CubeSmart 10-K 2012 FY Annual report

Exhibit 12.2

CubeSmart L.P.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	2008			2009			2010			2011			2012
Earnings before fixed charges:
Add:
Loss from continuing operations	$	(31,166	)	$	(23,938	)	$	(15,000	)	$	(8,614	)	$	(8,296	)
Fixed charges - per below	54,192			47,831			44,539			46,626			44,329
Less:
Capitalized interest	(99		)	(73		)	(132		)	(82		)	(185		)
Earnings before fixed charges	22,927			23,820			29,407			37,930			35,848
Fixed charges:
Interest expense (including amortization premiums and discounts related to indebtedness)	53,943			47,608			44,257			46,394			43,994
Early extinguishment of debt	—			—			—			—			—
Capitalized interest	99			73			132			82			185
Estimate of interest within rental expense	150			150			150			150			150
Total Fixed Charges	54,192			47,831			44,539			46,626			44,329
Income allocated to preferred unitholders	—			—			—			1,218			6,008
Total combined fixed charges and preferred distributions	54,192			47,831			44,539			47,844			50,337
Ratio of earnings to fixed charges (a)	0.42			0.50			0.66			0.79			0.71

(a)  Due to our losses in fiscal 2008, 2009, 2010, 2011 and 2012 the coverage ratio was less than 1:1.  The Company must generate additional earnings of $31.3 million, $24.0 million, $15.1 million, $9.9 million and $14.5 million to achieve a coverage of 1:1 in fiscal  2008, 2009, 2010, 2011 and 2012, respectively.