EX-12.1 2 a09-18681_1ex12d1.htm EX-12.1

 

Exhibit 12.1

 

U-Store-It Trust

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

 

Year Ended December 31,

 

Six Months Ended June 30,

 

 

 

2004 (a)

 

2005

 

2006

 

2007

 

2008

 

2008

 

2009

 

Earnings before fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(34,057

)

$

(2,538

)

$

(13,948

)

$

(20,752

)

$

(19,022

)

$

(11,915

)

$

(8,203

)

Fixed charges - per below

 

37,098

 

34,229

 

49,695

 

56,192

 

54,192

 

27,890

 

23,919

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

—

 

(35

)

(108

)

(99

)

(67

)

(27

)

Earnings before fixed charges

 

3,041

 

31,691

 

35,712

 

35,332

 

35,071

 

15,908

 

15,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

30,057

 

33,952

 

47,600

 

55,880

 

53,943

 

27,748

 

23,854

 

Early extinguishment of debt

 

7,012

 

93

 

1,907

 

—

 

—

 

—

 

—

 

Capitalized interest

 

—

 

—

 

35

 

108

 

99

 

67

 

27

 

Estimate of interest within rental expense

 

29

 

184

 

153

 

204

 

150

 

75

 

38

 

Total Fixed Charges

 

37,098

 

34,229

 

49,695

 

56,192

 

54,192

 

27,890

 

23,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (b)

 

0.08

 

0.93

 

0.72

 

0.63

 

0.65

 

0.57

 

0.66

 

(a)          The twelve months ended December 31, 2004 represents consolidated operating results for the Company from October 21, 2004 to December 31, 2004 and consolidated and combined operating results for Acquiport/Amsdell (the “Predecessor”) from January 1, 2004 to October 20, 2004. The operating results for the year ended December 31, 2004 are not comparable to future expected operating results of the Company since they include various IPO-related charges.

 

(b)         Due to our losses in fiscal 2004, 2005, 2006, 2007, 2008 and the six months ended June 30, 2008 and 2009, the coverage ratio was less than 1:1.  The Company must generate additional earnings of $34.1 million, $2.5 million, $14.0 million, $20.9 million, $19.1 million, $12.0 million and $8.2 million to achieve a coverage of 1:1 in fiscal 2004, 2005, 2006, 2007, 2008 and the six months ended June 30, 2008 and 2009, repectively.