Attached files
file | filename |
---|---|
EX-32.2 - EX-32.2 - CubeSmart | cube-20170630ex322fab6fc.htm |
EX-32.1 - EX-32.1 - CubeSmart | cube-20170630ex3211cbba6.htm |
EX-31.4 - EX-31.4 - CubeSmart | cube-20170630ex3141fc8f4.htm |
EX-31.3 - EX-31.3 - CubeSmart | cube-20170630ex31323032a.htm |
EX-31.2 - EX-31.2 - CubeSmart | cube-20170630ex31269724a.htm |
EX-31.1 - EX-31.1 - CubeSmart | cube-20170630ex311846e5a.htm |
EX-12.2 - EX-12.2 - CubeSmart | cube-20170630ex122c6486a.htm |
10-Q - 10-Q - CubeSmart | cube-20170630x10q.htm |
Exhibit 12.1
CubeSmart
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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|
Year Ended December 31, |
|
Six Months Ended June 30, |
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2012 |
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2013 |
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2014 |
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2015 |
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2016 |
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2016 |
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2017 |
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Earnings before fixed charges: |
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Add: |
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(Loss) income from continuing operations |
|
$ |
(13,276) |
|
$ |
10,409 |
|
$ |
26,366 |
|
$ |
78,756 |
|
$ |
88,376 |
|
$ |
36,238 |
|
$ |
58,044 |
Fixed charges - per below |
|
|
44,329 |
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|
44,109 |
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|
50,470 |
|
|
48,760 |
|
|
57,689 |
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|
27,320 |
|
|
32,282 |
Less: |
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Capitalized interest |
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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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|
(4,563) |
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|
(1,745) |
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(3,151) |
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Earnings before fixed charges |
|
|
30,868 |
|
|
53,667 |
|
|
75,508 |
|
|
124,966 |
|
|
141,502 |
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|
61,813 |
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|
87,175 |
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Fixed charges: |
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Interest expense (including amortization of premiums and discounts related to indebtedness) * |
|
|
43,994 |
|
|
43,108 |
|
|
48,992 |
|
|
46,060 |
|
|
52,976 |
|
|
25,500 |
|
|
29,056 |
Capitalized interest |
|
|
185 |
|
|
851 |
|
|
1,328 |
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|
2,550 |
|
|
4,563 |
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1,745 |
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|
3,151 |
Estimate of interest within rental expense |
|
|
150 |
|
|
150 |
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|
150 |
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|
150 |
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|
150 |
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|
75 |
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|
75 |
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|
|
|
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Total Fixed Charges |
|
|
44,329 |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
57,689 |
|
|
27,320 |
|
|
32,282 |
|
|
|
|
|
|
|
|
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Income allocated to preferred shareholders |
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|
6,008 |
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|
6,008 |
|
|
6,008 |
|
|
6,008 |
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|
5,045 |
|
|
3,004 |
|
|
— |
Total combined fixed charges and preferred distributions |
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|
50,337 |
|
|
50,117 |
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|
56,478 |
|
|
54,768 |
|
|
62,734 |
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|
30,324 |
|
|
32,282 |
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Ratio of earnings to fixed charges (a) |
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|
0.61 |
|
|
1.07 |
|
|
1.34 |
|
|
2.28 |
|
|
2.26 |
|
|
2.04 |
|
|
2.70 |
* Includes amounts reported in discontinued operations
(a) In fiscal 2012, earnings were insufficient to cover combined fixed charges and preferred distributions. The Company must generate additional earnings of $19.5 million to achieve a fixed charge coverage ratio of 1:1 in 2012.