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, | |||||||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Net income | $ | 670,472 | $ | 616,022 | $ | 836,459 | $ | 696,114 | $ | 790,456 | $ | 973,872 | $ | 487,078 | ||||||||||||||
Less: Income allocated to noncontrolling interests which do not have fixed charges | (1,476 | ) | (11,875 | ) | (11,993 | ) | (16,561 | ) | (17,203 | ) | (17,668 | ) | (16,527 | ) | ||||||||||||||
Less: Equity in earnings of investments | (30,353 | ) | (41,755 | ) | (58,704 | ) | (38,352 | ) | (53,244 | ) | (20,391 | ) | (12,738 | ) | ||||||||||||||
Add: Cash distributions from investments | 33,472 | 41,852 | 53,507 | 49,888 | 49,408 | 43,455 | 23,606 | |||||||||||||||||||||
Less: Impact of discontinued operations | (12,403 | ) | (1,786 | ) | (3,316 | ) | (7,759 | ) | 5,989 | 6,688 | (572 | ) | ||||||||||||||||
Adjusted net income | 659,712 | 602,458 | 815,953 | 683,330 | 775,406 | 985,936 | 480,847 | |||||||||||||||||||||
Interest expense | 15,327 | 18,779 | 24,222 | 30,225 | 29,916 | 43,944 | 63,671 | |||||||||||||||||||||
Total earnings available to cover fixed charges | $ | 675,039 | $ | 621,237 | $ | 840,175 | $ | 713,555 | $ | 805,322 | $ | 1,029,880 | $ | 544,518 | ||||||||||||||
Total fixed charges - interest expense (including capitalized interest) | $ | 15,409 | $ | 19,095 | $ | 24,586 | $ | 30,610 | $ | 30,634 | $ | 45,942 | $ | 68,417 | ||||||||||||||
Cumulative preferred share cash dividends | $ | 156,272 | $ | 172,926 | $ | 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 | 49,677 | 32,077 | 35,585 | 8,289 | (78,218 | ) | (33,851 | ) | - | |||||||||||||||||||
Total preferred distributions | $ | 205,949 | $ | 205,003 | $ | 260,462 | $ | 246,964 | $ | 163,668 | $ | 227,482 | $ | 258,369 | ||||||||||||||
Total combined fixed charges and preferred share distributions | $ | 221,358 | $ | 224,098 | $ | 285,048 | $ | 277,574 | $ | 194,302 | $ | 273,424 | $ | 326,786 | ||||||||||||||
Ratio of earnings to fixed charges | 43.81 | x | 32.53 | x | 34.17 | x | 23.31 | x | 26.29 | x | 22.42 | x | 7.96 | x | ||||||||||||||
Ratio of earnings to fixed charges and preferred share distributions | 3.05 | x | 2.77 | x | 2.95 | x | 2.57 | x | 4.14 | x | 3.77 | x | 1.67 | x |
Exhibit 12