CubeSmart 10-K 2017 FY Annual report

Exhibit 12.2

CubeSmart L.P.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,
	2013		2014		2015		2016		2017
Earnings before fixed charges:
Add:
Income from continuing operations	$	10,409	$	26,366	$	78,756	$	88,376	$	135,611
Fixed charges - per below		44,109		50,470		48,760		57,689		65,346
Less:
Capitalized interest		(851)		(1,328)		(2,550)		(4,563)		(5,606)
Earnings before fixed charges		53,667		75,508		124,966		141,502		195,351
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *		43,108		48,992		46,060		52,976		59,590
Capitalized interest		851		1,328		2,550		4,563		5,606
Estimate of interest within rental expense		150		150		150		150		150
Total Fixed Charges		44,109		50,470		48,760		57,689		65,346
Income allocated to preferred shareholders		6,008		6,008		6,008		5,045		—
Total combined fixed charges and preferred distributions		50,117		56,478		54,768		62,734		65,346
Ratio of earnings to fixed charges		1.07		1.34		2.28		2.26		2.99

*  Includes amounts reported in discontinued operations