Exhibit 12.1
CubeSmart
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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| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2016 |
| 2017 | |||||||
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 |
| $ | 61,329 |
| $ | 95,753 |
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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| 42,133 |
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| 48,785 |
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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| (3,078) |
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| (4,585) |
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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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| 100,384 |
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| 139,953 |
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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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| 38,942 |
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| 44,087 |
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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| 3,078 |
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| 4,585 |
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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| 113 |
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| 113 |
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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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| 42,133 |
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| 48,785 |
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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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| 4,506 |
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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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| 46,639 |
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| 48,785 |
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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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| 2.15 |
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| 2.87 |
* 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 2012.
