EX-12.1 2 exhibit121-9302014.htm EXHIBIT Exhibit 12.1-9.30.2014


EXHIBIT 12.1

UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2014
 
2013
 
2014
 
2013
 
Earnings:
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations
$
10,611

 
$
2,351

 
$
9,775

 
$
5,713

 
Add (from continuing operations):
 
 
 
 
 
 
 
 
Interest on indebtedness (1)
33,087

 
30,939

 
97,662

 
92,723

 
Portion of rents representative of the interest factor
532

 
554

 
1,666

 
1,596

 
Total earnings
$
44,230

 
$
33,844

 
$
109,103

 
$
100,032

 
Fixed charges and preferred stock dividends (from continuing operations):
 
 
 
 
 
 
 
 
Interest on indebtedness (1)
$
33,087

 
$
30,939

 
$
97,662

 
$
92,723

 
Interest capitalized
5,172

 
6,635

 
15,395

 
23,212

 
Portion of rents representative of the interest factor
532

 
554

 
1,666

 
1,596

 
Fixed charges
$
38,791

 
$
38,128

 
$
114,723

 
$
117,531

 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
Preferred stock dividends
$
931

 
$
931

 
$
2,793

 
$
2,793

 
Combined fixed charges and preferred stock dividends
$
39,722

 
$
39,059

 
$
117,516

 
$
120,324

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.14

 
—

 
—

 
—

(2
)
Ratio of earnings to combined fixed charges and preferred stock dividends
1.11

 
—

 
—

 
—

(3
)

(1)Includes interest expense of consolidated subsidiaries, amortization of deferred loan costs, realized losses related to hedging activities and amortization of premiums and discounts related to indebtedness.
(2) The ratio was less than 1:1 for the nine months ended September 30, 2014 as earnings were inadequate to cover fixed charges by deficiencies of approximately $5.6 million and for the three and nine months ended September 30, 2013 by $4.3 million and $17.5 million, respectively.
(3) The ratio was less than 1:1 for the nine months ended September 30, 2014 as earnings were inadequate to cover combined fixed charges and preferred stock dividends by deficiencies of approximately $8.4 million and for the three and nine months ended September 30, 2013 by $5.2 million and $20.3 million, respectively.