PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Net income | $ | 836,459 | $ | 696,114 | $ | 790,456 | $ | 973,872 | $ | 487,078 | ||||||||||
Less: Income allocated to noncontrolling interests which do not have fixed charges | (11,993 | ) | (16,561 | ) | (17,203 | ) | (17,668 | ) | (16,527 | ) | ||||||||||
Less: Equity in earnings of investments | (58,704 | ) | (38,352 | ) | (53,244 | ) | (20,391 | ) | (12,738 | ) | ||||||||||
Add: Cash distributions from investments | 53,507 | 49,888 | 49,408 | 43,455 | 23,606 | |||||||||||||||
Less: Impact of discontinued operations | (2,417 | ) | (6,907 | ) | 6,902 | 7,834 | 521 | |||||||||||||
Adjusted net income | 816,852 | 684,182 | 776,319 | 987,102 | 481,940 | |||||||||||||||
Interest expense | 24,222 | 30,225 | 29,916 | 43,944 | 63,671 | |||||||||||||||
Total earnings available to cover fixed charges | $ | 841,074 | $ | 714,407 | $ | 806,235 | $ | 1,031,046 | $ | 545,611 | ||||||||||
Total fixed charges - interest expense (including capitalized interest) | $ | 24,586 | $ | 30,610 | $ | 30,634 | $ | 45,942 | $ | 68,417 | ||||||||||
Cumulative preferred share cash dividends | $ | 224,877 | $ | 232,745 | $ | 232,431 | $ | 239,721 | $ | 236,757 | ||||||||||
Preferred partnership unit cash distributions | - | 5,930 | 9,455 | 21,612 | 21,612 | |||||||||||||||
Allocations pursuant to EITF Topic D-42 | 35,585 | 8,289 | (78,218 | ) | (33,851 | ) | - | |||||||||||||
Total preferred distributions | $ | 260,462 | $ | 246,964 | $ | 163,668 | $ | 227,482 | $ | 258,369 | ||||||||||
Total combined fixed charges and preferred share distributions | $ | 285,048 | $ | 277,574 | $ | 194,302 | $ | 273,424 | $ | 326,786 | ||||||||||
Ratio of earnings to fixed charges | 34.21 | x | 23.34 | x | 26.32 | x | 22.44 | x | 7.97 | x | ||||||||||
Ratio of earnings to fixed charges and preferred share distributions | 2.95 | x | 2.57 | x | 4.15 | x | 3.77 | x | 1.67 | x |