EX-12.1 6 d84845exv12w1.htm EX-12.1 exv12w1
         
Exhibit 12.1
CoreSite Realty Corporation
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Unaudited)
(In thousands except ratios)
                                                         
    The Company     Historical Predecessor  
            For the Period     For the Period        
            September 28, 2010     January 1, 2010        
    Six Months Ended     through     through     For the Year Ended December 31,  
    June 30, 2011     December 31, 2010     September 27, 2010     2009     2008     2007     2006(1)  
Earnings:
                                                        
Net income (loss)
   $ (11,504 )   $ (10,722 )   $ (1,555 )   $ (7,039 )   $ (13,888 )   $ 2,571     $ —  
Add: Fixed charges
     6,053       3,443       3,289       4,264       4,464       2,391       —  
Add: Amortization of capitalized interest
     139       29       87       63       32       —       —  
Less: Capitalized interest
     (427 )     (26 )     (524 )     (308 )     (322 )     —       —  
 
                                          
Total earnings (loss)
   $ (5,739 )   $ (7,276 )   $ 1,297     $ (3,020 )   $ (9,714 )   $ 4,962     $ —  
 
                                          
Fixed charges:
                                                        
Interest expense (including amortization of deferred financing costs and discounts)
   $ 3,521     $ 2,325     $ 1,590     $ 2,343     $ 2,495     $ 2,123     $ —  
Capitalized interest
     427       26       524       308       322       —       —  
Interest within rental expense
     2,105       1,092       1,175       1,613       1,647       268       —  
 
                                          
Total fixed charges
     6,053       3,443       3,289       4,264       4,464       2,391       —  
 
                                          
Preferred stock dividend requirements(2)
     —       —       —       —       —       —       —  
 
                                          
Combined fixed charges and preferred stock dividends
   $ 6,053     $ 3,443     $ 3,289     $ 4,264     $ 4,464     $ 2,391     $ —  
 
                                          
Ratio of earnings (loss) to combined fixed charges and preferred stock dividends(3)
     (0.95 )     (2.11 )     0.39       (0.71 )     (2.18 )     2.08       N/A  
 
(1)   The predecessor acquired its first property in December 2006 and did not commence operations until 2007. Accordingly, the computation of earnings to combined fixed charges and preferred stock dividends does not include operating results for the year ended December 31, 2006.
 
(2)   The Company and its Predecessor did not have any preferred stock outstanding for the periods presented.
 
(3)   The shortfall of earnings (loss) to combined fixed charges and preferred dividends for the Company for the six months ended June 30, 2011 and for the period from September 28, 2010 to December 31, 2010 was $11.8 million and $10.7 million, respectively, and for the Predecessor for the period from January 1, 2010 to September 27, 2010 and for the years ended December 31, 2009 and 2008 was $2.0 million, $7.3 million and $14.2 million, respectively.