PS BUSINESS PARKS, INC.
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Income from continuing operations | $ | 17,023 | $ | 14,736 | $ | 52,152 | $ | 46,061 | ||||||||
Minority interests in continuing operations | 3,213 | 5,223 | 9,888 | 13,450 | ||||||||||||
Interest expense | 1,009 | 628 | 3,128 | 1,658 | ||||||||||||
Earnings from continuing operations available to cover fixed charges | $ | 21,245 | $ | 20,587 | $ | 65,168 | $ | 61,169 | ||||||||
Fixed charges | $ | 1,009 | $ | 628 | $ | 3,128 | $ | 1,658 | ||||||||
Preferred stock dividends | 12,756 | 11,258 | 38,181 | 34,769 | ||||||||||||
Preferred partnership distributions | 1,752 | 4,038 | 5,103 | 9,600 | ||||||||||||
Combined fixed charges and preferred distributions | $ | 15,517 | $ | 15,924 | $ | 46,412 | $ | 46,027 | ||||||||
Ratio of earnings from continuing operations to fixed charges | 21.1 | 32.8 | 20.8 | 36.9 | ||||||||||||
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions | 1.4 | 1.3 | 1.4 | 1.3 | ||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Income from continuing operations | $ | 62,937 | $ | 59,674 | $ | 46,564 | $ | 46,326 | $ | 45,916 | ||||||||||
Minority interests in continuing operations | 16,268 | 16,262 | 24,785 | 29,638 | 28,271 | |||||||||||||||
Interest expense | 2,575 | 1,330 | 3,054 | 4,015 | 5,324 | |||||||||||||||
Earnings from continuing operations available to cover fixed charges | $ | 81,780 | $ | 77,266 | $ | 74,403 | $ | 79,979 | $ | 79,511 | ||||||||||
Fixed charges (1) | $ | 2,575 | $ | 1,330 | $ | 3,054 | $ | 4,015 | $ | 5,612 | ||||||||||
Preferred stock dividends | 47,933 | 43,011 | 33,020 | 15,784 | 15,412 | |||||||||||||||
Preferred partnership distributions | 11,155 | 10,651 | 20,245 | 19,240 | 17,927 | |||||||||||||||
Combined fixed charges and preferred distributions | $ | 61,663 | $ | 54,992 | $ | 56,319 | $ | 39,039 | $ | 38,951 | ||||||||||
Ratio of earnings from continuing operations to fixed charges | 31.8 | 58.1 | 24.4 | 19.9 | 14.2 | |||||||||||||||
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions | 1.3 | 1.4 | 1.3 | 2.0 | 2.0 | |||||||||||||||
(1) Fixed charges include interest expense plus capitalized interest.
PS BUSINESS PARKS, INC.
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)
EXHIBIT 12
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:
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
FFO | $ | 31,013 | $ | 26,847 | $ | 90,597 | $ | 78,764 | ||||||||
Interest expense | 1,009 | 628 | 3,128 | 1,658 | ||||||||||||
Minority interest in income — preferred units | 1,752 | 4,038 | 5,103 | 9,600 | ||||||||||||
Preferred stock dividends | 12,756 | 11,258 | 38,181 | 34,769 | ||||||||||||
FFO available to cover fixed charges | $ | 46,530 | $ | 42,771 | $ | 137,009 | $ | 124,791 | ||||||||
Fixed charges | $ | 1,009 | $ | 628 | $ | 3,128 | $ | 1,658 | ||||||||
Preferred stock dividends (3) | 12,756 | 11,258 | 38,181 | 33,111 | ||||||||||||
Preferred partnership distributions (3) | 1,752 | 2,672 | 5,103 | 8,234 | ||||||||||||
Combined fixed charges and preferred distributions paid | $ | 15,517 | $ | 14,558 | $ | 46,412 | $ | 43,003 | ||||||||
Ratio of adjusted FFO to fixed charges | 46.1 | 68.1 | 43.8 | 75.3 | ||||||||||||
Ratio of adjusted FFO to combined fixed charges and preferred distributions paid | 3.0 | 2.9 | 3.0 | 2.9 | ||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
FFO (1) | $ | 106,235 | $ | 102,463 | $ | 97,214 | $ | 97,448 | $ | 104,543 | ||||||||||
Interest expense | 2,575 | 1,330 | 3,054 | 4,015 | 5,324 | |||||||||||||||
Minority interest in income — preferred units | 11,155 | 10,651 | 20,245 | 19,240 | 17,927 | |||||||||||||||
Preferred stock dividends | 47,933 | 43,011 | 33,020 | 15,784 | 15,412 | |||||||||||||||
FFO available to cover fixed charges | $ | 167,898 | $ | 157,455 | $ | 153,533 | $ | 136,487 | $ | 143,206 | ||||||||||
Fixed charges (2) | $ | 2,575 | $ | 1,330 | $ | 3,054 | $ | 4,015 | $ | 5,612 | ||||||||||
Preferred stock dividends (3) | 44,553 | 43,011 | 31,154 | 15,784 | 15,412 | |||||||||||||||
Preferred partnership distributions (3) | 9,789 | 10,350 | 17,106 | 19,240 | 17,927 | |||||||||||||||
Combined fixed charges and preferred distributions paid | $ | 56,917 | $ | 54,691 | $ | 51,314 | $ | 39,039 | $ | 38,951 | ||||||||||
Ratio of adjusted FFO to fixed charges | 65.2 | 118.4 | 50.3 | 34.0 | 25.5 | |||||||||||||||
Ratio of adjusted FFO to combined fixed charges and preferred distributions paid | 2.9 | 2.9 | 3.0 | 3.5 | 3.7 | |||||||||||||||
(1) FFO has been adjusted to include the effect of impairment charges.
(2) Fixed charges include interest expense plus capitalized interest.
(3) Excludes EITF Topic D-42 distributions.