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, |
| Nine Months Ended September 30, |
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| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2010 |
| 2011 |
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Earnings before fixed charges: |
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Add: |
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(Loss) income from continuing operations |
| $ | (19,746 | ) | $ | (26,737 | ) | $ | (25,837 | ) | $ | (19,302 | ) | $ | (9,851 | ) | $ | (11,578 | ) | $ | 3,054 |
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Fixed charges - per below |
| 49,695 |
| 56,192 |
| 54,192 |
| 47,831 |
| 44,539 |
| 34,262 |
| 30,976 |
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Less: |
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Capitalized interest |
| (35 | ) | (108 | ) | (99 | ) | (73 | ) | (132 | ) | (107 | ) | (58 | ) | |||||||
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Earnings before fixed charges |
| 29,914 |
| 29,347 |
| 28,256 |
| 28,456 |
| 34,556 |
| 22,577 |
| 33,972 |
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Fixed charges: |
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Interest expense (including amortization premiums and discounts related to indebtedness) |
| 47,600 |
| 55,880 |
| 53,943 |
| 47,608 |
| 44,257 |
| 34,042 |
| 30,805 |
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Early extinguishment of debt |
| 1,907 |
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| — |
| — |
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Capitalized interest |
| 35 |
| 108 |
| 99 |
| 73 |
| 132 |
| 107 |
| 58 |
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Estimate of interest within rental expense |
| 153 |
| 204 |
| 150 |
| 150 |
| 150 |
| 113 |
| 113 |
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Total Fixed Charges |
| 49,695 |
| 56,192 |
| 54,192 |
| 47,831 |
| 44,539 |
| 34,262 |
| 30,976 |
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Ratio of earnings to fixed charges (a) |
| 0.60 |
| 0.52 |
| 0.52 |
| 0.59 |
| 0.78 |
| 0.66 |
| 1.10 |
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(a) Due to our losses in fiscal 2006, 2007, 2008, 2009 and 2010 the coverage ratio was less than 1:1. The Operating Partnership must generate additional earnings of $19.8 million, $26.8 million, $25.9 million, $19.4 million, $10.0 million, and $11.7 million to achieve a coverage of 1:1 in fiscal 2006, 2007, 2008, 2009, 2010 and the nine months ended September 30, 2010, repectively.