EXHIBIT 12.1
UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
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| 2017 |
| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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Earnings: |
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Income/(loss) from continuing operations |
| $ | 89,251 |
| $ | 109,529 |
| $ | 105,482 |
| $ | 16,260 |
| $ | 2,340 |
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Add (from continuing operations): |
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Interest on indebtedness (a) |
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| 128,711 |
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| 123,031 |
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| 121,875 |
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| 130,262 |
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| 125,905 |
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Portion of rents representative of the interest factor |
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| 2,154 |
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| 1,923 |
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| 1,922 |
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| 2,224 |
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| 2,163 |
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Amortization of capitalized interest |
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| 5,343 |
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| 4,599 |
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| 4,112 |
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| 3,711 |
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| 3,374 |
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Total earnings |
| $ | 225,459 |
| $ | 239,082 |
| $ | 233,391 |
| $ | 152,457 |
| $ | 133,782 |
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Fixed charges and preferred stock dividends (from continuing operations): |
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Interest on indebtedness (a) |
| $ | 128,711 |
| $ | 123,031 |
| $ | 121,875 |
| $ | 130,262 |
| $ | 125,905 |
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Interest capitalized |
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| 18,635 |
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| 16,482 |
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| 16,105 |
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| 20,249 |
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| 29,384 |
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Portion of rents representative of the interest factor |
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| 2,154 |
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| 1,923 |
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| 1,922 |
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| 2,224 |
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| 2,163 |
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Fixed charges |
| $ | 149,500 |
| $ | 141,436 |
| $ | 139,902 |
| $ | 152,735 |
| $ | 157,452 |
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Add: |
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Preferred stock dividends |
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| 3,708 |
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| 3,717 |
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| 3,722 |
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| 3,724 |
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| 3,724 |
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Combined fixed charges and preferred stock dividends |
| $ | 153,208 |
| $ | 145,153 |
| $ | 143,624 |
| $ | 156,459 |
| $ | 161,176 |
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Ratio of earnings to fixed charges |
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| 1.51 |
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| 1.69 |
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| 1.67 |
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| — | (b) |
| — | (b) |
Ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.47 |
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| 1.65 |
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| 1.63 |
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| — | (c) |
| — | (c) |
(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, 2014 and 2013 as earnings were inadequate to cover fixed charges by deficiencies of approximately $0.3 million and $23.7 million, respectively. |
(c) | The ratio was less than 1:1 for the years ended December 31, 2014 and 2013 as earnings were inadequate to cover combined fixed charges and preferred stock dividends by deficiencies of approximately $4.0 million and $27.4 million, respectively. |