UDR (UDR) 10-Q 2007 Q2 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						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.