Exhibit 12.1

CubeSmart

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,										Six Months Ended June 30,
	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	$	(1,044)	$	12,233
Fixed charges - per below	47,831		44,539		46,626		44,329		44,109		22,292		25,598
Less:
Capitalized interest	(73)		(132)		(82)		(185)		(851)		(194)		(541)
Earnings before fixed charges	22,388		26,964		33,144		30,868		53,667		21,054		37,290
Fixed charges:
Interest expense (including amortization of premiums and discounts related to indebtedness) *	47,608		44,257		46,394		43,994		43,108		22,023		24,982
Capitalized interest	73		132		82		185		851		194		541
Estimate of interest within rental expense	150		150		150		150		150		75		75
Total Fixed Charges	47,831		44,539		46,626		44,329		44,109		22,292		25,598
Income allocated to preferred shareholders	-		-		1,218		6,008		6,008		3,004		3,004
Total combined fixed charges and preferred distributions	47,831		44,539		47,844		50,337		50,117		25,296		28,602
Ratio of earnings to fixed charges (a)	0.47		0.61		0.69		0.61		1.07		0.83		1.30

*  Includes amounts reported in discontinued operations

(a)  In fiscal 2009, 2010, 2011 and 2012 and in the six months ended June 30, 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 $4.2 million to achieve a fixed charge coverage ratio of 1:1 in fiscal 2009, 2010, 2011 and 2012, and in the six months ended June 30, 2013, respectively.