EX-12.2 7 exhibit122-12x31x2015.htm EXHIBIT 12.2
EXHIBIT 12.2
United Dominion Realty, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)

| Year Ended December 31, |
| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011 |
Earnings: |  |  |  |  |  |  |  |  |  |
Income/(loss) from continuing operations | $ | 56,940 |  |  | $ | 33,544 |  |  | $ | 32,766 |  |  | $ | (13,309 | ) |  | $ | (40,744 | ) |
Add from continuing operations: |  |  |  |  |  |  |  |  |  |
Interest on indebtedness (a) | 40,321 |  |  | 41,717 |  |  | 36,058 |  |  | 45,234 |  |  | 52,817 |  |
Portion of rents representative of the interest factor | 1,868 |  |  | 1,751 |  |  | 1,705 |  |  | 1,665 |  |  | 1,627 |  |
Amortization of capitalized interest | 734 |  |  | 725 |  |  | 580 |  |  | 398 |  |  | 291 |  |
Total earnings | $ | 99,863 |  |  | $ | 77,737 |  |  | $ | 71,109 |  |  | $ | 33,988 |  |  | $ | 13,991 |  |
Fixed charges from continuing operations: |  |  |  |  |  |  |  |  |  |
Interest on indebtedness (a) | $ | 40,321 |  |  | $ | 41,717 |  |  | $ | 36,058 |  |  | $ | 45,234 |  |  | $ | 52,817 |  |
Interest capitalized | 182 |  |  | 2,890 |  |  | 5,870 |  |  | 3,679 |  |  | 1,752 |  |
Portion of rents representative of the interest factor | 1,868 |  |  | 1,751 |  |  | 1,705 |  |  | 1,665 |  |  | 1,627 |  |
Fixed charges | $ | 42,371 |  |  | $ | 46,358 |  |  | $ | 43,633 |  |  | $ | 50,578 |  |  | $ | 56,196 |  |
Ratio of earnings to fixed charges | 2.36 |  |  | 1.68 |  |  | 1.63 |  |  | — |  | (b) | — |  | (b)

(a) 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.
(b) The ratio was less than 1:1 for the years ended December 31, 2012, and 2011 as earnings were inadequate to cover fixed charges by deficiencies of approximately $16.6 million, and $42.2 million, respectively.