Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - CubeSmart | cube-20170930ex32260628c.htm |
| EX-32.1 - EX-32.1 - CubeSmart | cube-20170930ex321784d62.htm |
| EX-31.4 - EX-31.4 - CubeSmart | cube-20170930ex3143c773d.htm |
| EX-31.3 - EX-31.3 - CubeSmart | cube-20170930ex313630eab.htm |
| EX-31.2 - EX-31.2 - CubeSmart | cube-20170930ex31225d183.htm |
| EX-31.1 - EX-31.1 - CubeSmart | cube-20170930ex311578c43.htm |
| EX-12.2 - EX-12.2 - CubeSmart | cube-20170930ex122804842.htm |
| 10-Q - 10-Q - CubeSmart | cube-20170930x10q.htm |
Exhibit 12.1
CubeSmart
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
|
|
|
Year Ended December 31, |
|
Nine Months Ended September 30, |
|||||||||||||||||
|
|
|
2012 |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2016 |
|
2017 |
|||||||
|
Earnings before fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
|
$ |
(13,276) |
|
$ |
10,409 |
|
$ |
26,366 |
|
$ |
78,756 |
|
$ |
88,376 |
|
$ |
61,329 |
|
$ |
95,753 |
|
Fixed charges - per below |
|
|
44,329 |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
57,689 |
|
|
42,133 |
|
|
48,785 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
|
|
(185) |
|
|
(851) |
|
|
(1,328) |
|
|
(2,550) |
|
|
(4,563) |
|
|
(3,078) |
|
|
(4,585) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before fixed charges |
|
|
30,868 |
|
|
53,667 |
|
|
75,508 |
|
|
124,966 |
|
|
141,502 |
|
|
100,384 |
|
|
139,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (including amortization of premiums and discounts related to indebtedness) * |
|
|
43,994 |
|
|
43,108 |
|
|
48,992 |
|
|
46,060 |
|
|
52,976 |
|
|
38,942 |
|
|
44,087 |
|
Capitalized interest |
|
|
185 |
|
|
851 |
|
|
1,328 |
|
|
2,550 |
|
|
4,563 |
|
|
3,078 |
|
|
4,585 |
|
Estimate of interest within rental expense |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
113 |
|
|
113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Charges |
|
|
44,329 |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
57,689 |
|
|
42,133 |
|
|
48,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to preferred shareholders |
|
|
6,008 |
|
|
6,008 |
|
|
6,008 |
|
|
6,008 |
|
|
5,045 |
|
|
4,506 |
|
|
— |
|
Total combined fixed charges and preferred distributions |
|
|
50,337 |
|
|
50,117 |
|
|
56,478 |
|
|
54,768 |
|
|
62,734 |
|
|
46,639 |
|
|
48,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges (a) |
|
|
0.61 |
|
|
1.07 |
|
|
1.34 |
|
|
2.28 |
|
|
2.26 |
|
|
2.15 |
|
|
2.87 |
* 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.