EX-12.1 7 lsi-ex121_15.htm EX-12.1 lsi-ex121_15.htm

Exhibit 12.1

Life Storage, Inc.

Life Storage LP

Statement Re: Computation of Earnings to

Combined Fixed Charges and Preferred Stock Dividends

Amounts in thousands

 

 

Year ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before noncontrolling

   interest in consolidated subsidiaries and

   income from equity investees

 

$

93,495

 

 

$

81,291

 

 

$

109,672

 

 

$

86,971

 

 

$

69,524

 

Add: Income tax (benefit) expense

 

 

(1,006

)

 

 

413

 

 

 

1,251

 

 

 

927

 

 

 

936

 

Add: Fixed charges

 

 

75,084

 

 

 

55,001

 

 

 

37,864

 

 

 

39,024

 

 

 

32,720

 

Add: Distributed income of equity investees

 

 

7,055

 

 

 

5,207

 

 

 

4,821

 

 

 

3,123

 

 

 

2,630

 

Less: Capitalized interest

 

 

(329

)

 

 

(96

)

 

 

(62

)

 

 

(84

)

 

 

(113

)

Preferred dividend requirements of consolidated subsidiaries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Earnings (1)

 

 

174,299

 

 

 

141,816

 

 

 

153,546

 

 

 

129,961

 

 

 

105,697

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

71,340

 

 

 

52,769

 

 

 

35,940

 

 

 

33,719

 

 

 

31,166

 

Amortization of financing fees

 

 

3,022

 

 

 

1,735

 

 

 

1,184

 

 

 

859

 

 

 

834

 

Capitalized interest

 

 

329

 

 

 

96

 

 

 

62

 

 

 

84

 

 

 

113

 

Estimate of interest included in rent expense

 

 

393

 

 

 

401

 

 

 

678

 

 

 

4,362

 

 

 

607

 

Preferred stock dividends

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Fixed charges (2)

 

$

75,084

 

 

$

55,001

 

 

$

37,864

 

 

$

39,024

 

 

$

32,720

 

Ratio of earnings to combined fixed charges and

   preferred stock dividends (1)/(2)

 

 

2.32

 

 

 

2.58

 

 

 

4.06

 

 

 

3.33

 

 

 

3.23