Exhibit 12.2
CubeSmart L.P.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
|
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| |||||
Earnings before fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
Loss from continuing operations |
| $ | (28,051 | ) | $ | (27,634 | ) | $ | (21,291 | ) | $ | (11,996 | ) | $ | (5,052 | ) |
Fixed charges - per below |
| 56,192 |
| 54,192 |
| 47,831 |
| 44,539 |
| 46,626 |
| |||||
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Capitalized interest |
| (108 | ) | (99 | ) | (73 | ) | (132 | ) | (82 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings before fixed charges |
| 28,033 |
| 26,459 |
| 26,467 |
| 32,411 |
| 41,492 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense (including amortization premiums and discounts related to indebtedness) |
| 55,880 |
| 53,943 |
| 47,608 |
| 44,257 |
| 46,394 |
| |||||
Early extinguishment of debt |
| — |
| — |
| — |
| — |
| — |
| |||||
Capitalized interest |
| 108 |
| 99 |
| 73 |
| 132 |
| 82 |
| |||||
Estimate of interest within rental expense |
| 204 |
| 150 |
| 150 |
| 150 |
| 150 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Fixed Charges |
| 56,192 |
| 54,192 |
| 47,831 |
| 44,539 |
| 46,626 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income allocated to preferred unitholders |
| — |
| — |
| — |
| — |
| 1,218 |
| |||||
Total combined fixed charges and preferred distributions |
| 56,192 |
| 54,192 |
| 47,831 |
| 44,539 |
| 47,844 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings to fixed charges (a) |
| 0.50 |
| 0.49 |
| 0.55 |
| 0.73 |
| 0.87 |
| |||||
(a) Due to our losses in fiscal 2007, 2008, 2009, 2010 and 2011 the coverage ratio was less than 1:1. The Operating Partnership must generate additional earnings of $28.2 million, $27.7 million, $21.4 million, $12.1 million, and $6.4 million to achieve a coverage of 1:1 in fiscal 2007, 2008, 2009, 2010 and 2011, repectively.