Exhibit 12.1

CubeSmart

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,										Nine Months Ended September 30,
	2008		2009		2010		2011		2012		2012		2013
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(31,166)	$	(23,938)	$	(15,000)	$	(8,614)	$	(8,296)	$	(9,623)	$	5,002
Fixed charges - per below	54,192		47,831		44,539		46,626		44,329		32,491		33,125
Less:
Capitalized interest	(99)		(73)		(132)		(82)		(185)		(101)		(458)
Earnings before fixed charges	22,927		23,820		29,407		37,930		35,848		22,767		37,669
Fixed charges:
Interest expense (including amortization premiums and discounts related to indebtedness)	53,943		47,608		44,257		46,394		43,994		32,277		32,554
Capitalized interest	99		73		132		82		185		101		458
Estimate of interest within rental expense	150		150		150		150		150		113		113
Total Fixed Charges	54,192		47,831		44,539		46,626		44,329		32,491		33,125
Income allocated to preferred shareholders	-		-		-		1,218		6,008		4,506		4,506
Total combined fixed charges and preferred distributions	54,192		47,831		44,539		47,844		50,337		36,997		37,631
Ratio of earnings to fixed charges (a)	0.42		0.50		0.66		0.79		0.71		0.62		1.00

(a)  In fiscal 2008, 2009, 2010, 2011 and 2012 and in the nine months ended September 30, 2012, earnings were insufficient to cover combined fixed charges and preferred distributions.  The Company must generate additional earnings of $31.3 million, $24.0 million, $15.1 million, $9.9 million, $14.5 million and $14.2 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2008, 2009, 2010, 2011 and 2012, and in the nine months ended September 30, 2012, respectively.