PS Business Parks (PSBXP) 10-Q 2008 Q1 Quarterly report

PS BUSINESS PARKS, INC.

EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)

	Three Months Ended
	March 31,
	2008		2007
Net Income	$	16,558	$	18,591
Minority interests		3,100		3,629
Interest expense		993		1,107
Earnings from operations available to cover fixed charges	$	20,651	$	23,327
Fixed charges	$	993	$	1,107
Preferred stock dividends		12,756		12,668
Preferred partnership distributions		1,752		1,599
Combined fixed charges and preferred distributions	$	15,501	$	15,374
Ratio of earnings from operations to fixed charges		20.8		21.1
Ratio of earnings from operations to combined fixed charges and preferred distributions		1.3		1.5

	2007		2006		2005		2004		2003
Income from continuing operations	$	68,666	$	62,937	$	59,674	$	46,564	$	46,326
Minority interests in continuing operations		13,009		16,268		16,262		24,785		29,638
Interest expense		4,130		2,575		1,330		3,054		4,015
Earnings from continuing operations available to cover fixed charges	$	85,805	$	81,780	$	77,266	$	74,403	$	79,979
Fixed charges	$	4,130	$	2,575	$	1,330	$	3,054	$	4,015
Preferred stock dividends		50,937		47,933		43,011		33,020		15,784
Preferred partnership distributions		6,854		11,155		10,651		20,245		19,240
Combined fixed charges and preferred distributions	$	61,921	$	61,663	$	54,992	$	56,319	$	39,039
Ratio of earnings from continuing operations to fixed charges		20.8		31.8		58.1		24.4		19.9
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions		1.4		1.3		1.4		1.3		2.0

PS BUSINESS PARKS, INC.
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
	March 31,
	2008		2007
FFO	$	30,597	$	29,593
Interest expense		993		1,107
Minority interest in income — preferred units		1,752		1,599
Preferred stock dividends		12,756		12,668
FFO available to cover fixed charges	$	46,098	$	44,967
Fixed charges	$	993	$	1,107
Preferred stock dividends		12,756		12,668
Preferred partnership distributions		1,752		1,599
Combined fixed charges and preferred distributions paid	$	15,501	$	15,374
Ratio of adjusted FFO to fixed charges		46.4		40.6
Ratio of adjusted FFO to combined fixed charges and preferred distributions paid		3.0		2.9

	2007		2006		2005		2004		2003
FFO(1)	$	122,405	$	106,235	$	102,463	$	97,214	$	97,448
Interest expense		4,130		2,575		1,330		3,054		4,015
Minority interest in income — preferred units		6,854		11,155		10,651		20,245		19,240
Preferred stock dividends		50,937		47,933		43,011		33,020		15,784
FFO available to cover fixed charges	$	184,326	$	167,898	$	157,455	$	153,533	$	136,487
Fixed charges	$	4,130	$	2,575	$	1,330	$	3,054	$	4,015
Preferred stock dividends(2)		50,937		44,553		43,011		31,154		15,784
Preferred partnership distributions(2)		6,854		9,789		10,350		17,106		19,240
Combined fixed charges and preferred distributions paid	$	61,921	$	56,917	$	54,691	$	51,314	$	39,039
Ratio of adjusted FFO to fixed charges		44.6		65.2		118.4		50.3		34.0
Ratio of adjusted FFO to combined fixed charges and preferred distributions paid		3.0		2.9		2.9		3.0		3.5

(1)	FFO has been adjusted to include the effect of impairment charges.
(2)	Excludes EITF Topic D-42 distributions.