CubeSmart 10-Q 2017 Q1 Quarterly report

Exhibit 12.1

CubeSmart

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,										Three Months Ended March 31,
	2012		2013		2014		2015		2016		2016		2017
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(13,276)	$	10,409	$	26,366	$	78,756	$	88,376	$	15,855	$	25,206
Fixed charges - per below		44,329		44,109		50,470		48,760		57,689		13,445		15,843
Less:
Capitalized interest		(185)		(851)		(1,328)		(2,550)		(4,563)		(718)		(1,500)
Earnings before fixed charges		30,868		53,667		75,508		124,966		141,502		28,582		39,549
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *		43,994		43,108		48,992		46,060		52,976		12,689		14,305
Capitalized interest		185		851		1,328		2,550		4,563		718		1,500
Estimate of interest within rental expense		150		150		150		150		150		38		38
Total Fixed Charges		44,329		44,109		50,470		48,760		57,689		13,445		15,843
Income allocated to preferred shareholders		6,008		6,008		6,008		6,008		5,045		1,502		—
Total combined fixed charges and preferred distributions		50,337		50,117		56,478		54,768		62,734		14,947		15,843
Ratio of earnings to fixed charges (a)		0.61		1.07		1.34		2.28		2.26		1.91		2.50

*  Includes amounts reported in discontinued operations

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