CubeSmart 10-K 2014 FY Annual report

Exhibit 12.2

CubeSmart L.P.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,
	2010			2011			2012			2013			2014
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(17,443	)	$	(13,400	)	$	(13,276	)	$	10,409		$	26,366
Fixed charges - per below	44,539			46,626			44,329			44,109			50,470
Less:
Capitalized interest	(132		)	(82		)	(185		)	(851		)	(1,328		)
Earnings before fixed charges	26,964			33,144			30,868			53,667			75,508
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *	44,257			46,394			43,994			43,108			48,992
Capitalized interest	132			82			185			851			1,328
Estimate of interest within rental expense	150			150			150			150			150
Total Fixed Charges	44,539			46,626			44,329			44,109			50,470
Income allocated to preferred shareholders	—			1,218			6,008			6,008			6,008
Total combined fixed charges and preferred distributions	44,539			47,844			50,337			50,117			56,478
Ratio of earnings to fixed charges (a)	0.61			0.69			0.61			1.07			1.34

*  Includes amounts reported in discontinued operations

(a)  In fiscal 2010, 2011 and 2012, earnings were insufficient to cover combined fixed charges and preferred distributions.  The Company must generate additional earnings of $17.6 million, $14.7 million and $19.5 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2010, 2011 and 2012, respectively.