CubeSmart (CUBE) 10-Q 2016 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,
	2011		2012		2013		2014		2015		2015		2016
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(13,400)	$	(13,276)	$	10,409	$	26,366	$	78,756	$	41,015	$	61,329
Fixed charges - per below		46,626		44,329		44,109		50,470		48,760		35,822		42,133
Less:
Capitalized interest		(82)		(185)		(851)		(1,328)		(2,550)		(1,643)		(3,078)
Earnings before fixed charges		33,144		30,868		53,667		75,508		124,966		75,194		100,384
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *		46,394		43,994		43,108		48,992		46,060		34,066		38,942
Capitalized interest		82		185		851		1,328		2,550		1,643		3,078
Estimate of interest within rental expense		150		150		150		150		150		113		113
Total Fixed Charges		46,626		44,329		44,109		50,470		48,760		35,822		42,133
Income allocated to preferred shareholders		1,218		6,008		6,008		6,008		6,008		4,506		4,506
Total combined fixed charges and preferred distributions		47,844		50,337		50,117		56,478		54,768		40,328		46,639
Ratio of earnings to fixed charges (a)		0.69		0.61		1.07		1.34		2.28		1.86		2.15

*  Includes amounts reported in discontinued operations

 (a)  In fiscal 2011 and 2012, earnings were insufficient to cover combined fixed charges and preferred distributions.  The Company must generate additional earnings of $14.7 million and $19.5 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2011 and 2012, respectively.