Exhibit 12.2
CubeSmart L.P.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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| Year Ended December 31, |
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| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
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Earnings before fixed charges: |
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Add: |
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(Loss) income from continuing operations |
| $ | (13,276 | ) | $ | 10,409 |
| $ | 26,366 |
| $ | 78,756 |
| $ | 88,376 |
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Fixed charges - per below |
| 44,329 |
| 44,109 |
| 50,470 |
| 48,760 |
| 57,689 |
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Less: |
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Capitalized interest |
| (185 | ) | (851 | ) | (1,328 | ) | (2,550 | ) | (4,563 | ) | |||||
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Earnings before fixed charges |
| 30,868 |
| 53,667 |
| 75,508 |
| 124,966 |
| 141,502 |
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Fixed charges: |
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Interest expense (including amortization of premiums and discounts related to indebtedness) * |
| 43,994 |
| 43,108 |
| 48,992 |
| 46,060 |
| 52,976 |
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Capitalized interest |
| 185 |
| 851 |
| 1,328 |
| 2,550 |
| 4,563 |
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Estimate of interest within rental expense |
| 150 |
| 150 |
| 150 |
| 150 |
| 150 |
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Total Fixed Charges |
| 44,329 |
| 44,109 |
| 50,470 |
| 48,760 |
| 57,689 |
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Ratio of earnings to fixed charges (a) |
| 0.70 |
| 1.22 |
| 1.50 |
| 2.56 |
| 2.45 |
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* Includes amounts reported in discontinued operations
(a) In fiscal 2012, earnings were insufficient to cover combined fixed charges. The Company would have had to generate additional earnings of $13.5 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2012.
