UDR (UDR) 10-Q 2007 Q3 Quarterly report

Exhibit 12

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,
	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.