PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Net income | $ | 206,722 | $ | 210,568 | $ | 836,459 | $ | 696,114 | $ | 790,456 | $ | 973,872 | $ | 487,078 | ||||||||||||||
Less: Income allocated to noncontrolling interests which do not have fixed charges | (706 | ) | (4,101 | ) | (11,993 | ) | (16,561 | ) | (17,203 | ) | (17,668 | ) | (16,527 | ) | ||||||||||||||
Less: Equity in earnings of investments | (9,115 | ) | (13,716 | ) | (58,704 | ) | (38,352 | ) | (53,244 | ) | (20,391 | ) | (12,738 | ) | ||||||||||||||
Add: Cash distributions from investments | 11,072 | 12,896 | 53,507 | 49,888 | 49,408 | 43,455 | 23,606 | |||||||||||||||||||||
Less: Impact of discontinued operations | - | 318 | (2,417 | ) | (6,907 | ) | 6,902 | 7,834 | 521 | |||||||||||||||||||
Adjusted net income | 207,973 | 205,965 | 816,852 | 684,182 | 776,319 | 987,102 | 481,940 | |||||||||||||||||||||
Interest expense | 5,334 | 6,984 | 24,222 | 30,225 | 29,916 | 43,944 | 63,671 | |||||||||||||||||||||
Total earnings available to cover fixed charges | $ | 213,307 | $ | 212,949 | $ | 841,074 | $ | 714,407 | $ | 806,235 | $ | 1,031,046 | $ | 545,611 | ||||||||||||||
Total fixed charges - interest expense (including capitalized interest) | $ | 5,365 | $ | 7,064 | $ | 24,586 | $ | 30,610 | $ | 30,634 | $ | 45,942 | $ | 68,417 | ||||||||||||||
Cumulative preferred share cash dividends | $ | 55,095 | $ | 57,617 | $ | 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 | 24,900 | - | 35,585 | 8,289 | (78,218 | ) | (33,851 | ) | - | |||||||||||||||||||
Total preferred distributions | $ | 79,995 | $ | 57,617 | $ | 260,462 | $ | 246,964 | $ | 163,668 | $ | 227,482 | $ | 258,369 | ||||||||||||||
Total combined fixed charges and preferred share distributions | $ | 85,360 | $ | 64,681 | $ | 285,048 | $ | 277,574 | $ | 194,302 | $ | 273,424 | $ | 326,786 | ||||||||||||||
Ratio of earnings to fixed charges | 39.76 | x | 30.15 | x | 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 | 2.50 | x | 3.29 | x | 2.95 | x | 2.57 | x | 4.15 | x | 3.77 | x | 1.67 | x |
Exhibit 12