PS BUSINESS PARKS, INC.
Exhibit 12: Statement re: Computation
of Ratio of Earnings to Fixed Charges
Three Months Ended
March 31,
---------------------------------------
1999 1998
-------------- --------------
(Amounts in thousands, except ratios)
Net income............................................ $ 9,442,000 $ 4,330,000
Minority interest..................................... 2,966,000 2,814,000
Interest expense...................................... 909,000 247,000
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Earnings available to cover fixed charges............. $ 13,317,000 $ 7,391,000
============== =============
Fixed charges (1)..................................... $ 1,094,000 $ 247,000
============== =============
Ratio of earnings to fixed charges.................... 12.17 29.92
============== =============
Years Ended December 31,
------------------------------------------------------------------------------
1998 1997 1996 1995 1994
------------ ------------ ------------ ------------ ------------
Net income......................... $ 29,400,000 $ 3,836,000 $ 519,000 $ 1,192,000 $ 1,245,000
Minority interest.................. 11,208,000 8,566,000 - - -
Interest expense................... 2,361,000 1,000 - - -
------------ ------------ ------------ ------------ ------------
Earnings available to cover fixed
charges......................... $ 42,969,000 $ 12,403,000 $ 519,000 $ 1,192,000 $ 1,245,000
============ ============ ============ ============= ============
Fixed charges (1).................. $ 2,629,000 $ 1,000 $ - $ - $ -
============ ============ ============ ============= ============
Ratio of earnings to fixed charges. 16.34 12,403 N/A N/A N/A
============ ============ ============ ============= ============
(1) Fixed charges include interest expense plus capitalized interest.
Exhibit 12
PS BUSINESS PARKS, INC.
Exhibit 12: Statement re: Computation of Ratio of Earnings
to Fixed Charges
Supplemental disclosure of Ratio of Funds from Operations
("FFO") to fixed charges:
Three Months Ended
March 31,
1999 1998
(Amounts in thousands, except ratios)
FFO................................................... $ 18,390,000 $9,444,000
Interest expense...................................... 909,000 247,000
-------------- ---------------
Adjusted FFO available to cover fixed charges......... $ 19,299,000 $ 9,691,000
============== ===============
Fixed charges (1)..................................... $ 1,094,000 $ 247,000
============== ===============
Ratio of FFO to fixed charges......................... 17.64 39.23
============== ===============
Years Ended December 31,
------------------------------------------------------------------------------
1998 1997 1996 1995 1994
------------ ------------ ------------ ------------ ------------
FFO................................ $ 57,430,000 $ 17,597,000 $ 303,000 $ 720,000 $ 757,000
Interest expense................... 2,361,000 1,000 - - -
------------ ------------ ------------ ------------ ------------
Adjusted FFO available to cover
fixed charges................... $ 59,791,000 $ 17,598,000 $ 303,000 $ 720,000 $ 757,000
============ ============ ============ ============ ============
Fixed charges (1).................. $ 2,629,000 $ 1,000 $ - $ - $ -
============ ============ ============ ============ ============
Ratio of FFO to fixed charges...... 22.74 17,598 N/A N/A N/A
============ ============ ============ ============ ============
(1) Fixed charges include interest expense plus capitalized interest.
Exhibit 12