Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - CubeSmart | cube-20180630ex322130627.htm |
| EX-32.1 - EX-32.1 - CubeSmart | cube-20180630ex321817569.htm |
| EX-31.4 - EX-31.4 - CubeSmart | cube-20180630ex314b26c52.htm |
| EX-31.3 - EX-31.3 - CubeSmart | cube-20180630ex3132ea83a.htm |
| EX-31.2 - EX-31.2 - CubeSmart | cube-20180630ex3127b29dc.htm |
| EX-31.1 - EX-31.1 - CubeSmart | cube-20180630ex31103031b.htm |
| EX-12.2 - EX-12.2 - CubeSmart | cube-20180630ex12231dccc.htm |
| 10-Q - 10-Q - CubeSmart | cube-20180630x10q.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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2013 |
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2014 |
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2015 |
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2016 |
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2017 |
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2017 |
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2018 |
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Earnings before fixed charges: |
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|
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|
|
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|
|
|
|
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Add: |
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|
Income from continuing operations |
|
$ |
10,409 |
|
$ |
26,366 |
|
$ |
78,756 |
|
$ |
88,376 |
|
$ |
135,611 |
|
$ |
58,044 |
|
$ |
73,550 |
|
Fixed charges - per below |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
57,689 |
|
|
65,346 |
|
|
32,282 |
|
|
33,993 |
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Less: |
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|
|
|
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|
|
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|
|
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Capitalized interest |
|
|
(851) |
|
|
(1,328) |
|
|
(2,550) |
|
|
(4,563) |
|
|
(5,606) |
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|
(3,151) |
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|
(2,155) |
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|
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|
|
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Earnings before fixed charges |
|
|
53,667 |
|
|
75,508 |
|
|
124,966 |
|
|
141,502 |
|
|
195,351 |
|
|
87,175 |
|
|
105,388 |
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Fixed charges: |
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Interest expense (including amortization of premiums and discounts related to indebtedness) * |
|
|
43,108 |
|
|
48,992 |
|
|
46,060 |
|
|
52,976 |
|
|
59,590 |
|
|
29,056 |
|
|
31,763 |
|
Capitalized interest |
|
|
851 |
|
|
1,328 |
|
|
2,550 |
|
|
4,563 |
|
|
5,606 |
|
|
3,151 |
|
|
2,155 |
|
Estimate of interest within rental expense |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
150 |
|
|
75 |
|
|
75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total Fixed Charges |
|
|
44,109 |
|
|
50,470 |
|
|
48,760 |
|
|
57,689 |
|
|
65,346 |
|
|
32,282 |
|
|
33,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Income allocated to preferred shareholders |
|
|
6,008 |
|
|
6,008 |
|
|
6,008 |
|
|
5,045 |
|
|
— |
|
|
— |
|
|
— |
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Total combined fixed charges and preferred distributions |
|
|
50,117 |
|
|
56,478 |
|
|
54,768 |
|
|
62,734 |
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|
65,346 |
|
|
32,282 |
|
|
33,993 |
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|
|
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|
|
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|
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|
|
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|
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|
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|
|
|
|
Ratio of earnings to fixed charges |
|
|
1.07 |
|
|
1.34 |
|
|
2.28 |
|
|
2.26 |
|
|
2.99 |
|
|
2.70 |
|
|
3.10 |
* Includes amounts reported in discontinued operations