Attached files
file | filename |
---|---|
EX-32.2 - EX-32.2 - CubeSmart | cube-20160930ex322cd5858.htm |
EX-31.4 - EX-31.4 - CubeSmart | cube-20160930ex314e0941c.htm |
10-Q - 10-Q - CubeSmart | cube-20160930x10q.htm |
EX-32.1 - EX-32.1 - CubeSmart | cube-20160930ex321391164.htm |
EX-31.3 - EX-31.3 - CubeSmart | cube-20160930ex313555b8a.htm |
EX-31.2 - EX-31.2 - CubeSmart | cube-20160930ex3128d23a4.htm |
EX-31.1 - EX-31.1 - CubeSmart | cube-20160930ex3117d5f66.htm |
EX-12.1 - EX-12.1 - CubeSmart | cube-20160930ex1212bcbfe.htm |
Exhibit 12.2
CubeSmart L.P.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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|
Year Ended December 31, |
|
Nine Months Ended September 30, |
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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 |
|
2016 |
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Earnings before fixed charges: |
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|
|
|
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|
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Add: |
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|
(Loss) income from continuing operations |
|
$ |
(13,400) |
|
$ |
(13,276) |
|
$ |
10,409 |
|
$ |
26,366 |
|
$ |
78,756 |
|
$ |
41,015 |
|
$ |
61,329 |
Fixed charges - per below |
|
|
46,626 |
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|
44,329 |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
35,822 |
|
|
42,133 |
Less: |
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Capitalized interest |
|
|
(82) |
|
|
(185) |
|
|
(851) |
|
|
(1,328) |
|
|
(2,550) |
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|
(1,643) |
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|
(3,078) |
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Earnings before fixed charges |
|
|
33,144 |
|
|
30,868 |
|
|
53,667 |
|
|
75,508 |
|
|
124,966 |
|
|
75,194 |
|
|
100,384 |
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Fixed charges: |
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Interest expense (including amortization of premiums and discounts related to indebtedness) * |
|
|
46,394 |
|
|
43,994 |
|
|
43,108 |
|
|
48,992 |
|
|
46,060 |
|
|
34,066 |
|
|
38,942 |
Capitalized interest |
|
|
82 |
|
|
185 |
|
|
851 |
|
|
1,328 |
|
|
2,550 |
|
|
1,643 |
|
|
3,078 |
Estimate of interest within rental expense |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
113 |
|
|
113 |
|
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|
|
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|
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|
|
|
|
|
|
|
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|
|
|
|
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Total Fixed Charges |
|
|
46,626 |
|
|
44,329 |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
35,822 |
|
|
42,133 |
|
|
|
|
|
|
|
|
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|
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|
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|
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Income allocated to preferred shareholders |
|
|
1,218 |
|
|
6,008 |
|
|
6,008 |
|
|
6,008 |
|
|
6,008 |
|
|
4,506 |
|
|
4,506 |
Total combined fixed charges and preferred distributions |
|
|
47,844 |
|
|
50,337 |
|
|
50,117 |
|
|
56,478 |
|
|
54,768 |
|
|
40,328 |
|
|
46,639 |
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Ratio of earnings to fixed charges (a) |
|
|
0.69 |
|
|
0.61 |
|
|
1.07 |
|
|
1.34 |
|
|
2.28 |
|
|
1.86 |
|
|
2.15 |
* 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.