PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 31, | ||||||||||||
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations | $ | 1,317,689 |
| $ | 1,149,955 |
| $ | 1,057,531 |
| $ | 930,161 |
| $ | 833,143 |
Less: Income allocated to noncontrolling interests which do not |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
have fixed charges |
| (6,088) |
|
| (5,432) |
|
| (4,883) |
|
| (3,505) |
|
| (11,993) |
Equity in earnings of investments greater than cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
distributions from investment |
| (15,242) |
|
| (4,809) |
|
| (11,709) |
|
| (904) |
|
| (5,197) |
Add back: interest expense |
| 610 |
|
| 6,781 |
|
| 6,444 |
|
| 19,813 |
|
| 24,222 |
Total earnings available to cover fixed charges | $ | 1,296,969 |
| $ | 1,146,495 |
| $ | 1,047,383 |
| $ | 945,565 |
| $ | 840,175 |
Total fixed charges - interest expense (including capitalized interest) | $ | 3,299 |
| $ | 8,340 |
| $ | 9,339 |
| $ | 20,210 |
| $ | 24,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative preferred share cash dividends | $ | 245,097 |
| $ | 232,636 |
| $ | 204,312 |
| $ | 205,241 |
| $ | 224,877 |
Allocations pursuant to EITF Topic D-42 |
| 8,897 |
|
| - |
|
| - |
|
| 61,696 |
|
| 35,585 |
Total preferred distributions | $ | 253,994 |
| $ | 232,636 |
| $ | 204,312 |
| $ | 266,937 |
| $ | 260,462 |
Total combined fixed charges and preferred share income allocations | $ | 257,293 |
| $ | 240,976 |
| $ | 213,651 |
| $ | 287,147 |
| $ | 285,048 |
Ratio of earnings to fixed charges |
| 393.14 x |
|
| 137.47 x |
|
| 112.15 x |
|
| 46.79 x |
|
| 34.17 x |
Ratio of earnings to fixed charges and preferred share income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
allocations |
| 5.04 x |
|
| 4.76 x |
|
| 4.90 x |
|
| 3.29 x |
|
| 2.95 x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 12