PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| For the Three Months Ended March 31, |
| For the Year Ended December 31, | |||||||||||||||||
| 2013 |
| 2012 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 | |||||||
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| (Amounts in thousands) | |||||||||||||
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Income from continuing operations | $ | 212,247 |
| $ | 206,488 |
| $ | 930,161 |
| $ | 833,143 |
| $ | 688,354 |
| $ | 796,445 |
| $ | 980,560 |
Less: Income allocated to noncontrolling interests which do not have fixed charges |
| (994) |
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| (706) |
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| (3,505) |
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| (11,993) |
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| (16,561) |
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| (17,203) |
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| (17,668) |
Equity in earnings of investments (greater) less than cash distributions from investment |
| (493) |
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| 1,957 |
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| (904) |
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| (5,197) |
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| 11,536 |
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| (3,836) |
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| 23,064 |
Add back: interest expense |
| 3,497 |
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| 5,334 |
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| 19,813 |
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| 24,222 |
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| 30,225 |
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| 29,916 |
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| 43,944 |
Total earnings available to cover fixed charges | $ | 214,257 |
| $ | 213,073 |
| $ | 945,565 |
| $ | 840,175 |
| $ | 713,554 |
| $ | 805,322 |
| $ | 1,029,900 |
Total fixed charges - interest expense (including capitalized interest) | $ | 4,072 |
| $ | 5,365 |
| $ | 20,210 |
| $ | 24,586 |
| $ | 30,610 |
| $ | 30,634 |
| $ | 45,942 |
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Cumulative preferred share cash dividends | $ | 48,590 |
| $ | 55,095 |
| $ | 205,241 |
| $ | 224,877 |
| $ | 232,745 |
| $ | 232,431 |
| $ | 239,721 |
Preferred partnership unit cash distributions |
| - |
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| - |
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| - |
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| - |
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| 5,930 |
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| 9,455 |
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| 21,612 |
Allocations pursuant to EITF Topic D-42 |
| - |
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| 24,900 |
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| 61,696 |
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| 35,585 |
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| 8,289 |
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| (78,218) |
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| (33,851) |
Total preferred distributions | $ | 48,590 |
| $ | 79,995 |
| $ | 266,937 |
| $ | 260,462 |
| $ | 246,964 |
| $ | 163,668 |
| $ | 227,482 |
Total combined fixed charges and preferred share income allocations | $ | 52,662 |
| $ | 85,360 |
| $ | 287,147 |
| $ | 285,048 |
| $ | 277,574 |
| $ | 194,302 |
| $ | 273,424 |
Ratio of earnings to fixed charges |
| 52.62 x |
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| 39.72 x |
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| 46.79 x |
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| 34.17 x |
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| 23.31 x |
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| 26.29 x |
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| 22.42 x |
Ratio of earnings to fixed charges and preferred share income allocations |
| 4.07 x |
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| 2.50 x |
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| 3.29 x |
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| 2.95 x |
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| 2.57 x |
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| 4.14 x |
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| 3.77x |
Exhibit 12