Exhibit 12.2
CubeSmart L.P.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
| Year Ended December 31, |
| Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
|
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2017 |
| 2017 |
| 2018 | ||||||||||||||||||||||||
Earnings before fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Income from continuing operations |
| $ | 10,409 |
| $ | 26,366 |
| $ | 78,756 |
| $ | 88,376 |
| $ | 135,611 |
| $ | 95,753 |
| $ | 116,852 | |||||||||||||||||
Fixed charges - per below |
|
| 44,109 |
|
| 50,470 |
|
| 48,760 |
|
| 57,689 |
|
| 65,346 |
|
| 48,785 |
|
| 51,042 | |||||||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capitalized interest |
|
| (851) |
|
| (1,328) |
|
| (2,550) |
|
| (4,563) |
|
| (5,606) |
|
| (4,585) |
|
| (3,397) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Earnings before fixed charges |
|
| 53,667 |
|
| 75,508 |
|
| 124,966 |
|
| 141,502 |
|
| 195,351 |
|
| 139,953 |
|
| 164,497 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Interest expense (including amortization of premiums and discounts related to indebtedness) * |
|
| 43,108 |
|
| 48,992 |
|
| 46,060 |
|
| 52,976 |
|
| 59,590 |
|
| 44,087 |
|
| 47,532 | |||||||||||||||||
Capitalized interest |
|
| 851 |
|
| 1,328 |
|
| 2,550 |
|
| 4,563 |
|
| 5,606 |
|
| 4,585 |
|
| 3,397 | |||||||||||||||||
Estimate of interest within rental expense |
|
| 150 |
|
| 150 |
|
| 150 |
|
| 150 |
|
| 150 |
|
| 113 |
|
| 113 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Fixed Charges |
|
| 44,109 |
|
| 50,470 |
|
| 48,760 |
|
| 57,689 |
|
| 65,346 |
|
| 48,785 |
|
| 51,042 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Income allocated to preferred shareholders |
|
| 6,008 |
|
| 6,008 |
|
| 6,008 |
|
| 5,045 |
|
| — |
|
| — |
|
| — | |||||||||||||||||
Total combined fixed charges and preferred distributions |
|
| 50,117 |
|
| 56,478 |
|
| 54,768 |
|
| 62,734 |
|
| 65,346 |
|
| 48,785 |
|
| 51,042 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratio of earnings to fixed charges |
|
| 1.07 |
|
| 1.34 |
|
| 2.28 |
|
| 2.26 |
|
| 2.99 |
|
| 2.87 |
|
| 3.22 |
* Includes amounts reported in discontinued operations