CubeSmart (CUBE) 10-Q 2014 Q3 Quarterly report

Exhibit 12.2

CubeSmart L.P.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,										Nine Months Ended September 30,
	2009		2010		2011		2012		2013		2013		2014
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(25,370)	$	(17,443)	$	(13,400)	$	(13,276)	$	10,409	$	4,662	$	20,824
Fixed charges - per below	47,831		44,539		46,626		44,329		44,109		33,125		38,399
Less:
Capitalized interest	(73)		(132)		(82)		(185)		(851)		(458)		(966)
Earnings before fixed charges	22,388		26,964		33,144		30,868		53,667		37,329		58,257
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *	47,608		44,257		46,394		43,994		43,108		32,554		37,320
Capitalized interest	73		132		82		185		851		458		966
Estimate of interest within rental expense	150		150		150		150		150		113		113
Total Fixed Charges	47,831		44,539		46,626		44,329		44,109		33,125		38,399
Income allocated to preferred shareholders	-		-		1,218		6,008		6,008		4,506		4,506
Total combined fixed charges and preferred distributions	47,831		44,539		47,844		50,337		50,117		37,631		42,905
Ratio of earnings to fixed charges (a)	0.47		0.61		0.69		0.61		1.07		0.99		1.36

*  Includes amounts reported in discontinued operations

(a)  In fiscal 2009, 2010, 2011 and 2012 and in the nine months ended September 30, 2013, earnings were insufficient to cover combined fixed charges and preferred distributions.  The Company must generate additional earnings of $25.4 million, $17.6 million, $14.7 million, $19.5 million and $0.3 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2009, 2010, 2011 and 2012, and in the nine months ended September 30, 2013, respectively.