CubeSmart 10-Q 2013 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,
	2008		2009		2010		2011		2012		2012		2013
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(31,166)	$	(23,938)	$	(15,000)	$	(8,614)	$	(8,296)	$	(8,140)	$	1,736
Fixed charges - per below	54,192		47,831		44,539		46,626		44,329		20,624		22,292
Less:
Capitalized interest	(99)		(73)		(132)		(82)		(185)		(62)		(194)
Earnings before fixed charges	22,927		23,820		29,407		37,930		35,848		12,422		23,834
Fixed charges:
Interest expense (including amortization premiums and discounts related to indebtedness)	53,943		47,608		44,257		46,394		43,994		20,487		22,023
Early extinguishment of debt	—		—		—		—		—		—		—
Capitalized interest	99		73		132		82		185		62		194
Estimate of interest within rental expense	150		150		150		150		150		75		75
Total Fixed Charges	54,192		47,831		44,539		46,626		44,329		20,624		22,292
Income allocated to preferred shareholders	—		—		—		1,218		6,008		3,004		3,004
Total combined fixed charges and preferred distributions	54,192		47,831		44,539		47,844		50,337		23,628		25,296
Ratio of earnings to fixed charges (a)	0.42		0.50		0.66		0.79		0.71		0.53		0.94

(a)  In fiscal 2008, 2009, 2010, 2011 and 2012 and in the six months ended June 30, 2012 and 2013, earnings were insufficient to cover combined fixed charges and preferred distributions.  The Company must generate additional earnings of $31.3 million, $24.0 million, $15.1 million, $9.9 million and $14.5 million in fiscal 2008, 2009, 2010, 2011 and 2012, and $11.2 million and $1.5 million in the six months ended June 30, 2012 and 2013, respectively, to achieve a fixed charge coverage ratio of 1:1.