United Dominion Realty Trust, Inc. EXHIBIT 12
Computation of Ratio of Earnings to Combined
Fixed Charges and Preferred Stock Dividends
(DOLLARS IN THOUSANDS)
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1995 1996 1995 1996
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Net income $11,569 $8,166 $17,719 $17,725
Add:
Portion of rents representative
of the interest factor 43 88 90 176
Interest on indebtedness 10,135 11,237 20,589 21,883
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Earnings $21,747 $19,491 $38,398 $39,784
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Fixed charges and preferred stock dividend:
Interest on indebtedness $10,135 $11,237 $20,589 $21,883
Capitalized interest -- 124 -- 254
Portion of rents representative
of the interest factor 43 88 90 176
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Fixed charges 10,178 11,449 20,679 22,313
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Add:
Preferred stock dividend 1,781 2,428 1,781 4,856
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Combined fixed charges and preferred
stock dividend $11,959 $13,877 $22,460 $27,169
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Ratio of earnings to fixed charges 2.14x 1.70x 1.86x 1.78x
Ratio of earnings to combined fixed charges
and preferred stock dividend 1.82 1.40 1.71 1.46