Public Storage (PSA) 10-Q 2017 Q3 Quarterly report

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

	Nine Months Ended
	September 30,				Year Ended December 31,
	2017		2016		2016		2015		2014		2013		2012
	(Amounts in thousands, except ratios)
Income from continuing operations	$	1,057,502	$	1,044,758	$	1,460,439	$	1,317,689	$	1,149,955	$	1,057,531	$	930,161
Less: Income allocated to noncontrolling interests
which do not have fixed charges		(4,434)		(4,650)		(6,475)		(6,088)		(5,432)		(4,883)		(3,505)
Equity in earnings of unconsolidated real
estate entities		(57,235)		(41,628)		(56,756)		(50,937)		(88,267)		(57,579)		(45,586)
Add back: Distributions from retained earnings of
unconsolidated real estate entities		39,887		72,461		84,397		35,695		83,458		45,870		44,682
Interest expense		4,553		3,310		4,210		610		6,781		6,444		19,813
Total earnings available to cover fixed charges	$	1,040,273	$	1,074,251	$	1,485,815	$	1,296,969	$	1,146,495	$	1,047,383	$	945,565
Total fixed charges - interest expense (including
capitalized interest)	$	7,671	$	7,165	$	9,359	$	3,299	$	8,340	$	9,339	$	20,210
Cumulative preferred share cash dividends	$	182,457	$	178,666	$	238,214	$	245,097	$	232,636	$	204,312	$	205,241
Allocations pursuant to EITF Topic D-42		29,330		26,873		26,873		8,897		-		-		61,696
Total preferred distributions	$	211,787	$	205,539	$	265,087	$	253,994	$	232,636	$	204,312	$	266,937
Total combined fixed charges and preferred share
income allocations	$	219,458	$	212,704	$	274,446	$	257,293	$	240,976	$	213,651	$	287,147
Ratio of earnings to fixed charges		135.61 x		149.93 x		158.76 x		393.14 x		137.47 x		112.15 x		46.79 x
Ratio of earnings to fixed charges and preferred share
income allocations		4.74 x		5.05 x		5.41 x		5.04 x		4.76 x		4.90 x		3.29 x

Exhibit 12