EX-12.2 6 a2231398zex-12_2.htm EX-12.2

Exhibit 12.2

 

CubeSmart L.P.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

 

Year Ended December 31,

 

 

 

2012

 

2013

 

2014

 

2015

 

2016

 

Earnings before fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

$

(13,276

)

$

10,409

 

$

26,366

 

$

78,756

 

$

88,376

 

Fixed charges - per below

 

44,329

 

44,109

 

50,470

 

48,760

 

57,689

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(185

)

(851

)

(1,328

)

(2,550

)

(4,563

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

30,868

 

53,667

 

75,508

 

124,966

 

141,502

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including amortization of premiums and discounts related to indebtedness) *

 

43,994

 

43,108

 

48,992

 

46,060

 

52,976

 

Capitalized interest

 

185

 

851

 

1,328

 

2,550

 

4,563

 

Estimate of interest within rental expense

 

150

 

150

 

150

 

150

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

44,329

 

44,109

 

50,470

 

48,760

 

57,689

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a)

 

0.70

 

1.22

 

1.50

 

2.56

 

2.45

 

 

*  Includes amounts reported in discontinued operations

 

(a)         In fiscal 2012, earnings were insufficient to cover combined fixed charges.  The Company would have had to generate additional earnings of $13.5 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2012.