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Content analysis
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H.S. sophomore Avg
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Exhibit 12.1
CubeSmart
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
|
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
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Earnings before fixed charges: |
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Add: |
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Loss from continuing operations |
| $ | (31,166 | ) | $ | (23,938 | ) | $ | (15,000 | ) | $ | (8,614 | ) | $ | (8,296 | ) |
Fixed charges - per below |
| 54,192 |
| 47,831 |
| 44,539 |
| 46,626 |
| 44,329 |
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Less: |
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Capitalized interest |
| (99 | ) | (73 | ) | (132 | ) | (82 | ) | (185 | ) | |||||
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Earnings before fixed charges |
| 22,927 |
| 23,820 |
| 29,407 |
| 37,930 |
| 35,848 |
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Fixed charges: |
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Interest expense (including amortization premiums and discounts related to indebtedness) |
| 53,943 |
| 47,608 |
| 44,257 |
| 46,394 |
| 43,994 |
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Early extinguishment of debt |
| — |
| — |
| — |
| — |
| — |
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Capitalized interest |
| 99 |
| 73 |
| 132 |
| 82 |
| 185 |
| |||||
Estimate of interest within rental expense |
| 150 |
| 150 |
| 150 |
| 150 |
| 150 |
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Total Fixed Charges |
| 54,192 |
| 47,831 |
| 44,539 |
| 46,626 |
| 44,329 |
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Income allocated to preferred shareholders |
| — |
| — |
| — |
| 1,218 |
| 6,008 |
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Total combined fixed charges and preferred distributions |
| 54,192 |
| 47,831 |
| 44,539 |
| 47,844 |
| 50,337 |
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Ratio of earnings to fixed charges (a) |
| 0.42 |
| 0.50 |
| 0.66 |
| 0.79 |
| 0.71 |
| |||||
(a) Due to our losses in fiscal 2008, 2009, 2010, 2011 and 2012 the coverage ratio was less than 1:1. The Company must generate additional earnings of $31.3 million, $24.0 million, $15.1 million, $9.9 million and $14.5 million to achieve a coverage of 1:1 in fiscal 2008, 2009, 2010, 2011 and 2012, respectively.