PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Six Months Ended June 30, |
| Year Ended December 31, | |||||||||||||||||
| 2014 |
| 2013 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 | |||||||
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| (Amounts in thousands, except ratios) | |||||||||||||||||||
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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) |
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| (2,168) |
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| (4,883) |
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| (3,505) |
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| (11,993) |
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| (16,561) |
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| (17,203) |
Equity in earnings of investments (greater) less than cash distributions from investment |
| (2,953) |
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| (2,407) |
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| (11,709) |
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| (904) |
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| (5,197) |
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| 11,536 |
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| (3,836) |
Add back: interest expense |
| 5,543 |
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| 4,144 |
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| 6,444 |
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| 19,813 |
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| 24,222 |
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| 30,225 |
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| 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 |
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Cumulative preferred share cash dividends | $ | 110,179 |
| $ | 100,497 |
| $ | 204,312 |
| $ | 205,241 |
| $ | 224,877 |
| $ | 232,745 |
| $ | 232,431 |
Preferred partnership unit cash distributions |
| - |
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| - |
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| - |
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| - |
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| - |
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| 5,930 |
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| 9,455 |
Allocations pursuant to EITF Topic D-42 |
| - |
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| - |
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| - |
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| 61,696 |
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| 35,585 |
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| 8,289 |
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| (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 |
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| 83.24 x |
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| 112.15 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 |
Ratio of earnings to fixed charges and preferred share income allocations |
| 4.36 x |
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| 4.46 x |
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| 4.90 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 |
Exhibit 12