PUBLIC STORAGE

EXHIBIT 12 – STATEMENT RE: COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

	For the Year Ended December 31,
	2011			2010			2009			2008			2007
	(Amounts in thousands)
Net income	$	836,459		$	696,114		$	790,456		$	973,872		$	487,078
Less: Income allocated to noncontrolling interests which do not have fixed charges		(11,993	)		(16,561	)		(17,203	)		(17,668	)		(16,527	)
Less: Equity in earnings of investments		(58,704	)		(38,352	)		(53,244	)		(20,391	)		(12,738	)
Add: Cash distributions from investments		53,507			49,888			49,408			43,455			23,606
Less: Impact of discontinued operations		(2,417	)		(6,907	)		6,902			7,834			521
Adjusted net income		816,852			684,182			776,319			987,102			481,940
Interest expense		24,222			30,225			29,916			43,944			63,671
Total earnings available to cover fixed charges	$	841,074		$	714,407		$	806,235		$	1,031,046		$	545,611
Total fixed charges - interest expense (including capitalized interest)	$	24,586		$	30,610		$	30,634		$	45,942		$	68,417
Cumulative preferred share cash dividends	$	224,877		$	232,745		$	232,431		$	239,721		$	236,757
Preferred partnership unit cash distributions		-			5,930			9,455			21,612			21,612
Allocations pursuant to EITF Topic D-42		35,585			8,289			(78,218	)		(33,851	)		-
Total preferred distributions	$	260,462		$	246,964		$	163,668		$	227,482		$	258,369
Total combined fixed charges and preferred share distributions	$	285,048		$	277,574		$	194,302		$	273,424		$	326,786
Ratio of earnings to fixed charges		34.21	x		23.34	x		26.32	x		22.44	x		7.97	x
Ratio of earnings to fixed charges and preferred share distributions		2.95	x		2.57	x		4.15	x		3.77	x		1.67	x