EX-12 3 psex12_4q09.htm EXHIBIT 12 psex12_4q09.htm
 
PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES


 
   
For the Year Ended December 31,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
   
(Amounts in thousands)
  
Net income                                                      
   $ 790,456     $ 973,872     $ 487,078     $ 345,909     $ 489,044  
Less: Income allocated to noncontrolling interests in subsidiaries which do not have fixed charges
     (17,203 )     (17,668 )     (16,527 )     (16,014 )     (15,161 )
Less: Equity in earnings of investments
     (53,244 )     (20,391 )     (12,738 )     (11,895 )     (24,883 )
Add: Cash distributions from investments
     49,408       43,455       23,606       17,699       23,112  
Less: Impact of discontinued operations
     8,869       6,418       2,346       (2,179 )     (9,109 )
Adjusted net income                                                      
     778,286       985,686       483,765       333,520       463,003  
Interest expense                                                    
     29,916       43,944       63,671       33,062       8,216  
Total earnings available to cover fixed charges
   $ 808,202     $ 1,029,630     $ 547,436     $ 366,582     $ 471,219  
Total fixed charges - interest expense (a)
   $ 30,634     $ 45,942     $ 68,417     $ 35,778     $ 11,036  
                                         
Cumulative preferred share cash dividends
   $ 232,431     $ 239,721     $ 236,757     $ 214,218     $ 173,017  
Preferred partnership unit cash distributions
     9,455       21,612       21,612       19,055       16,147  
Allocations pursuant to EITF Topic D-42
     (78,218 )     (33,851 )     -       31,493       8,412  
Total preferred distributions
   $ 163,668     $ 227,482     $ 258,369     $ 264,766     $ 197,576  
Total combined fixed charges and preferred share distributions
   $  194,302     $  273,424     $  326,786     $  300,544     $  208,612  
Ratio of earnings to fixed charges                                                      
     26.38 x     22.41 x     8.00       10.25 x     42.70 x
Ratio of earnings to fixed charges and preferred share distributions
     4.16 x     3.77 x     1.68 x     1.22 x     2.26 x
 
(a)  
“Total fixed charges – interest expense” includes interest expense plus capitalized interest and includes $13,217,000 in interest expense incurred by Shurgard Europe for the period from August 23, 2006 through December 31, 2006, $24,819,000 in interest expense for the year ended December 31, 2007, and $7,737,000 for the year ended December 31, 2008.  As described in Note 3 to the Company’s December 31, 2009 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