EXHIBIT 12
UNITED DOMINION REALTY TRUST, INC.
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
(In thousands, except ratio data)
Three months ended Nine months ended
September 30, September 30,
-------------------- --------------------
2003 2002 2003 2002
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Income/(loss) before discontinued operations,
net of minority interests $ 12,533 ($ 1,113) $ 38,275 $ 7,237
Add:
Portion of rents representative
of the interest factor 160 156 493 517
Minority interests 330 ( 129) 1,338 217
Interest on indebtedness 27,829 34,136 88,921 98,222
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Earnings $ 40,852 $ 33,050 $ 129,027 $ 106,193
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Fixed charges and preferred stock dividend:
Interest on indebtedness $ 27,829 $ 34,136 $ 88,921 $ 98,222
Capitalized interest 1,030 82 1,355 782
Portion of rents representative
of the interest factor 160 156 493 517
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Fixed charges 29,019 34,374 90,769 99,521
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Add:
Preferred stock dividend 7,102 6,797 20,580 20,548
Accretion of preferred stock 12,100 -- 18,350 --
--------- --------- --------- ---------
Preferred stock dividend 19,202 6,797 38,930 20,548
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Combined fixed charges and preferred
stock dividend $ 48,221 $ 41,171 $ 129,699 $ 120,069
========= ========= ========= =========
Ratio of earnings to fixed charges 1.41x --x 1.42x 1.07x
Ratio of earnings to combined fixed charges
and preferred stock dividend --x --x --x --x
For the three months ended September 30, 2003, the ratio of earnings to combined
fixed charges and preferred stock dividend was deficient of achieving a 1:1
ratio by $7.4 million.
For the three months ended September 30, 2002, the ratio of earnings to fixed
charges and ratio of earnings to combined fixed charges and preferred stock
dividend were deficient of achieving a 1:1 ratio by $1.3 million and $8.1
million, respectively.
For the nine months ended September 30, 2003, the ratio of earnings to combined
fixed charges and preferred stock dividend was deficient of achieving a 1:1
ratio by $0.7 million.
For the nine months ended September 30, 2002, the ratio of earnings to combined
fixed charges and preferred stock dividend was deficient of achieving a 1:1
ratio by $13.9 million.