EX-12.1 3 a10-12961_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,

 

 

 

2005

 

2006

 

2007

 

2008

 

2009

 

2009

 

2010

 

Earnings before fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(4,576

)

$

(16,820

)

$

(24,370

)

$

(23,428

)

$

(17,017

)

$

(9,798

)

$

(7,581

)

Fixed charges - per below

 

34,229

 

49,695

 

56,192

 

54,192

 

47,831

 

22,891

 

19,792

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(35

)

(108

)

(99

)

(73

)

(27

)

(78

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

29,653

 

32,840

 

31,714

 

30,665

 

30,741

 

13,066

 

12,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

33,952

 

47,600

 

55,880

 

53,943

 

47,608

 

22,826

 

19,676

 

Early extinguishment of debt

 

93

 

1,907

 

 

 

 

 

 

Capitalized interest

 

 

35

 

108

 

99

 

73

 

27

 

78

 

Estimate of interest within rental expense

 

184

 

153

 

204

 

150

 

150

 

38

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

34,229

 

49,695

 

56,192

 

54,192

 

47,831

 

22,891

 

19,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a)

 

0.87

 

0.66

 

0.56

 

0.57

 

0.64

 

0.57

 

0.61

 

 


(a)  Due to our losses in fiscal 2005, 2006, 2007, 2008, 2009 and 2010, the coverage ratio was less than 1:1.  The Company must generate additional earnings of $4.6 million, $16.9 million, $24.5 million, $23.5 million, $17.1 million, $9.8 million, and $7.6 million to achieve a coverage of 1:1 in fiscal 2005, 2006, 2007, 2008, 2009, and the six months ended June 30, 2009 and 2010, repectively.