PUBLIC STORAGE

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

	For the Nine Months Ended September 30,						For the Year Ended December 31,
	2012			2011			2011			2010			2009			2008			2007
	(Amounts in thousands)
Net income	$	670,472		$	616,022		$	836,459		$	696,114		$	790,456		$	973,872		$	487,078
Less: Income allocated to noncontrolling interests which do not have fixed charges		(1,476	)		(11,875	)		(11,993	)		(16,561	)		(17,203	)		(17,668	)		(16,527	)
Less: Equity in earnings of investments		(30,353	)		(41,755	)		(58,704	)		(38,352	)		(53,244	)		(20,391	)		(12,738	)
Add: Cash distributions from investments		33,472			41,852			53,507			49,888			49,408			43,455			23,606
Less: Impact of discontinued operations		(12,403	)		(1,786	)		(3,316	)		(7,759	)		5,989			6,688			(572	)
Adjusted net income		659,712			602,458			815,953			683,330			775,406			985,936			480,847
Interest expense		15,327			18,779			24,222			30,225			29,916			43,944			63,671
Total earnings available to cover fixed charges	$	675,039		$	621,237		$	840,175		$	713,555		$	805,322		$	1,029,880		$	544,518
Total fixed charges - interest expense (including capitalized interest)	$	15,409		$	19,095		$	24,586		$	30,610		$	30,634		$	45,942		$	68,417
Cumulative preferred share cash dividends	$	156,272		$	172,926		$	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		49,677			32,077			35,585			8,289			(78,218	)		(33,851	)		-
Total preferred distributions	$	205,949		$	205,003		$	260,462		$	246,964		$	163,668		$	227,482		$	258,369
Total combined fixed charges and preferred share distributions	$	221,358		$	224,098		$	285,048		$	277,574		$	194,302		$	273,424		$	326,786
Ratio of earnings to fixed charges		43.81	x		32.53	x		34.17	x		23.31	x		26.29	x		22.42	x		7.96	x
Ratio of earnings to fixed charges and preferred share distributions		3.05	x		2.77	x		2.95	x		2.57	x		4.14	x		3.77	x		1.67	x

Exhibit 12