Exhibit 12.2
STATEMENT REGARDING COMPUTATION OF
RATIOS OF EARNINGS TO FIXED CHARGES OF CUBESMART, L.P.
CubeSmart, L.P.
Computation of Ratios of Earnings to Fixed Charges
(dollars in thousands)
|
| Year Ended December 31, |
| |||||||||||||
|
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| |||||
Earnings before fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
(Loss) income from continuing operations |
| $ | (25,370 | ) | $ | (17,443 | ) | $ | (13,400 | ) | $ | (13,276 | ) | $ | 10,409 |
|
Fixed charges - per below |
| 47,831 |
| 44,539 |
| 46,626 |
| 44,329 |
| 44,109 |
| |||||
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Capitalized interest |
| (73 | ) | (132 | ) | (82 | ) | (185 | ) | (851 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings before fixed charges |
| 22,388 |
| 26,964 |
| 33,144 |
| 30,868 |
| 53,667 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense (including amortization of premiums and discounts related to indebtedness) * |
| 47,608 |
| 44,257 |
| 46,394 |
| 43,994 |
| 43,108 |
| |||||
Early extinguishment of debt |
| — |
| — |
| — |
| — |
| — |
| |||||
Capitalized interest |
| 73 |
| 132 |
| 82 |
| 185 |
| 851 |
| |||||
Estimate of interest within rental expense |
| 150 |
| 150 |
| 150 |
| 150 |
| 150 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Fixed Charges |
| 47,831 |
| 44,539 |
| 46,626 |
| 44,329 |
| 44,109 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings to fixed charges (a) |
| 0.47 |
| 0.61 |
| 0.71 |
| 0.70 |
| 1.22 |
| |||||
* Includes amounts reported in discontinued operations
(a) In fiscal 2009, 2010, 2011 and 2012, earnings were insufficient to cover fixed charges. CubeSmart, L.P. must generate additional earnings of $25.4 million, $17.6 million, $13.5 million and $13.5 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2009, 2010, 2011 and 2012, respectively.
