PS BUSINESS PARKS, INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)
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| For The Three Months | ||||
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| Ended March 31, | ||||
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| 2017 |
| 2016 | ||
Net income |
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| $ | 47,033 |
| $ | 32,480 |
Interest expense |
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| 139 |
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| 3,177 |
Earnings available to cover fixed charges |
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| $ | 47,172 |
| $ | 35,657 | |||||
Fixed charges (1) |
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| $ | 418 |
| $ | 3,571 |
Preferred stock dividends |
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| 13,291 |
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| 13,833 |
Combined fixed charges and preferred distributions |
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| $ | 13,709 |
| $ | 17,404 |
Ratio of earnings to fixed charges |
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| 112.9 |
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| 10.0 |
Ratio of earnings to combined fixed charges and preferred distributions |
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| 3.4 |
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| 2.0 | ||||||||
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| For the Years Ended December 31, | |||||||||||||
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 | |||||
Income from continuing operations | $ | 144,984 |
| $ | 148,970 |
| $ | 204,700 |
| $ | 116,144 |
| $ | 94,395 |
Interest expense |
| 5,568 |
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| 13,270 |
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| 13,509 |
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| 16,074 |
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| 20,618 |
Earnings from continuing operations available to |
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cover fixed charges | $ | 150,552 |
| $ | 162,240 |
| $ | 218,209 |
| $ | 132,218 |
| $ | 115,013 |
Fixed charges (1) | $ | 6,452 |
| $ | 14,428 |
| $ | 14,453 |
| $ | 16,433 |
| $ | 20,618 |
Preferred stock dividends |
| 64,588 |
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| 61,885 |
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| 60,488 |
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| 59,216 |
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| 69,136 |
Preferred partnership distributions |
| — |
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| — |
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| — |
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| — |
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| 323 |
Combined fixed charges and preferred distributions | $ | 71,040 |
| $ | 76,313 |
| $ | 74,941 |
| $ | 75,649 |
| $ | 90,077 |
Ratio of earnings from continuing operations to |
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fixed charges |
| 23.3 |
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| 11.2 |
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| 15.1 |
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| 8.0 |
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| 5.6 |
Ratio of earnings from continuing operations to combined |
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fixed charges and preferred distributions |
| 2.1 |
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| 2.1 |
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| 2.9 |
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| 1.7 |
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| 1.3 |
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(1)Fixed charges include interest expense and capitalized interest.
Exhibit 12
PS BUSINESS PARKS, INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)
Supplemental Disclosure of Ratio of Funds from Operations (“FFO”) to Fixed Charges:
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| For The Three Months | ||||
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| Ended March 31, | ||||
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| 2017 |
| 2016 | ||
FFO |
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| $ | 52,955 |
| $ | 43,688 |
Interest expense |
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| 139 |
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| 3,177 |
Preferred stock dividends |
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| 13,291 |
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| 13,833 |
FFO available to cover fixed charges |
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| $ | 66,385 |
| $ | 60,698 |
Fixed charges (1) |
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| $ | 418 |
| $ | 3,571 |
Preferred stock dividends (2) |
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| 13,291 |
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| 13,833 |
Combined fixed charges and preferred distributions paid |
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| $ | 13,709 |
| $ | 17,404 |
Ratio of available FFO to fixed charges |
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| 158.8 |
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| 17.0 |
Ratio of available FFO to combined fixed charges and preferred distributions paid |
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| 4.8 |
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| 3.5 | |||||
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| For the Years Ended December 31, | |||||||||||||
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 | |||||
FFO | $ | 179,882 |
| $ | 164,244 |
| $ | 162,196 |
| $ | 165,845 |
| $ | 134,472 |
Interest expense |
| 5,568 |
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| 13,270 |
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| 13,509 |
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| 16,074 |
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| 20,618 |
Net income allocable to noncontrolling interests — |
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preferred units |
| — |
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| — |
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| — |
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| — |
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| 323 |
Preferred stock dividends |
| 64,588 |
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| 61,885 |
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| 60,488 |
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| 59,216 |
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| 69,136 |
FFO available to cover fixed charges | $ | 250,038 |
| $ | 239,399 |
| $ | 236,193 |
| $ | 241,135 |
| $ | 224,549 |
Fixed charges (1) | $ | 6,452 |
| $ | 14,428 |
| $ | 14,453 |
| $ | 16,433 |
| $ | 20,618 |
Preferred stock dividends (2) |
| 57,276 |
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| 59,398 |
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| 60,488 |
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| 59,216 |
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| 51,969 |
Preferred partnership distributions (2) |
| — |
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| — |
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| — |
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| — |
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| 174 |
Combined fixed charges and preferred distributions paid | $ | 63,728 |
| $ | 73,826 |
| $ | 74,941 |
| $ | 75,649 |
| $ | 72,761 |
Ratio of available FFO to fixed charges |
| 38.8 |
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| 16.6 |
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| 16.3 |
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| 14.7 |
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| 10.9 |
Ratio of available FFO to combined fixed charges and |
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preferred distributions paid |
| 3.9 |
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| 3.2 |
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| 3.2 |
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| 3.2 |
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| 3.1 |
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(1)Fixed charges include interest expense and capitalized interest.
(2)Excludes the issuance costs related to the redemption of preferred equity.