Exhibit 12
UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
(Dollars in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Loss before discontinued operations, net of minority interests | $ | (6,256 | ) | $ | (6,893 | ) | $ | (20,645 | ) | $ | (20,585 | ) | ||||
Add (from continuing operations): | ||||||||||||||||
Interest on indebtedness | 46,110 | 47,068 | 133,075 | 137,969 | ||||||||||||
Minority interests | (542 | ) | (762 | ) | (1,835 | ) | (2,092 | ) | ||||||||
Portion of rents representative of the interest factor | 203 | 164 | 602 | 502 | ||||||||||||
Earnings | $ | 39,515 | $ | 39,577 | $ | 111,197 | $ | 115,794 | ||||||||
Fixed charges and preferred stock dividend (from continuing operations): | ||||||||||||||||
Interest on indebtedness | $ | 46,110 | $ | 47,068 | $ | 133,075 | $ | 137,969 | ||||||||
Capitalized interest | 3,254 | 1,132 | 9,109 | 2,090 | ||||||||||||
Portion of rents representative of the interest factor | 203 | 164 | 602 | 502 | ||||||||||||
Fixed charges | 49,567 | 48,364 | 142,786 | 140,561 | ||||||||||||
Add: | ||||||||||||||||
Preferred stock dividend | 3,259 | 3,842 | 10,726 | 11,527 | ||||||||||||
Premium on preferred stock repurchases | — | — | 2,261 | — | ||||||||||||
Preferred stock dividend | 3,259 | 3,842 | 12,987 | 11,527 | ||||||||||||
Combined fixed charges and preferred stock dividend | $ | 52,826 | $ | 52,206 | $ | 155,773 | $ | 152,088 | ||||||||
Ratio of earnings to fixed charges | — | — | — | — | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | — | — | — | — |
For the three months ended September 30, 2007, 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 $10.1 million and $13.3 million, respectively.
For the three months ended September 30, 2006, 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 $8.8 million and $12.6 million, respectively.
For the nine months ended September 30, 2007, 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 $31.6 million and $44.6 million, respectively.
For the nine months ended September 30, 2006, 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 $24.8 million and $36.3 million, respectively.