Exhibit 12.1
U-Store-It Trust
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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| Year Ended December 31, |
| Nine Months Ended September 30, |
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| 2004 (a) |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2008 |
| 2009 |
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Earnings before fixed charges: |
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Add: |
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Loss from continuing operations |
| $ | (34,057 | ) | $ | (2,538 | ) | $ | (13,948 | ) | $ | (20,752 | ) | $ | (19,022 | ) | $ | (18,649 | ) | $ | (13,741 | ) |
Fixed charges - per below |
| 37,098 |
| 34,229 |
| 49,695 |
| 56,192 |
| 54,192 |
| 27,946 |
| 23,956 |
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Less: |
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Capitalized interest |
| — |
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| (35 | ) | (108 | ) | (99 | ) | (85 | ) | (46 | ) | |||||||
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Earnings before fixed charges |
| 3,041 |
| 31,691 |
| 35,712 |
| 35,332 |
| 35,071 |
| 9,212 |
| 10,169 |
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Fixed charges: |
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Interest expense (including amortization premiums and discounts related to indebtedness) |
| 30,057 |
| 33,952 |
| 47,600 |
| 55,880 |
| 53,943 |
| 27,748 |
| 23,854 |
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Early extinguishment of debt |
| 7,012 |
| 93 |
| 1,907 |
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| — |
| — |
| — |
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Capitalized interest |
| — |
| — |
| 35 |
| 108 |
| 99 |
| 85 |
| 46 |
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Estimate of interest within rental expense |
| 29 |
| 184 |
| 153 |
| 204 |
| 150 |
| 113 |
| 56 |
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Total Fixed Charges |
| 37,098 |
| 34,229 |
| 49,695 |
| 56,192 |
| 54,192 |
| 27,946 |
| 23,956 |
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Ratio of earnings to fixed charges (b) |
| 0.08 |
| 0.93 |
| 0.72 |
| 0.63 |
| 0.65 |
| 0.33 |
| 0.42 |
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(a) The twelve months ended December 31, 2004 represents consolidated operating results for the Company from October 21, 2004 to December 31, 2004 and consolidated and combined operating results for Acquiport/Amsdell (the “Predecessor”) from January 1, 2004 to October 20, 2004. The operating results for the year ended December 31, 2004 are not comparable to future expected operating results of the Company since they include various IPO-related charges.
(b) Due to our losses in fiscal 2004, 2005, 2006, 2007, 2008 and the nine months ended September 30, 2008 and 2009, the coverage ratio was less than 1:1. The Company must generate additional earnings of $34.1 million, $2.5 million, $14.0 million, $20.9 million, $19.1 million, $18.7 million and $13.8 million to achieve a coverage of 1:1 in fiscal 2004, 2005, 2006, 2007, 2008 and the nine months ended June 30, 2008 and 2009, repectively.