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, | |||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Net income | $ | 421,509 | $ | 261,093 | $ | 696,114 | $ | 790,456 | $ | 973,872 | $ | 487,078 | $ | 345,909 | ||||||||||||||
Less: Income allocated to noncontrolling interests in subsidiaries which do not have fixed charges | (8,248 | ) | (7,941 | ) | (16,561 | ) | (17,203 | ) | (17,668 | ) | (16,527 | ) | (16,014 | ) | ||||||||||||||
Less: Equity in earnings of investments | (26,486 | ) | (18,749 | ) | (38,352 | ) | (53,244 | ) | (20,391 | ) | (12,738 | ) | (11,895 | ) | ||||||||||||||
Add: Cash distributions from investments | 29,378 | 25,201 | 49,888 | 49,408 | 43,455 | 23,606 | 17,699 | |||||||||||||||||||||
Less: Impact of discontinued operations | 355 | (4,943 | ) | (8,032 | ) | 7,104 | 8,029 | 683 | (3,902 | ) | ||||||||||||||||||
Adjusted net income | 416,508 | 254,661 | 683,057 | 776,521 | 987,297 | 482,102 | 331,797 | |||||||||||||||||||||
Interest expense | 12,917 | 14,617 | 30,225 | 29,916 | 43,944 | 63,671 | 33,062 | |||||||||||||||||||||
Total earnings available to cover fixed charges | $ | 429,425 | $ | 269,278 | $ | 713,282 | $ | 806,437 | $ | 1,031,241 | $ | 545,773 | $ | 364,859 | ||||||||||||||
Total fixed charges - interest expense (including capitalized interest) | $ | 13,138 | $ | 14,809 | $ | 30,610 | $ | 30,634 | $ | 45,942 | $ | 68,417 | $ | 35,778 | ||||||||||||||
Cumulative preferred share cash dividends | $ | 116,256 | $ | 116,987 | $ | 232,745 | $ | 232,431 | $ | 239,721 | $ | 236,757 | $ | 214,218 | ||||||||||||||
Preferred partnership unit cash distributions | - | 3,625 | 5,930 | 9,455 | 21,612 | 21,612 | 19,055 | |||||||||||||||||||||
Allocations pursuant to EITF Topic D-42 | 15,899 | 5,063 | 8,289 | (78,218 | ) | (33,851 | ) | - | 31,493 | |||||||||||||||||||
Total preferred distributions | $ | 132,155 | $ | 125,675 | $ | 246,964 | $ | 163,668 | $ | 227,482 | $ | 258,369 | $ | 264,766 | ||||||||||||||
Total combined fixed charges and preferred share distributions | $ | 145,293 | $ | 140,484 | $ | 277,574 | $ | 194,302 | $ | 273,424 | $ | 326,786 | $ | 300,544 | ||||||||||||||
Ratio of earnings to fixed charges | 32.69 | x | 18.18 | x | 23.30 | x | 26.32 | x | 22.45 | x | 7.98 | x | 10.20 | x | ||||||||||||||
Ratio of earnings to fixed charges and preferred share distributions | 2.96 | x | 1.92 | x | 2.57 | x | 4.15 | x | 3.77 | x | 1.67 | x | 1.21 | x |
Exhibit 12