Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS OF CUBESMART

CubeSmart

Computation of Ratio of Earnings to Combined

Charges and Preference Dividends

(dollars in thousands)

	Year Ended December 31,
	2009			2010			2011			2012			2013
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(25,370	)	$	(17,443	)	$	(13,400	)	$	(13,276	)	$	10,409
Fixed charges - per below	47,831			44,539			46,626			44,329			44,109
Less:
Capitalized interest	(73		)	(132		)	(82		)	(185		)	(851		)
Earnings before fixed charges	22,388			26,964			33,144			30,868			53,667
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *	47,608			44,257			46,394			43,994			43,108
Early extinguishment of debt	—			—			—			—			—
Capitalized interest	73			132			82			185			851
Estimate of interest within rental expense	150			150			150			150			150
Total Fixed Charges	47,831			44,539			46,626			44,329			44,109
Income allocated to preferred shareholders	—			—			1,218			6,008			6,008
Total combined fixed charges and preferred distributions	47,831			44,539			47,844			50,337			50,117
Ratio of earnings to fixed charges and preferred dividends (a)	0.47			0.61			0.69			0.61			1.07

*  Includes amounts reported in discontinued operations

(a)  In fiscal 2009, 2010, 2011 and 2012, earnings were insufficient to cover combined fixed charges and preferred distributions.  CubeSmart must generate additional earnings of $25.4 million, $17.6 million, $14.7 million and $19.5 million to achieve a coverage ratio of 1:1 in fiscal 2009, 2010, 2011 and 2012, respectively.