PS BUSINESS PARKS, INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND INCOME ALLOCATION TO PREFERRED EQUITY HOLDERS
(Unaudited, in thousands, except ratio data)
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| For The Three Months |
| For The Nine Months | ||||||||
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| Ended September 30, |
| Ended September 30, | ||||||||
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| 2017 |
| 2016 |
| 2017 |
| 2016 | ||||
Net income |
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| $ | 42,631 |
| $ | 38,994 |
| $ | 133,839 |
| $ | 105,397 |
Interest expense |
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| 475 |
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| 129 |
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| 891 |
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| 5,436 |
Earnings available to cover fixed charges |
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| $ | 43,106 |
| $ | 39,123 |
| $ | 134,730 |
| $ | 110,833 |
Fixed charges (a) |
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| $ | 475 |
| $ | 243 |
| $ | 1,397 |
| $ | 6,289 |
Allocation to preferred shareholders and |
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unit holders based upon |
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Distributions |
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| 12,590 |
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| 13,833 |
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| 38,472 |
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| 41,498 |
Redemptions |
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| 6,900 |
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| — |
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| 6,900 |
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| — |
Combined fixed charges and income allocation to |
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preferred equity holders |
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| $ | 19,965 |
| $ | 14,076 |
| $ | 46,769 |
| $ | 47,787 |
Ratio of earnings to fixed charges |
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| 90.7 |
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| 161.0 |
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| 96.4 |
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| 17.6 |
Ratio of earnings to combined fixed charges |
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and income allocation to preferred equity holders |
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| 2.2 |
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| 2.8 |
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| 2.9 |
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| 2.3 |
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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 (a) | $ | 6,452 |
| $ | 14,428 |
| $ | 14,453 |
| $ | 16,433 |
| $ | 20,618 |
Allocation to preferred shareholders and |
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unit holders based upon |
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Distributions |
| 57,276 |
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| 59,398 |
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| 60,488 |
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| 59,216 |
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| 52,143 |
Redemptions |
| 7,312 |
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| 2,487 |
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| — |
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| 17,316 |
Combined fixed charges and income allocation to |
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preferred equity holders | $ | 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 |
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combined fixed charges and income allocation |
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to preferred equity holders |
| 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 |
________
(a) | Fixed charges include interest expense and capitalized interest. |
Exhibit 12
PS BUSINESS PARKS, INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(Unaudited, in thousands, except ratio data)
Supplemental Disclosure of Ratio of Funds from Operations (“FFO”) to Fixed Charges and Ratio of FFO to Combined Fixed Charges and Preferred Distributions:
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| For The Three Months |
| For The Nine Months | ||||||||
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| Ended September 30, |
| Ended September 30, | ||||||||
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| 2017 |
| 2016 |
| 2017 |
| 2016 | ||||
FFO allocable to common and dilutive shares |
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| $ | 47,383 |
| $ | 49,792 |
| $ | 154,445 |
| $ | 138,785 |
Interest expense |
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| 475 |
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| 129 |
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| 891 |
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| 5,436 |
Allocation to preferred shareholders and |
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unit holders based upon |
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Distributions |
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| 12,590 |
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| 13,833 |
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| 38,472 |
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| 41,498 |
Redemptions |
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| 6,900 |
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| — |
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| 6,900 |
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| — |
FFO available to cover fixed charges |
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| $ | 67,348 |
| $ | 63,754 |
| $ | 200,708 |
| $ | 185,719 |
Fixed charges (a) |
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| $ | 475 |
| $ | 243 |
| $ | 1,397 |
| $ | 6,289 |
Distributions to preferred shareholders and unit holders |
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| 12,590 |
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| 13,833 |
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| 38,472 |
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| 41,498 |
Combined fixed charges and preferred distributions paid |
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| $ | 13,065 |
| $ | 14,076 |
| $ | 39,869 |
| $ | 47,787 |
Ratio of available FFO to fixed charges |
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| 141.8 |
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| 262.4 |
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| 143.7 |
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| 29.5 |
Ratio of available FFO to combined fixed charges and |
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preferred distributions paid |
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| 5.2 |
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| 4.5 |
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| 5.0 |
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| 3.9 |
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| For the Years Ended December 31, | |||||||||||||
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 | |||||
FFO allocable to common and dilutive shares | $ | 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 |
Allocation to preferred shareholders and |
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unit holders based upon |
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Distributions |
| 57,276 |
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| 59,398 |
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| 60,488 |
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| 59,216 |
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| 52,143 |
Redemptions |
| 7,312 |
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| 2,487 |
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| — |
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| — |
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| 17,316 |
FFO available to cover fixed charges | $ | 250,038 |
| $ | 239,399 |
| $ | 236,193 |
| $ | 241,135 |
| $ | 224,549 |
Fixed charges (a) | $ | 6,452 |
| $ | 14,428 |
| $ | 14,453 |
| $ | 16,433 |
| $ | 20,618 |
Distributions to preferred shareholders and unit holders |
| 57,276 |
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| 59,398 |
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| 60,488 |
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| 59,216 |
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| 52,143 |
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 |
________
(a) | Fixed charges include interest expense and capitalized interest. |