PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended June 30, |
| Year Ended December 31, | |||||||||||||||||
| 2013 |
| 2012 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations | $ | 473,926 |
| $ | 405,185 |
| $ | 930,161 |
| $ | 833,143 |
| $ | 688,354 |
| $ | 796,445 |
| $ | 980,560 |
Less: Income allocated to noncontrolling interests which do not have fixed charges |
| (2,168) |
|
| (1,466) |
|
| (3,505) |
|
| (11,993) |
|
| (16,561) |
|
| (17,203) |
|
| (17,668) |
Equity in earnings of investments (greater) less than cash distributions from investment |
| (2,407) |
|
| 4,393 |
|
| (904) |
|
| (5,197) |
|
| 11,536 |
|
| (3,836) |
|
| 23,064 |
Add back: interest expense |
| 4,144 |
|
| 10,401 |
|
| 19,813 |
|
| 24,222 |
|
| 30,225 |
|
| 29,916 |
|
| 43,944 |
Total earnings available to cover fixed charges | $ | 473,495 |
| $ | 418,513 |
| $ | 945,565 |
| $ | 840,175 |
| $ | 713,554 |
| $ | 805,322 |
| $ | 1,029,900 |
Total fixed charges - interest expense (including capitalized interest) | $ | 5,688 |
| $ | 10,445 |
| $ | 20,210 |
| $ | 24,586 |
| $ | 30,610 |
| $ | 30,634 |
| $ | 45,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative preferred share cash dividends | $ | 100,497 |
| $ | 107,005 |
| $ | 205,241 |
| $ | 224,877 |
| $ | 232,745 |
| $ | 232,431 |
| $ | 239,721 |
Preferred partnership unit cash distributions |
| - |
|
| - |
|
| - |
|
| - |
|
| 5,930 |
|
| 9,455 |
|
| 21,612 |
Allocations pursuant to EITF Topic D-42 |
| - |
|
| 38,327 |
|
| 61,696 |
|
| 35,585 |
|
| 8,289 |
|
| (78,218) |
|
| (33,851) |
Total preferred distributions | $ | 100,497 |
| $ | 145,332 |
| $ | 266,937 |
| $ | 260,462 |
| $ | 246,964 |
| $ | 163,668 |
| $ | 227,482 |
Total combined fixed charges and preferred share income allocations | $ | 106,185 |
| $ | 155,777 |
| $ | 287,147 |
| $ | 285,048 |
| $ | 277,574 |
| $ | 194,302 |
| $ | 273,424 |
Ratio of earnings to fixed charges |
| 83.24 x |
|
| 40.07 x |
|
| 46.79 x |
|
| 34.17 x |
|
| 23.31 x |
|
| 26.29 x |
|
| 22.42 x |
Ratio of earnings to fixed charges and preferred share income allocations |
| 4.46 x |
|
| 2.69 x |
|
| 3.29 x |
|
| 2.95 x |
|
| 2.57 x |
|
| 4.14 x |
|
| 3.77x |
Exhibit 12