EX-12 2 ex12_2q11.htm EXHIBIT 12 ex12_2q11.htm
 


PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE:  COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES




   
For the Six Months Ended
June 30,
    
For the Year Ended December 31,
  
   
2011
    
2010
    
2010
    
2009
    
2008
    
2007
    
2006
  
   
(Amounts in thousands)
  
Net income                                                      
   $ 421,509     $ 261,093     $ 696,114     $ 790,456     $ 973,872     $ 487,078     $ 345,909  
Less: Income allocated to noncontrolling interests in subsidiaries which do not have fixed charges
     (8,248 )     (7,941 )     (16,561 )     (17,203 )     (17,668 )     (16,527 )     (16,014 )
Less: Equity in earnings of investments
     (26,486 )     (18,749 )     (38,352 )     (53,244 )     (20,391 )     (12,738 )     (11,895 )
Add: Cash distributions from investments
     29,378       25,201       49,888       49,408       43,455       23,606       17,699  
Less: Impact of discontinued operations
     355       (4,943 )     (8,032 )     7,104       8,029       683       (3,902 )
Adjusted net income                                                      
     416,508       254,661       683,057       776,521       987,297       482,102       331,797  
Interest expense                                                    
     12,917       14,617       30,225       29,916       43,944       63,671       33,062  
Total earnings available to cover fixed charges
   $ 429,425     $ 269,278     $ 713,282     $ 806,437     $ 1,031,241     $ 545,773     $ 364,859  
Total fixed charges - interest expense (including capitalized interest)
   $ 13,138     $ 14,809     $ 30,610     $ 30,634     $ 45,942     $ 68,417     $ 35,778  
                                                         
Cumulative preferred share cash dividends
   $ 116,256     $ 116,987     $ 232,745     $ 232,431     $ 239,721     $ 236,757     $ 214,218  
Preferred partnership unit cash distributions
     -       3,625       5,930       9,455       21,612       21,612       19,055  
Allocations pursuant to EITF Topic D-42
     15,899       5,063       8,289       (78,218 )     (33,851 )     -       31,493  
Total preferred distributions
   $ 132,155     $ 125,675     $ 246,964     $ 163,668     $ 227,482     $ 258,369     $ 264,766  
Total combined fixed charges and preferred share distributions
   $ 145,293     $ 140,484     $ 277,574     $ 194,302     $ 273,424     $ 326,786     $ 300,544  
Ratio of earnings to fixed charges                                                      
     32.69 x     18.18 x     23.30 x     26.32 x     22.45 x     7.98 x     10.20 x
Ratio of earnings to fixed charges and preferred share distributions
     2.96 x     1.92 x     2.57 x     4.15 x     3.77 x     1.67 x     1.21 x


 
 
Exhibit 12