EX-12 3 psa-20141231ex12c19aa8f.htm EX-12 psa-20141231 Exhibit 12

PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE:  COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2014

 

2013

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
1,149,955 

 

$
1,057,531 

 

$
930,161 

 

$
833,143 

 

$
688,354 

Less: Income allocated to noncontrolling interests which do not have fixed charges

 
(5,432)

 

 
(4,883)

 

 
(3,505)

 

 
(11,993)

 

 
(16,561)

Equity in earnings of investments (greater) less than cash distributions from investment

 
(4,809)

 

 
(11,709)

 

 
(904)

 

 
(5,197)

 

 
11,536 

Add back: interest expense  

 
6,781 

 

 
6,444 

 

 
19,813 

 

 
24,222 

 

 
30,225 

Total earnings available to cover fixed charges

$
1,146,495 

 

$
1,047,383 

 

$
945,565 

 

$
840,175 

 

$
713,554 

Total fixed charges - interest expense (including capitalized interest)    

$
8,340 

 

$
9,339 

 

$
20,210 

 

$
24,586 

 

$
30,610 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative preferred share cash dividends

$
232,636 

 

$
204,312 

 

$
205,241 

 

$
224,877 

 

$
232,745 

Preferred partnership unit cash distributions

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 
5,930 

Allocations pursuant to EITF Topic D-42

 

 -

 

 

 -

 

 
61,696 

 

 
35,585 

 

 
8,289 

Total preferred distributions

$
232,636 

 

$
204,312 

 

$
266,937 

 

$
260,462 

 

$
246,964 

Total combined fixed charges and preferred share income allocations

$
240,976 

 

$
213,651 

 

$
287,147 

 

$
285,048 

 

$
277,574 

Ratio of earnings to fixed charges

 

137.47 x

 

 

112.15 x

 

 

46.79 x

 

 

34.17 x

 

 

23.31 x

Ratio of earnings to fixed charges and preferred share income allocations

 

4.76 x

 

 

4.90 x

 

 

3.29 x

 

 

2.95 x

 

 

2.57 x

 

 

 

 

Exhibit 12