Life Storage Inc - Registered Shares (LSI) 10-K 2009 FY Annual report

Exhibit 12.1

Statement Re: Computation of Earnings to
Combined Fixed Charges and Preferred Stock Dividends

	Year ended December 31,
Amounts in thousands	2009		2008		2007			2006			2005
Earnings:
Income from continuing operations before noncontrolling interest in consolidated subsidiaries and income from equity investees	$	22,203	$	37,699	$	40,065		$	37,134		$	34,177
Fixed charges		50,050		38,097		35,117			32,006			24,352
Preferred dividend requirements of consolidated subsidiaries		—		—		(1,256	)		(2,512	)		(4,123	)
Earnings (1)		72,253		75,796		73,926			66,628			54,406
Fixed charges:
Interest expense		48,847		36,905		32,898			28,501			19,439
Amortization of financing fees		1,203		1,192		963			993			790
Preferred stock dividends		—		—		1,256			2,512			4,123
Fixed charges (2)	$	50,050	$	38,097	$	35,117		$	32,006		$	24,352
Ratio of earnings to combined fixed charges and preferred stock dividends (1)/(2)		1.44		1.99		2.11			2.08			2.23

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