EX-12 2 ps1q12_ex12.htm EXHIBIT 12 ps1q12_ex12.htm



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


   
For the Three Months Ended
March 31,
    
For the Year Ended December 31,
  
   
2012
    
2011
    
2011
    
2010
    
2009
    
2008
    
2007
  
   
(Amounts in thousands)
  
Net income                                                      
   $ 206,722     $ 210,568     $ 836,459     $ 696,114     $ 790,456     $ 973,872     $ 487,078  
Less: Income allocated to noncontrolling interests which do not have fixed charges
     (706 )     (4,101 )     (11,993 )     (16,561 )     (17,203 )     (17,668 )     (16,527 )
Less: Equity in earnings of investments
     (9,115 )     (13,716 )     (58,704 )     (38,352 )     (53,244 )     (20,391 )     (12,738 )
Add: Cash distributions from investments
     11,072       12,896       53,507       49,888       49,408       43,455       23,606  
Less: Impact of discontinued operations
     -       318       (2,417 )     (6,907 )     6,902       7,834       521  
Adjusted net income                                                      
     207,973       205,965       816,852       684,182       776,319       987,102       481,940  
Interest expense
     5,334       6,984       24,222       30,225       29,916       43,944       63,671  
Total earnings available to cover fixed charges
   $ 213,307     $ 212,949     $ 841,074     $ 714,407     $ 806,235     $ 1,031,046     $ 545,611  
Total fixed charges - interest expense (including capitalized interest)
   $ 5,365     $ 7,064     $ 24,586     $ 30,610     $ 30,634     $ 45,942     $ 68,417  
                                                         
Cumulative preferred share cash dividends
   $ 55,095     $ 57,617     $ 224,877     $ 232,745     $ 232,431     $ 239,721     $ 236,757  
Preferred partnership unit cash distributions
     -       -       -       5,930       9,455       21,612       21,612  
Allocations pursuant to EITF Topic D-42
     24,900       -       35,585       8,289       (78,218 )     (33,851 )     -  
Total preferred distributions                                                      
   $ 79,995     $ 57,617     $ 260,462     $ 246,964     $ 163,668     $ 227,482     $ 258,369  
Total combined fixed charges and preferred share distributions
   $ 85,360     $ 64,681     $ 285,048     $ 277,574     $ 194,302     $ 273,424     $ 326,786  
Ratio of earnings to fixed charges                                                      
     39.76 x     30.15 x     34.21 x     23.34 x     26.32 x     22.44 x     7.97 x
Ratio of earnings to fixed charges and preferred share distributions
     2.50 x     3.29 x     2.95 x     2.57 x     4.15 x     3.77 x     1.67 x

 
Exhibit 12