Public Storage (PSA) 10-Q 2011 Q3 Quarterly report

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,
	2011			2010			2010			2009			2008			2007			2006
	(Amounts in thousands)
Net income	$	616,022		$	506,904		$	696,114		$	790,456		$	973,872		$	487,078		$	345,909
Less: Income allocated to noncontrolling interests which do not have fixed charges		(11,875	)		(12,301	)		(16,561	)		(17,203	)		(17,668	)		(16,527	)		(16,014	)
Less: Equity in earnings of investments		(41,755	)		(27,792	)		(38,352	)		(53,244	)		(20,391	)		(12,738	)		(11,895	)
Add: Cash distributions from investments		41,852			37,377			49,888			49,408			43,455			23,606			17,699
Less: Impact of discontinued operations		(1,118	)		(7,889	)		(8,180	)		6,964			7,894			583			(3,981	)
Adjusted net income		603,126			496,299			682,909			776,381			987,162			482,002			331,718
Interest expense		18,779			22,455			30,225			29,916			43,944			63,671			33,062
Total earnings available to cover fixed charges	$	621,905		$	518,754		$	713,134		$	806,297		$	1,031,106		$	545,673		$	364,780
Total fixed charges - interest expense (including capitalized interest)	$	19,095		$	22,775		$	30,610		$	30,634		$	45,942		$	68,417		$	35,778
Cumulative preferred share cash dividends	$	172,926		$	174,509		$	232,745		$	232,431		$	239,721		$	236,757		$	214,218
Preferred partnership unit cash distributions		-			5,438			5,930			9,455			21,612			21,612			19,055
Allocations pursuant to EITF Topic D-42		32,077			4,263			8,289			(78,218	)		(33,851	)		-			31,493
Total preferred distributions	$	205,003		$	184,210		$	246,964		$	163,668		$	227,482		$	258,369		$	264,766
Total combined fixed charges and preferred share distributions	$	224,098		$	206,985		$	277,574		$	194,302		$	273,424		$	326,786		$	300,544
Ratio of earnings to fixed charges		32.57	x		22.78	x		23.30	x		26.32	x		22.44	x		7.98	x		10.20	x
Ratio of earnings to fixed charges and preferred share distributions		2.78	x		2.51	x		2.57	x		4.15	x		3.77	x		1.67	x		1.21	x

Exhibit 12