PUBLIC STORAGE

EXHIBIT 12 – STATEMENT RE: COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

	For the Year Ended December 31,
	2010			2009			2008			2007			2006
	(Amounts in thousands)
Net income	$	696,114		$	790,456		$	973,872		$	487,078		$	345,909
Less: Income allocated to noncontrolling interests in subsidiaries which do not have fixed charges		(16,561	)		(17,203	)		(17,668	)		(16,527	)		(16,014	)
Less: Equity in earnings of investments		(38,352	)		(53,244	)		(20,391	)		(12,738	)		(11,895	)
Add: Cash distributions from investments		49,888			49,408			43,455			23,606			17,699
Less: Impact of discontinued operations		(7,518	)		7,572			7,649			1,126			(3,433	)
Adjusted net income		683,571			776,989			986,917			482,545			332,266
Interest expense		30,225			29,916			43,944			63,671			33,062
Total earnings available to cover fixed charges	$	713,796		$	806,905		$	1,030,861		$	546,216		$	365,328
Total fixed charges - interest expense (including capitalized interest)	$	30,610		$	30,634		$	45,942		$	68,417		$	35,778
Cumulative preferred share cash dividends	$	232,745		$	232,431		$	239,721		$	236,757		$	214,218
Preferred partnership unit cash distributions		5,930			9,455			21,612			21,612			19,055
Allocations pursuant to EITF Topic D-42		8,289			(78,218	)		(33,851	)		-			31,493
Total preferred distributions	$	246,964		$	163,668		$	227,482		$	258,369		$	264,766
Total combined fixed charges and preferred share distributions	$	277,574		$	194,302		$	273,424		$	326,786		$	300,544
Ratio of earnings to fixed charges		23.32	x		26.34	x		22.44	x		7.98	x		10.21	x
Ratio of earnings to fixed charges and preferred share distributions		2.57	x		4.15	x		3.77	x		1.67	x		1.22	x

Exhibit - 12