EX-12 2 psa-20140331ex12c15293b.htm EX-12 psa-20140331 10K Exhibit 12

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

Year Ended December 31,

 

2014

 

2013

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
228,273 

 

$
212,247 

 

$
1,057,531 

 

$
930,161 

 

$
833,143 

 

$
688,354 

 

$
796,445 

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

 
(1,013)

 

 
(994)

 

 
(4,883)

 

 
(3,505)

 

 
(11,993)

 

 
(16,561)

 

 
(17,203)

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

 
(1,728)

 

 
(493)

 

 
(11,709)

 

 
(904)

 

 
(5,197)

 

 
11,536 

 

 
(3,836)

Add back: interest expense  

 
3,480 

 

 
3,497 

 

 
6,444 

 

 
19,813 

 

 
24,222 

 

 
30,225 

 

 
29,916 

Total earnings available to cover fixed charges

$
229,012 

 

$
214,257 

 

$
1,047,383 

 

$
945,565 

 

$
840,175 

 

$
713,554 

 

$
805,322 

Total fixed charges - interest expense (including capitalized interest)    

$
3,705 

 

$
4,072 

 

$
9,339 

 

$
20,210 

 

$
24,586 

 

$
30,610 

 

$
30,634 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative preferred share cash dividends

$
52,507 

 

$
48,590 

 

$
204,312 

 

$
205,241 

 

$
224,877 

 

$
232,745 

 

$
232,431 

Preferred partnership unit cash distributions

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 
5,930 

 

 
9,455 

Allocations pursuant to EITF Topic D-42

 

 -

 

 

 -

 

 

 -

 

 
61,696 

 

 
35,585 

 

 
8,289 

 

 
(78,218)

Total preferred distributions

$
52,507 

 

$
48,590 

 

$
204,312 

 

$
266,937 

 

$
260,462 

 

$
246,964 

 

$
163,668 

Total combined fixed charges and preferred share income allocations

$
56,212 

 

$
52,662 

 

$
213,651 

 

$
287,147 

 

$
285,048 

 

$
277,574 

 

$
194,302 

Ratio of earnings to fixed charges

 

61.81 x

 

 

52.62 x

 

 

112.15 x

 

 

46.79 x

 

 

34.17 x

 

 

23.31 x

 

 

26.29 x

Ratio of earnings to fixed charges and preferred share income allocations

 

4.07 x

 

 

4.07 x

 

 

4.90 x

 

 

3.29 x

 

 

2.95 x

 

 

2.57 x

 

 

4.14 x

 

 

 

 

Exhibit 12