Attached files
| file | filename |
|---|---|
| EX-31.4 - EX-31.4 - CubeSmart | cube-20160630ex3141b31f0.htm |
| 10-Q - 10-Q - CubeSmart | cube-20160630x10q.htm |
| EX-32.2 - EX-32.2 - CubeSmart | cube-20160630ex3221dd87c.htm |
| EX-32.1 - EX-32.1 - CubeSmart | cube-20160630ex3213f0977.htm |
| EX-31.3 - EX-31.3 - CubeSmart | cube-20160630ex31335bf00.htm |
| EX-31.2 - EX-31.2 - CubeSmart | cube-20160630ex3122a8a29.htm |
| EX-31.1 - EX-31.1 - CubeSmart | cube-20160630ex3116f31f4.htm |
| EX-12.2 - EX-12.2 - CubeSmart | cube-20160630ex1224c9a54.htm |
CubeSmart
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
|
|
|
Year Ended December 31, |
|
Six Months Ended June 30, |
|||||||||||||||||
|
|
|
2011 |
|
2012 |
|
2013 |
|
2014 |
|
2015 |
|
2015 |
|
2016 |
|||||||
|
Earnings before fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
|
$ |
(13,400) |
|
$ |
(13,276) |
|
$ |
10,409 |
|
$ |
26,366 |
|
$ |
78,756 |
|
$ |
22,395 |
|
$ |
36,238 |
|
Fixed charges - per below |
|
|
46,626 |
|
|
44,329 |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
24,187 |
|
|
27,320 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
|
|
(82) |
|
|
(185) |
|
|
(851) |
|
|
(1,328) |
|
|
(2,550) |
|
|
(982) |
|
|
(1,745) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before fixed charges |
|
|
33,144 |
|
|
30,868 |
|
|
53,667 |
|
|
75,508 |
|
|
124,966 |
|
|
45,600 |
|
|
61,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (including amortization of premiums and discounts related to indebtedness) * |
|
|
46,394 |
|
|
43,994 |
|
|
43,108 |
|
|
48,992 |
|
|
46,060 |
|
|
23,130 |
|
|
25,500 |
|
Capitalized interest |
|
|
82 |
|
|
185 |
|
|
851 |
|
|
1,328 |
|
|
2,550 |
|
|
982 |
|
|
1,745 |
|
Estimate of interest within rental expense |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
75 |
|
|
75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Charges |
|
|
46,626 |
|
|
44,329 |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
24,187 |
|
|
27,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to preferred shareholders |
|
|
1,218 |
|
|
6,008 |
|
|
6,008 |
|
|
6,008 |
|
|
6,008 |
|
|
3,004 |
|
|
3,004 |
|
Total combined fixed charges and preferred distributions |
|
|
47,844 |
|
|
50,337 |
|
|
50,117 |
|
|
56,478 |
|
|
54,768 |
|
|
27,191 |
|
|
30,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges (a) |
|
|
0.69 |
|
|
0.61 |
|
|
1.07 |
|
|
1.34 |
|
|
2.28 |
|
|
1.68 |
|
|
2.04 |
* 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.