Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - CubeSmart | a11-9498_110q.htm |
| EX-31.2 - EX-31.2 - CubeSmart | a11-9498_1ex31d2.htm |
| EX-32.1 - EX-32.1 - CubeSmart | a11-9498_1ex32d1.htm |
| EX-31.1 - EX-31.1 - CubeSmart | a11-9498_1ex31d1.htm |
Exhibit 12.1
U-Store-It Trust
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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|
Year Ended December 31, |
|
Three Months Ended March 31, |
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2006 |
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2007 |
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2008 |
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2009 |
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2010 |
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2010 |
|
2011 |
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Earnings before fixed charges: |
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Add: |
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(Loss) income from continuing operations |
|
$ |
(19,746 |
) |
$ |
(26,737 |
) |
$ |
(25,837 |
) |
$ |
(19,302 |
) |
$ |
(9,851 |
) |
$ |
(3,697 |
) |
$ |
476 |
|
|
Fixed charges - per below |
|
49,695 |
|
56,192 |
|
54,192 |
|
47,831 |
|
44,539 |
|
11,652 |
|
9,780 |
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Less: |
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|
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|
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Capitalized interest |
|
(35 |
) |
(108 |
) |
(99 |
) |
(73 |
) |
(132 |
) |
(43 |
) |
(12 |
) | |||||||
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Earnings before fixed charges |
|
29,914 |
|
29,347 |
|
28,256 |
|
28,456 |
|
34,556 |
|
7,912 |
|
10,244 |
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Fixed charges: |
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Interest expense (including amortization premiums and discounts related to indebtedness) |
|
47,600 |
|
55,880 |
|
53,943 |
|
47,608 |
|
44,257 |
|
11,590 |
|
9,749 |
| |||||||
|
Early extinguishment of debt |
|
1,907 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
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Capitalized interest |
|
35 |
|
108 |
|
99 |
|
73 |
|
132 |
|
43 |
|
12 |
| |||||||
|
Estimate of interest within rental expense |
|
153 |
|
204 |
|
150 |
|
150 |
|
150 |
|
19 |
|
19 |
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Total Fixed Charges |
|
49,695 |
|
56,192 |
|
54,192 |
|
47,831 |
|
44,539 |
|
11,652 |
|
9,780 |
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Ratio of earnings to fixed charges (a) |
|
0.60 |
|
0.52 |
|
0.52 |
|
0.59 |
|
0.78 |
|
0.68 |
|
1.05 |
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(a) Due to our losses in fiscal 2006, 2007, 2008, 2009 and 2010 the coverage ratio was less than 1:1. The Company must generate additional earnings of $19.7 million, $26.7 million, $25.8 million, $19.3 million, $9.9 million, and $3.7 million to achieve a coverage of 1:1 in fiscal 2006, 2007, 2008, 2009, 2010 and the three months ended March 31, 2010, repectively.