Exhibit 12.1

CubeSmart

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,										Three Months Ended March 31,
	2009		2010		2011		2012		2013		2013		2014
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(25,370)	$	(17,443)	$	(13,400)	$	(13,276)	$	10,409	$	(2,037)	$	4,240
Fixed charges - per below	47,831		44,539		46,626		44,329		44,109		10,976		12,870
Less:
Capitalized interest	(73)		(132)		(82)		(185)		(851)		(95)		(420)
Earnings before fixed charges	22,388		26,964		33,144		30,868		53,667		8,844		16,690
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *	47,608		44,257		46,394		43,994		43,108		10,843		12,412
Capitalized interest	73		132		82		185		851		95		420
Estimate of interest within rental expense	150		150		150		150		150		38		38
Total Fixed Charges	47,831		44,539		46,626		44,329		44,109		10,976		12,870
Income allocated to preferred shareholders	-		-		1,218		6,008		6,008		1,502		1,502
Total combined fixed charges and preferred distributions	47,831		44,539		47,844		50,337		50,117		12,478		14,372
Ratio of earnings to fixed charges (a)	0.47		0.61		0.69		0.61		1.07		0.71		1.16

*  Includes amounts reported in discontinued operations

(a)  In fiscal 2009, 2010, 2011 and 2012 and in the three months ended March 31, 2013, earnings were insufficient to cover combined fixed charges and preferred distributions.  The Company must generate additional earnings of $25.4 million, $17.6 million, $14.7 million, $19.5 million and $3.6 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2009, 2010, 2011 and 2012, and in the three months ended March 31, 2013, respectively.