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, | |||||||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Net income | $ | 405,653 | $ | 421,509 | $ | 836,459 | $ | 696,114 | $ | 790,456 | $ | 973,872 | $ | 487,078 | ||||||||||||||
Less: Income allocated to noncontrolling interests which do not have fixed charges | (1,466 | ) | (8,248 | ) | (11,993 | ) | (16,561 | ) | (17,203 | ) | (17,668 | ) | (16,527 | ) | ||||||||||||||
Less: Equity in earnings of investments | (17,711 | ) | (26,486 | ) | (58,704 | ) | (38,352 | ) | (53,244 | ) | (20,391 | ) | (12,738 | ) | ||||||||||||||
Add: Cash distributions from investments | 22,104 | 29,378 | 53,507 | 49,888 | 49,408 | 43,455 | 23,606 | |||||||||||||||||||||
Less: Impact of discontinued operations | (281 | ) | (1 | ) | (2,977 | ) | (7,415 | ) | 6,356 | 7,229 | (54 | ) | ||||||||||||||||
Adjusted net income | 408,299 | 416,152 | 816,292 | 683,674 | 775,773 | 986,497 | 481,365 | |||||||||||||||||||||
Interest expense | 10,401 | 12,917 | 24,222 | 30,225 | 29,916 | 43,944 | 63,671 | |||||||||||||||||||||
Total earnings available to cover fixed charges | $ | 418,700 | $ | 429,069 | $ | 840,514 | $ | 713,899 | $ | 805,689 | $ | 1,030,441 | $ | 545,036 | ||||||||||||||
Total fixed charges - interest expense (including capitalized interest) | $ | 10,445 | $ | 13,138 | $ | 24,586 | $ | 30,610 | $ | 30,634 | $ | 45,942 | $ | 68,417 | ||||||||||||||
Cumulative preferred share cash dividends | $ | 107,005 | $ | 116,256 | $ | 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 | 38,327 | 15,899 | 35,585 | 8,289 | (78,218 | ) | (33,851 | ) | - | |||||||||||||||||||
Total preferred distributions | $ | 145,332 | $ | 132,155 | $ | 260,462 | $ | 246,964 | $ | 163,668 | $ | 227,482 | $ | 258,369 | ||||||||||||||
Total combined fixed charges and preferred share distributions | $ | 155,777 | $ | 145,293 | $ | 285,048 | $ | 277,574 | $ | 194,302 | $ | 273,424 | $ | 326,786 | ||||||||||||||
Ratio of earnings to fixed charges | 40.09 | x | 32.66 | x | 34.19 | x | 23.32 | x | 26.30 | x | 22.43 | x | 7.97 | x | ||||||||||||||
Ratio of earnings to fixed charges and preferred share distributions | 2.69 | x | 2.95 | x | 2.95 | x | 2.57 | x | 4.15 | x | 3.77 | x | 1.67 | x |
Exhibit 12