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, |
| Six Months Ended June 30, |
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| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2011 |
| 2012 |
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Earnings before fixed charges: |
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Add: |
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Loss from continuing operations |
| $ | (28,051 | ) | $ | (27,634 | ) | $ | (21,291 | ) | $ | (11,996 | ) | $ | (5,052 | ) | $ | 2,064 |
| $ | 97 |
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Fixed charges - per below |
| 56,192 |
| 54,192 |
| 47,831 |
| 44,539 |
| 46,626 |
| 21,318 |
| 20,556 |
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Less: |
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Capitalized interest |
| (108 | ) | (99 | ) | (73 | ) | (132 | ) | (82 | ) | (31 | ) | (62 | ) | |||||||
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Earnings before fixed charges |
| 28,033 |
| 26,459 |
| 26,467 |
| 32,411 |
| 41,492 |
| 23,351 |
| 20,591 |
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Fixed charges: |
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Interest expense (including amortization premiums and discounts related to indebtedness) |
| 55,880 |
| 53,943 |
| 47,608 |
| 44,257 |
| 46,394 |
| 21,249 |
| 20,456 |
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Early extinguishment of debt |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
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Capitalized interest |
| 108 |
| 99 |
| 73 |
| 132 |
| 82 |
| 31 |
| 62 |
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Estimate of interest within rental expense |
| 204 |
| 150 |
| 150 |
| 150 |
| 150 |
| 38 |
| 38 |
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Total Fixed Charges |
| 56,192 |
| 54,192 |
| 47,831 |
| 44,539 |
| 46,626 |
| 21,318 |
| 20,556 |
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Income allocated to preferred unitholders |
| — |
| — |
| — |
| — |
| 1,218 |
| — |
| 3,004 |
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Total combined fixed charges and preferred distributions |
| 56,192 |
| 54,192 |
| 47,831 |
| 44,539 |
| 47,844 |
| 21,318 |
| 23,560 |
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Ratio of earnings to fixed charges (a) |
| 0.50 |
| 0.49 |
| 0.55 |
| 0.73 |
| 0.87 |
| 1.10 |
| 0.87 |
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(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.