CubeSmart 10-Q 2018 Q3 Quarterly report

Exhibit 12.1

CubeSmart

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,										Nine Months Ended September 30,
	2013		2014		2015		2016		2017		2017		2018
Earnings before fixed charges:
Add:
Income from continuing operations	$	10,409	$	26,366	$	78,756	$	88,376	$	135,611	$	95,753	$	116,852
Fixed charges - per below		44,109		50,470		48,760		57,689		65,346		48,785		51,042
Less:
Capitalized interest		(851)		(1,328)		(2,550)		(4,563)		(5,606)		(4,585)		(3,397)
Earnings before fixed charges		53,667		75,508		124,966		141,502		195,351		139,953		164,497
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *		43,108		48,992		46,060		52,976		59,590		44,087		47,532
Capitalized interest		851		1,328		2,550		4,563		5,606		4,585		3,397
Estimate of interest within rental expense		150		150		150		150		150		113		113
Total Fixed Charges		44,109		50,470		48,760		57,689		65,346		48,785		51,042
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		48,785		51,042
Ratio of earnings to fixed charges		1.07		1.34		2.28		2.26		2.99		2.87		3.22

*  Includes amounts reported in discontinued operations