Public Storage (PSA) 10-K 2015 FY Annual report

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