Public Storage (PSA) 10-Q 2014 Q2 Quarterly report

PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE:  COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended June 30,				Year Ended December 31,
	2014		2013		2013		2012		2011		2010		2009
	(Amounts in thousands, except ratios)
Income from continuing operations	$	506,552	$	473,926	$	1,057,531	$	930,161	$	833,143	$	688,354	$	796,445
Less: Income allocated to noncontrolling interests which do not have fixed charges		(2,376)		(2,168)		(4,883)		(3,505)		(11,993)		(16,561)		(17,203)
Equity in earnings of investments (greater) less than cash distributions from investment		(2,953)		(2,407)		(11,709)		(904)		(5,197)		11,536		(3,836)
Add back: interest expense		5,543		4,144		6,444		19,813		24,222		30,225		29,916
Total earnings available to cover fixed charges	$	506,766	$	473,495	$	1,047,383	$	945,565	$	840,175	$	713,554	$	805,322
Total fixed charges - interest expense (including capitalized interest)	$	5,953	$	5,688	$	9,339	$	20,210	$	24,586	$	30,610	$	30,634
Cumulative preferred share cash dividends	$	110,179	$	100,497	$	204,312	$	205,241	$	224,877	$	232,745	$	232,431
Preferred partnership unit cash distributions		-		-		-		-		-		5,930		9,455
Allocations pursuant to EITF Topic D-42		-		-		-		61,696		35,585		8,289		(78,218)
Total preferred distributions	$	110,179	$	100,497	$	204,312	$	266,937	$	260,462	$	246,964	$	163,668
Total combined fixed charges and preferred share income allocations	$	116,132	$	106,185	$	213,651	$	287,147	$	285,048	$	277,574	$	194,302
Ratio of earnings to fixed charges		85.13 x		83.24 x		112.15 x		46.79 x		34.17 x		23.31 x		26.29 x
Ratio of earnings to fixed charges and preferred share income allocations		4.36 x		4.46 x		4.90 x		3.29 x		2.95 x		2.57 x		4.14 x

Exhibit 12