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- 10-K Annual report
- 10.42 EX-10.42
- 10.43 EX-10.43
- 10.44 EX-10.44
- 10.45 EX-10.45
- 10.46 EX-10.46
- 10.47 EX-10.47
- 10.48 EX-10.48
- 10.49 EX-10.49
- 10.50 EX-10.50
- 10.51 EX-10.51
- 10.52 EX-10.52
- 12.1 EX-12.1
- 12.2 EX-12.2
- 21.1 EX-21.1
- 23.1 EX-23.1
- 23.2 EX-23.2
- 31.1 EX-31.1
- 31.2 EX-31.2
- 31.3 EX-31.3
- 31.4 EX-31.4
- 32.1 EX-32.1
- 32.2 EX-32.2
- 99.1 EX-99.1
- Download Excel data file
- View Excel data file
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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| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
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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 |
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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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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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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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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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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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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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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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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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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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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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* 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. |