Exhibit 12.1

CubeSmart

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	2007			2008			2009			2010			2011
Earnings before fixed charges:
Add:
Loss from continuing operations	$	(28,051	)	$	(27,634	)	$	(21,291	)	$	(11,996	)	$	(5,052	)
Fixed charges - per below	56,192			54,192			47,831			44,539			46,626
Less:
Capitalized interest	(108		)	(99		)	(73		)	(132		)	(82		)
Earnings before fixed charges	28,033			26,459			26,467			32,411			41,492
Fixed charges:
Interest expense (including amortization premiums and discounts related to indebtedness)	55,880			53,943			47,608			44,257			46,394
Early extinguishment of debt	—			—			—			—			—
Capitalized interest	108			99			73			132			82
Estimate of interest within rental expense	204			150			150			150			150
Total Fixed Charges	56,192			54,192			47,831			44,539			46,626
Income allocated to preferred shareholders	—			—			—			—			1,218
Total combined fixed charges and preferred distributions	56,192			54,192			47,831			44,539			47,844
Ratio of earnings to fixed charges (a)	0.50			0.49			0.55			0.73			0.87

(a)  Due to our losses in fiscal 2007, 2008, 2009, 2010 and 2011 the coverage ratio was less than 1:1.  The Parent Company must generate additional earnings of $28.2 million, $27.7 million, $21.4 million, $12.1 million, and $6.4 million to achieve a coverage of 1:1 in fiscal 2007, 2008, 2009, 2010 and 2011, repectively.