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, | |||||||||||||||||||||||||||
2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||||||||||||
| Net income | $ | 261,093 | $ | 358,816 | $ | 790,456 | $ | 973,872 | $ | 487,078 | $ | 345,909 | $ | 489,044 | ||||||||||||||
| Less: Income allocated to noncontrolling interests in subsidiaries which do not have fixed charges | (7,941 | ) | (8,154 | ) | (17,203 | ) | (17,668 | ) | (16,527 | ) | (16,014 | ) | (15,161 | ) | ||||||||||||||
| Less: Equity in earnings of investments | (18,749 | ) | (30,209 | ) | (53,244 | ) | (20,391 | ) | (12,738 | ) | (11,895 | ) | (24,883 | ) | ||||||||||||||
| Add: Cash distributions from investments | 25,021 | 23,708 | 49,408 | 43,455 | 23,606 | 17,699 | 23,112 | |||||||||||||||||||||
| Less: Impact of discontinued operations | (4,811 | ) | 8,332 | 7,572 | 7,648 | 1,125 | (3,434 | ) | (10,201 | ) | ||||||||||||||||||
| Adjusted net income | 254,613 | 352,493 | 776,989 | 986,916 | 482,544 | 332,265 | 461,911 | |||||||||||||||||||||
| Interest expense | 14,617 | 15,416 | 29,916 | 43,944 | 63,671 | 33,062 | 8,216 | |||||||||||||||||||||
| Total earnings available to cover fixed charges | $ | 269,230 | $ | 367,909 | $ | 806,905 | $ | 1,030,860 | $ | 546,215 | $ | 365,327 | $ | 470,127 | ||||||||||||||
| Total fixed charges - interest expense (including capitalized interest) | $ | 14,809 | $ | 15,763 | $ | 30,634 | $ | 45,942 | $ | 68,417 | $ | 35,778 | $ | 11,036 | ||||||||||||||
| Cumulative preferred share cash dividends | $ | 116,987 | $ | 116,216 | $ | 232,431 | $ | 239,721 | $ | 236,757 | $ | 214,218 | $ | 173,017 | ||||||||||||||
| Preferred partnership unit cash distributions | 3,625 | 5,830 | 9,455 | 21,612 | 21,612 | 19,055 | 16,147 | |||||||||||||||||||||
| Allocations pursuant to EITF Topic D-42 | 5,063 | (78,218 | ) | (78,218 | ) | (33,851 | ) | - | 31,493 | 8,412 | ||||||||||||||||||
| Total preferred distributions | $ | 125,675 | $ | 43,828 | $ | 163,668 | $ | 227,482 | $ | 258,369 | $ | 264,766 | $ | 197,576 | ||||||||||||||
| Total combined fixed charges and preferred share distributions | $ | 140,484 | $ | 59,591 | $ | 194,302 | $ | 273,424 | $ | 326,786 | $ | 300,544 | $ | 208,612 | ||||||||||||||
| Ratio of earnings to fixed charges | 18.18 | x | 23.34 | x | 26.34 | x | 22.44 | x | 7.98 | x | 10.21 | x | 42.60 | x | ||||||||||||||
| Ratio of earnings to fixed charges and preferred share distributions | 1.92 | x | 6.17 | x | 4.15 | x | 3.77 | x | 1.67 | x | 1.22 | x | 2.25 | x | ||||||||||||||