PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE INCOME ALLOCATIONS
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| Year Ended December 31, |
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| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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| (Amounts in thousands, except ratios) |
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Income from continuing operations |
| $ | 1,448,465 |
| $ | 1,460,439 |
| $ | 1,317,689 |
| $ | 1,149,955 |
| $ | 1,057,531 |
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Less: Income allocated to noncontrolling interests |
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which do not have fixed charges |
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| (5,900) |
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| (6,475) |
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| (6,088) |
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| (5,432) |
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| (4,883) |
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Equity in earnings of unconsolidated real |
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estate entities |
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| (75,655) |
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| (56,756) |
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| (50,937) |
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| (88,267) |
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| (57,579) |
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Add back: Distributions from retained earnings of |
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unconsolidated real estate entities |
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| 53,749 |
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| 84,397 |
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| 35,695 |
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| 83,458 |
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| 45,870 |
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Interest expense |
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| 12,690 |
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| 4,210 |
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| 610 |
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| 6,781 |
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| 6,444 |
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Total earnings available to cover fixed charges |
| $ | 1,433,349 |
| $ | 1,485,815 |
| $ | 1,296,969 |
| $ | 1,146,495 |
| $ | 1,047,383 |
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Total fixed charges - interest expense (including |
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capitalized interest) |
| $ | 17,076 |
| $ | 9,359 |
| $ | 3,299 |
| $ | 8,340 |
| $ | 9,339 |
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Cumulative preferred share cash dividends |
| $ | 236,535 |
| $ | 238,214 |
| $ | 245,097 |
| $ | 232,636 |
| $ | 204,312 |
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Allocations pursuant to EITF Topic D-42 |
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| 29,330 |
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| 26,873 |
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| 8,897 |
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| - |
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| - |
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Total preferred distributions |
| $ | 265,865 |
| $ | 265,087 |
| $ | 253,994 |
| $ | 232,636 |
| $ | 204,312 |
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Total combined fixed charges and preferred share |
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income allocations |
| $ | 282,941 |
| $ | 274,446 |
| $ | 257,293 |
| $ | 240,976 |
| $ | 213,651 |
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Ratio of earnings to fixed charges |
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| 83.94 x |
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| 158.76 x |
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| 393.14 x |
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| 137.47 x |
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| 112.15 x |
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Ratio of earnings to fixed charges and preferred share |
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income allocations |
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| 5.07 x |
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| 5.41 x |
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| 5.04 x |
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| 4.76 x |
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| 4.90 x |
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Exhibit 12