Exhibit 12
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, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income/(loss) before discontinued operations, net of minority interests | $ | 13,219 | $ | (85,497 | ) | $ | (58,960 | ) | $ | (52,921 | ) | $ | (53,049 | ) | ||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 871 | 679 | 667 | 651 | 651 | |||||||||||||||
Minority interests | (16 | ) | (6,373 | ) | (4,539 | ) | (5,082 | ) | (6,138 | ) | ||||||||||
Interest on indebtedness from continuing operations | 174,677 | 179,074 | 159,433 | 118,504 | 109,275 | |||||||||||||||
Earnings | $ | 188,751 | $ | 87,883 | $ | 96,601 | $ | 61,152 | $ | 50,739 | ||||||||||
Fixed charges and preferred stock dividend: | ||||||||||||||||||||
Interest on indebtedness from continuing operations | $ | 174,677 | $ | 179,074 | $ | 159,433 | $ | 118,504 | $ | 109,275 | ||||||||||
Capitalized interest | 13,244 | 5,173 | 2,769 | 986 | 1,808 | |||||||||||||||
Portion of rents representative of the interest factor | 871 | 679 | 667 | 651 | 651 | |||||||||||||||
Fixed charges | 188,792 | 184,926 | 162,869 | 120,141 | 111,734 | |||||||||||||||
Add: | ||||||||||||||||||||
Preferred stock dividend | 13,911 | 15,370 | 15,370 | 19,531 | 26,326 | |||||||||||||||
Accretion of preferred stock | 2,261 | — | — | 5,729 | 19,271 | |||||||||||||||
Preferred stock dividend and accretion of preferred stock | 16,172 | 15,370 | 15,370 | 25,260 | 45,597 | |||||||||||||||
Combined fixed charges and preferred stock dividend | $ | 204,964 | $ | 200,296 | $ | 178,239 | $ | 145,401 | $ | 157,331 | ||||||||||
Ratio of earnings to fixed charges | — | — | — | — | — | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | — | — | — | — | — |
For the year ended December 31, 2007, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $41.0 thousand.
For the year ended December 31, 2007, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $16.2 million.
For the year ended December 31, 2006, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $97.0 million.
For the year ended December 31, 2006, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $112.4 million.
For the year ended December 31, 2005, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $66.3 million.
For the year ended December 31, 2005, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $81.6 million.
For the year ended December 31, 2004, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $59.0 million.
For the year ended December 31, 2004, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $84.2 million.
For the year ended December 31, 2003, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $61.0 million.
For the year ended December 31, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $106.6 million.