PUBLIC STORAGE
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Six Months Ended
June 30, For the Year Ended December 31,
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2009 2008 2008 2007 2006 2005 2004
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(Amounts in thousands)
Net income................................... $ 358,816 $ 663,896 $ 973,872 $ 487,078 $ 345,909 $ 489,044 $ 416,126
Less: Income allocated to noncontrolling
interests in subsidiaries which do not
have fixed charges...................... (8,154) (8,402) (17,668) (16,527) (16,014) (15,161) (17,099)
Less: Equity in earnings of investments... (30,209) (7,361) (20,391) (12,738) (11,895) (24,883) (22,564)
Add: Cash distributions from investments.. 23,708 19,149 43,455 23,606 17,699 23,112 20,961
Less: Impact of discontinued operations... 8,625 2,462 5,945 1,279 (2,975) (9,078) (3,324)
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Adjusted net income.......................... 352,786 669,744 985,213 482,698 332,724 463,034 394,100
Interest expense.......................... 15,416 26,088 43,944 63,671 33,062 8,216 760
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Total earnings available to cover fixed charges $ 368,202 $ 695,832 $1,029,157 $ 546,369 $ 365,786 $ 471,250 $ 394,860
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Total fixed charges - interest expense (a)... $ 15,763 $ 27,270 $ 45,942 $ 68,417 $ 35,778 $ 11,036 $ 4,377
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Cumulative preferred share cash dividends.... $ 116,216 $ 120,666 $ 239,721 $ 236,757 $ 214,218 $ 173,017 $ 157,925
Preferred partnership unit cash distributions 5,830 10,806 21,612 21,612 19,055 16,147 30,423
Allocations pursuant to EITF Topic D-42...... (78,218) - (33,851) - 31,493 8,412 10,787
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Total preferred distributions................ $ 43,828 $ 131,472 $ 227,482 $ 258,369 $ 264,766 $ 197,576 $ 199,135
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Total combined fixed charges and preferred
share distributions........................ $ 59,591 $ 158,742 $ 273,424 $ 326,786 $ 300,544 $ 208,612 $ 203,512
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Ratio of earnings to fixed charges........... 23.36x 25.52x 22.40x 7.99x 10.22x 42.70x 90.21x
Ratio of earnings to fixed charges and ========= ========= ========= ========= ========= ========= =========
preferred share distributions.............. 6.18x 4.38x 3.76x 1.67x 1.22x 2.26x 1.94x
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(a) "Total fixed charges - interest expense" includes interest expense
plus capitalized interest, and includes $6,892,000 in interest expense
incurred by Shurgard Europe for the six months ended June 30, 2008 As
described in Note 3 to our June 30, 2009 condensed consolidated
financial statements, Shurgard Europe was deconsolidated as of March
31, 2008. No further interest expense for Shurgard Europe is reflected
in our financial statements after March 31, 2008.
Exhibit 12