Exhibit 12.3
Life Storage LP
Computation of Ratio of Earnings to Combined Fixed Charges
Amounts in thousands | Three months ended March 31 | Year ended December 31, | ||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income from continuing operations before noncontrolling interest in consolidated subsidiaries and income from equity investees | $ | 33,077 | $ | 19,804 | $ | 93,495 | $ | 81,291 | $ | 109,672 | $ | 86,971 | $ | 69,524 | ||||||||||||||
Add: Income tax (benefit) expense | 450 | 300 | (1,006 | ) | 413 | 1,251 | 927 | 936 | ||||||||||||||||||||
Add: Fixed charges | 17,389 | 15,368 | 75,084 | 55,001 | 37,864 | 39,024 | 32,720 | |||||||||||||||||||||
Add: Distributed income of equity investees | 2,037 | 1,357 | 7,055 | 5,207 | 4,821 | 3,123 | 2,630 | |||||||||||||||||||||
Less: Capitalized interest | (88 | ) | (63 | ) | (329 | ) | (96 | ) | (62 | ) | (84 | ) | (113 | ) | ||||||||||||||
Earnings (1) | 52,865 | 36,766 | 174,299 | 141,816 | 153,546 | 129,961 | 105,697 | |||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 16,679 | 14,690 | 71,340 | 52,769 | 35,940 | 33,719 | 31,166 | |||||||||||||||||||||
Amortization of financing fees | 525 | 520 | 3,022 | 1,735 | 1,184 | 859 | 834 | |||||||||||||||||||||
Capitalized interest | 88 | 63 | 329 | 96 | 62 | 84 | 113 | |||||||||||||||||||||
Estimate of interest included in rent expense | 97 | 95 | 393 | 401 | 678 | 4,362 | 607 | |||||||||||||||||||||
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Fixed charges (2) | $ | 17,389 | $ | 15,368 | $ | 75,084 | $ | 55,001 | $ | 37,864 | $ | 39,024 | $ | 32,720 | ||||||||||||||
Ratio of earnings to combined fixed charges (1)/(2) | 3.04 | 2.39 | 2.32 | 2.58 | 4.06 | 3.33 | 3.23 |