PS BUSINESS PARKS, INC.
EXHIBIT 12:
STATEMENT RE: COMPUTATION OF RATION OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
----------------------------------------
2000 1999
-------------------- -----------------
Net income...................................................... $ 33,726,000 $ 30,352,000
Minority interest............................................... 18,391,000 10,769,000
Interest expense................................................ 1,246,000 2,658,000
-------------------- -----------------
Earnings available to cover fixed charges....................... $ 53,363,000 $ 43,779,000
==================== =================
Fixed charges (1)............................................... $ 2,242,000 $ 3,242,000
Preferred distributions......................................... 12,814,000 3,370,000
-------------------- -----------------
Combined fixed charges and preferred distributions.............. $ 15,056,000 $ 6,612,000
==================== =================
Ratio of earnings to fixed charges.............................. 23.8 13.50
==================== =================
Ratio of earnings to combined fixed charges and preferred
distributions.................................................. 3.54 6.62
==================== =================
Years Ended December 31,
---------------------------------------------------------------------------------
1999 1998 1997 1996 1995
---------------- --------------- ---------------- --------------- ---------------
Net income.......................... $ 41,255,000 $ 29,400,000 $ 3,836,000 $ 519,000 $ 1,192,000
Minority interest................... 16,049,000 11,208,000 8,566,000 - -
Interest expense.................... 3,153,000 2,361,000 1,000 - -
---------------- --------------- ---------------- --------------- ---------------
Earnings available to cover fixed
charges.......................... $60,457,000 $ 42,969,000 $ 12,403,000 $ 519,000 $ 1,192,000
================ =============== ================ =============== ===============
Fixed charges (1)................... $ 4,142,000 $ 2,629,000 $ 1,000 $ - $ -
Preferred distributions............. 7,562,000 - - - -
---------------- --------------- ---------------- --------------- ---------------
Combined fixed charges and preferred
distributions.................... $ 11,704,000 $ 2,629,000 $ 1,000 $ - $ -
================ =============== ================ =============== ===============
Ratio of earnings to fixed charges.. 14.60 16.34 12,403 N/A N/A
================ =============== ================ =============== ===============
Ratio of earnings to combined fixed
charges and preferred
distributions.................... 5.17 16.34 12,403 N/A N/A
================ =============== ================ =============== ===============
(1) Fixed charges include interest expense plus capitalized interest.
Exhibit 12