CubeSmart 10-Q 2012 Q2 Quarterly report

Exhibit 12.2

CubeSmart L.P.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,															Six Months Ended June 30,
	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	)	$	2,064		$	97
Fixed charges - per below	56,192			54,192			47,831			44,539			46,626			21,318			20,556
Less:
Capitalized interest	(108		)	(99		)	(73		)	(132		)	(82		)	(31		)	(62		)
Earnings before fixed charges	28,033			26,459			26,467			32,411			41,492			23,351			20,591
Fixed charges:
Interest expense (including amortization premiums and discounts related to indebtedness)	55,880			53,943			47,608			44,257			46,394			21,249			20,456
Early extinguishment of debt	—			—			—			—			—			—			—
Capitalized interest	108			99			73			132			82			31			62
Estimate of interest within rental expense	204			150			150			150			150			38			38
Total Fixed Charges	56,192			54,192			47,831			44,539			46,626			21,318			20,556
Income allocated to preferred unitholders	—			—			—			—			1,218			—			3,004
Total combined fixed charges and preferred distributions	56,192			54,192			47,831			44,539			47,844			21,318			23,560
Ratio of earnings to fixed charges (a)	0.50			0.49			0.55			0.73			0.87			1.10			0.87

(a)  Due to our losses in fiscal 2007, 2008, 2009, 2010, 2011 and six months ended June 30, 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 $1.5 million to achieve a coverage of 1:1 in fiscal  2007, 2008, 2009, 2010, 2011 and six months ended June 30, 2012, repectively.