EX-12 8 psa-20130630ex12f6a0e9a.htm EX-12 psa-20130630 Q1 Exhibit 12

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

Year Ended December 31,

 

2013

 

2012

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
473,926 

 

$
405,185 

 

$
930,161 

 

$
833,143 

 

$
688,354 

 

$
796,445 

 

$
980,560 

Less: Income allocated to noncontrolling interests which do not have fixed charges

 
(2,168)

 

 
(1,466)

 

 
(3,505)

 

 
(11,993)

 

 
(16,561)

 

 
(17,203)

 

 
(17,668)

Equity in earnings of investments (greater) less than cash distributions from investment

 
(2,407)

 

 
4,393 

 

 
(904)

 

 
(5,197)

 

 
11,536 

 

 
(3,836)

 

 
23,064 

Add back: interest expense  

 
4,144 

 

 
10,401 

 

 
19,813 

 

 
24,222 

 

 
30,225 

 

 
29,916 

 

 
43,944 

Total earnings available to cover fixed charges

$
473,495 

 

$
418,513 

 

$
945,565 

 

$
840,175 

 

$
713,554 

 

$
805,322 

 

$
1,029,900 

Total fixed charges - interest expense (including capitalized interest)    

$
5,688 

 

$
10,445 

 

$
20,210 

 

$
24,586 

 

$
30,610 

 

$
30,634 

 

$
45,942 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative preferred share cash dividends

$
100,497 

 

$
107,005 

 

$
205,241 

 

$
224,877 

 

$
232,745 

 

$
232,431 

 

$
239,721 

Preferred partnership unit cash distributions

 

-

 

 

-

 

 

-

 

 

-

 

 
5,930 

 

 
9,455 

 

 
21,612 

Allocations pursuant to EITF Topic D-42

 

 -

 

 
38,327 

 

 
61,696 

 

 
35,585 

 

 
8,289 

 

 
(78,218)

 

 
(33,851)

Total preferred distributions

$
100,497 

 

$
145,332 

 

$
266,937 

 

$
260,462 

 

$
246,964 

 

$
163,668 

 

$
227,482 

Total combined fixed charges and preferred share income allocations

$
106,185 

 

$
155,777 

 

$
287,147 

 

$
285,048 

 

$
277,574 

 

$
194,302 

 

$
273,424 

Ratio of earnings to fixed charges

 

83.24 x

 

 

40.07 x

 

 

46.79 x

 

 

34.17 x

 

 

23.31 x

 

 

26.29 x

 

 

22.42 x

Ratio of earnings to fixed charges and preferred share income allocations

 

4.46 x

 

 

2.69 x

 

 

3.29 x

 

 

2.95 x

 

 

2.57 x

 

 

4.14 x

 

 

3.77x

 

 

 

 

Exhibit 12