31, 2010 is presented gross of the loss on debt extinguishment of $1.2 million. Interest on indebtedness for the year ended December 31, 2009 is presented gross of the gain on debt extinguishment of $9.8 million, the prepayment penalty on debt restructure of $1.0 million, and the write-off of fair market value adjustment for debt paid off on a consolidated joint venture of $1.6 million. Interest on indebtedness for the year ended December 31, 2008 is presented gross of the gain on debt extinguishment of $26.3 million and prepayment penalty on debt restructure of $4.2 million. |