CubeSmart (CUBE) 10-Q 2012 Q1 Quarterly report

Exhibit 12.1

CubeSmart

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,															Three Months Ended March 31,
	2007			2008			2009			2010			2011			2011			2012
Earnings before fixed charges:
Add:
Loss from continuing operations	$	(28,051	)	$	(27,634	)	$	(21,291	)	$	(11,996	)	$	(5,052	)	$	476		$	(3,258	)
Fixed charges - per below	56,192			54,192			47,831			44,539			46,626			9,780			10,140
Less:
Capitalized interest	(108		)	(99		)	(73		)	(132		)	(82		)	(12		)	(29		)
Earnings before fixed charges	28,033			26,459			26,467			32,411			41,492			10,244			6,853
Fixed charges:
Interest expense (including amortization premiums and discounts related to indebtedness)	55,880			53,943			47,608			44,257			46,394			9,749			10,092
Early extinguishment of debt	—			—			—			—			—			—			—
Capitalized interest	108			99			73			132			82			12			29
Estimate of interest within rental expense	204			150			150			150			150			19			19
Total Fixed Charges	56,192			54,192			47,831			44,539			46,626			9,780			10,140
Income allocated to preferred shareholders	—			—			—			—			1,218			—			1,502
Total combined fixed charges and preferred distributions	56,192			54,192			47,831			44,539			47,844			9,780			11,642
Ratio of earnings to fixed charges (a)	0.50			0.49			0.55			0.73			0.87			1.05			0.59

(a)    Due to our losses in fiscal 2007, 2008, 2009, 2010, 2011 and three months ended March 31, 2012 the coverage ratio was less than 1:1.  The Company must generate additional earnings of $28.2 million, $27.7 million, $21.4 million, $12.1 million, $6.4 million and $4.8 million to achieve a coverage of 1:1 in fiscal 2007, 2008, 2009, 2010, 2011 and three months ended March 31, 2012, repectively.