Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - CubeSmart | cube-20160331x10q.htm |
| EX-31.3 - EX-31.3 - CubeSmart | cube-20160331ex3132d456c.htm |
| EX-31.1 - EX-31.1 - CubeSmart | cube-20160331ex311033bfc.htm |
| EX-32.2 - EX-32.2 - CubeSmart | cube-20160331ex32298082e.htm |
| EX-31.2 - EX-31.2 - CubeSmart | cube-20160331ex312453245.htm |
| EX-12.1 - EX-12.1 - CubeSmart | cube-20160331ex121356837.htm |
| EX-32.1 - EX-32.1 - CubeSmart | cube-20160331ex321aa9d82.htm |
| EX-31.4 - EX-31.4 - CubeSmart | cube-20160331ex314354283.htm |
CubeSmart L.P.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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Year Ended December 31, |
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Three Months Ended March 31, |
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2011 |
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2012 |
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2013 |
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2014 |
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2015 |
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2015 |
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2016 |
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Earnings before fixed charges: |
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Add: |
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(Loss) income from continuing operations |
|
$ |
(13,400) |
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$ |
(13,276) |
|
$ |
10,409 |
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$ |
26,366 |
|
$ |
78,756 |
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$ |
8,522 |
|
$ |
15,855 |
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Fixed charges - per below |
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|
46,626 |
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44,329 |
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44,109 |
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50,470 |
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48,760 |
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|
12,068 |
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|
13,445 |
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Less: |
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Capitalized interest |
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(82) |
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(185) |
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(851) |
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(1,328) |
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(2,550) |
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(427) |
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(718) |
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Earnings before fixed charges |
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33,144 |
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30,868 |
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53,667 |
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75,508 |
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124,966 |
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20,163 |
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28,582 |
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Fixed charges: |
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Interest expense (including amortization of premiums and discounts related to indebtedness) * |
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46,394 |
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43,994 |
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43,108 |
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48,992 |
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46,060 |
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11,603 |
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12,689 |
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Capitalized interest |
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82 |
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185 |
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|
851 |
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1,328 |
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2,550 |
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427 |
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|
718 |
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Estimate of interest within rental expense |
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150 |
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|
150 |
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150 |
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|
150 |
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150 |
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38 |
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38 |
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Total Fixed Charges |
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46,626 |
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44,329 |
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44,109 |
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50,470 |
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|
48,760 |
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12,068 |
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13,445 |
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Income allocated to preferred shareholders |
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1,218 |
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6,008 |
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6,008 |
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6,008 |
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6,008 |
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1,502 |
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1,502 |
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Total combined fixed charges and preferred distributions |
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47,844 |
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50,337 |
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50,117 |
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56,478 |
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54,768 |
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13,570 |
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14,947 |
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Ratio of earnings to fixed charges (a) |
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0.69 |
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0.61 |
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1.07 |
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1.34 |
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2.28 |
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1.49 |
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1.91 |
* Includes amounts reported in discontinued operations
(a) In fiscal 2011 and 2012, earnings were insufficient to cover combined fixed charges and preferred distributions. The Company must generate additional earnings of $14.7 million and $19.5 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2011 and 2012, respectively.