Attached files
| file | filename |
|---|---|
| EX-31.2 - EX-31.2 - CubeSmart | cube-20170331ex31212fde1.htm |
| EX-32.2 - EX-32.2 - CubeSmart | cube-20170331ex32282019c.htm |
| EX-32.1 - EX-32.1 - CubeSmart | cube-20170331ex3215f2e1c.htm |
| EX-31.4 - EX-31.4 - CubeSmart | cube-20170331ex31415b624.htm |
| EX-31.3 - EX-31.3 - CubeSmart | cube-20170331ex313b839d4.htm |
| EX-31.1 - EX-31.1 - CubeSmart | cube-20170331ex3112d811f.htm |
| EX-12.1 - EX-12.1 - CubeSmart | cube-20170331ex12197553b.htm |
| 10-Q - 10-Q - CubeSmart | cube-20170331x10q.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, |
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Three Months Ended March 31, |
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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 |
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$ |
(13,276) |
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$ |
10,409 |
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$ |
26,366 |
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$ |
78,756 |
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$ |
88,376 |
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$ |
15,855 |
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$ |
25,206 |
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Fixed charges - per below |
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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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57,689 |
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13,445 |
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15,843 |
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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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(718) |
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(1,500) |
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Earnings before fixed charges |
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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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141,502 |
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28,582 |
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39,549 |
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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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43,994 |
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43,108 |
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48,992 |
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46,060 |
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52,976 |
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12,689 |
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14,305 |
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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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718 |
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1,500 |
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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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44,329 |
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44,109 |
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50,470 |
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48,760 |
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57,689 |
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13,445 |
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15,843 |
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Income allocated to preferred shareholders |
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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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5,045 |
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1,502 |
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— |
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Total combined fixed charges and preferred distributions |
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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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62,734 |
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14,947 |
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15,843 |
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Ratio of earnings to fixed charges (a) |
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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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2.26 |
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1.91 |
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2.50 |
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* 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 fiscal 2012.