Form: S-3

Registration statement for specified transactions by certain issuers

May 25, 2016

Exhibit 12.1

National Storage Affiliates Trust and NSA Predecessor
Ratios of Earnings to Combined Fixed Charges and Preferred Share Dividends*
(dollars in thousands)

 
 
For the three months ended March 31, 2016 (NSA)
 
Year Ended December 31,
 
 
 
2015 (NSA)
 
2014 (NSA)
 
2013 (Combined)(1)
 
2012 (Predecessor)
Earnings:
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
4,802

 
$
4,796

 
$
(16,357
)
 
$
(11,734
)
 
$
(3,452
)
Fixed charges
 
5,029

 
21,121

 
23,044

 
19,605

 
17,054

Total earnings (A)
 
$
9,831

 
$
25,917

 
$
6,687

 
$
7,871

 
$
13,602

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
4,941

 
$
20,779

 
$
23,033

 
$
19,605

 
$
17,054

Estimate of interest within rental expense
 
88

 
342

 
11

 

 

Total fixed charges (B)
 
$
5,029

 
$
21,121

 
$
23,044

 
$
19,605

 
$
17,054

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred share dividends (A divided by B)(2)
 
1.95

 
1.23

 
(2) 
 
(2) 
 
(2) 
* National Storage Affiliates Trust and NSA Predecessor had no preferred shares outstanding for the periods in the table above.
(1) The Earnings and Fixed Charges for the year ended December 31, 2013 reflect the Earnings and Fixed Charges of National Storage Affiliates Trust for the nine months ended December 31, 2013 and NSA Predecessor for the three months ended March 31, 2013, respectively, which are presented on a combined basis for this period. The following table presents the Earnings and Fixed Charges on a stand-alone basis for the combined 2013 period referenced in the table above for National Storage Affiliates Trust and NSA Predecessor (dollars in thousands):
 
 
 
Stand-alone Historical Periods
 
Year Ended December 31, 2013 (Combined)
 
Nine Months Ended December 31, 2013 (NSA)
 
Three Months Ended March 31, 2013 (Predecessor)
Earnings:
 
 
 
 
 
Net income (loss)
$
(11,734
)
 
$
(10,481
)
 
$
(1,253
)
Fixed charges
19,605

 
15,439

 
4,166

Total earnings (A)
$
7,871

 
$
4,958

 
$
2,913

 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense
$
19,605

 
$
15,439

 
$
4,166

Total fixed charges (B)
$
19,605

 
$
15,439

 
$
4,166

 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred share dividends (A divided by B)(2)
(2) 
 
(3) 
 
(3) 
 
 
 
 
 
 
 
 
(2) During the fiscal years ended December 31, 2014, 2013 and 2012, earnings were insufficient to cover fixed charges by $16.4 million, $11.7 million and $3.5 million, respectively.
(3) During the nine months ended December 31, 2013 for National Storage Affiliates Trust and the three months ended March 31, 2013 for NSA Predecessor, earnings were insufficient to cover fixed charges by $10.5 million and $1.2 million, respectively.