Exhibit 12
UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Loss before discontinued operations, net of minority interests | ($ | 5,335 | ) | $ | (6,361 | ) | ($ | 13,909 | ) | $ | (13,685 | ) | ||||
Add (from continuing operations): | ||||||||||||||||
Interest on indebtedness | 42,758 | 46,430 | 86,948 | 90,900 | ||||||||||||
Minority interests | (670 | ) | (625 | ) | (1,323 | ) | (1,335 | ) | ||||||||
Portion of rents representative of the interest factor | 199 | 170 | 399 | 338 | ||||||||||||
Earnings | $ | 36,952 | $ | 39,614 | $ | 72,115 | $ | 76,218 | ||||||||
Fixed charges and preferred stock dividend (from continuing operations): | ||||||||||||||||
Interest on indebtedness | $ | 42,758 | $ | 46,430 | $ | 86,948 | $ | 90,900 | ||||||||
Capitalized interest | 4,096 | 1,170 | 5,871 | 1,686 | ||||||||||||
Portion of rents representative of the interest factor | 199 | 170 | 399 | 338 | ||||||||||||
Fixed charges | 47,053 | 47,770 | 93,218 | 92,924 | ||||||||||||
Add: | ||||||||||||||||
Preferred stock dividend | 3,624 | 3,842 | 7,467 | 7,685 | ||||||||||||
Premium on preferred stock repurchases | 2,261 | — | 2,261 | — | ||||||||||||
Preferred stock dividend | 5,885 | 3,842 | 9,728 | 7,685 | ||||||||||||
Combined fixed charges and preferred stock dividend | $ | 52,938 | $ | 51,612 | $ | 102,946 | $ | 100,609 | ||||||||
Ratio of earnings to fixed charges | — | — | — | — | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | — | — | — | — |
For the three months ended June 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 $16.0 million, respectively.
For the three months ended June 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 $8.2 million and $12.0 million, respectively.
For the six months ended June 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 $21.1 million and $30.8 million, respectively.
For the six months ended June 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 $16.7 million and $24.4 million, respectively.