EX-12 2 ps2q12_ex12.htm EXHIBIT 12 ps2q12_ex12.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,
  
   
2012
    
2011
    
2011
    
2010
    
2009
    
2008
    
2007
  
   
(Amounts in thousands)
  
Net income
   $ 405,653     $ 421,509     $ 836,459     $ 696,114     $ 790,456     $ 973,872     $ 487,078  
Less: Income allocated to noncontrolling interests which do not have fixed charges
     (1,466 )     (8,248 )     (11,993 )     (16,561 )     (17,203 )     (17,668 )     (16,527 )
Less: Equity in earnings of investments
     (17,711 )     (26,486 )     (58,704 )     (38,352 )     (53,244 )     (20,391 )     (12,738 )
Add: Cash distributions from investments
     22,104       29,378       53,507       49,888       49,408       43,455       23,606  
Less: Impact of discontinued operations
     (281 )     (1 )     (2,977 )     (7,415 )     6,356       7,229       (54 )
Adjusted net income
     408,299       416,152       816,292       683,674       775,773       986,497       481,365  
Interest expense                                                
     10,401       12,917       24,222       30,225       29,916       43,944       63,671  
Total earnings available to cover fixed charges
   $ 418,700     $ 429,069     $ 840,514     $ 713,899     $ 805,689     $ 1,030,441     $ 545,036  
Total fixed charges - interest expense (including capitalized interest)
   $ 10,445     $ 13,138     $ 24,586     $ 30,610     $ 30,634     $ 45,942     $ 68,417  
                                                         
Cumulative preferred share cash dividends
   $ 107,005     $ 116,256     $ 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
     38,327       15,899       35,585       8,289       (78,218 )     (33,851 )     -  
Total preferred distributions
   $ 145,332     $ 132,155     $ 260,462     $ 246,964     $ 163,668     $ 227,482     $ 258,369  
Total combined fixed charges and preferred share distributions
   $ 155,777     $ 145,293     $ 285,048     $ 277,574     $ 194,302     $ 273,424     $ 326,786  
Ratio of earnings to fixed charges
     40.09 x     32.66 x     34.19 x     23.32 x     26.30 x     22.43 x     7.97 x
Ratio of earnings to fixed charges and preferred share distributions
     2.69 x     2.95 x     2.95 x     2.57 x     4.15 x     3.77 x     1.67 x
 
 


Exhibit 12