Public Storage (PSA) 10-Q 2016 Q1 Quarterly report

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

	Three Months Ended
	March 31,				Year Ended December 31,
	2016		2015		2015		2014		2013		2012		2011
	(Amounts in thousands, except ratios)
Income from continuing operations	$	317,349	$	283,254	$	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		(1,394)		(1,387)		(6,088)		(5,432)		(4,883)		(3,505)		(11,993)
Equity in earnings of investments greater than cash
distributions from investment		(2,413)		(8,019)		(15,242)		(4,809)		(11,709)		(904)		(5,197)
Add back: interest expense		711		-		610		6,781		6,444		19,813		24,222
Total earnings available to cover fixed charges	$	314,253	$	273,848	$	1,296,969	$	1,146,495	$	1,047,383	$	945,565	$	840,175
Total fixed charges - interest expense (including
capitalized interest)	$	2,154	$	628	$	3,299	$	8,340	$	9,339	$	20,210	$	24,586
Cumulative preferred share cash dividends	$	62,272	$	63,555	$	245,097	$	232,636	$	204,312	$	205,241	$	224,877
Allocations pursuant to EITF Topic D-42		11,336		4,784		8,897		-		-		61,696		35,585
Total preferred distributions	$	73,608	$	68,339	$	253,994	$	232,636	$	204,312	$	266,937	$	260,462
Total combined fixed charges and preferred share
income allocations	$	75,762	$	68,967	$	257,293	$	240,976	$	213,651	$	287,147	$	285,048
Ratio of earnings to fixed charges		145.89 x		436.06 x		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		4.15 x		3.97 x		5.04 x		4.76 x		4.90 x		3.29 x		2.95 x

Exhibit 12