EX-12 2 a14209exv12.htm EXHIBIT 12 exv12
 

PS BUSINESS PARKS, INC.
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2005     2004     2005     2004  
Income from continuing operations
   $ 15,105     $ 9,825     $ 44,502     $ 32,110  
Minority interest in continuing operations
     3,769       8,112       12,423       20,472  
Interest expense
     304       513       866       2,612  
 
                        
Earnings from continuing operations available to cover fixed charges
   $ 19,178     $ 18,450     $ 57,791     $ 55,194  
 
                        
Fixed charges (1)
   $ 304     $ 513     $ 866     $ 2,612  
Preferred stock dividends
     11,255       8,498       31,757       23,408  
Preferred partnership distributions
     2,460       7,666       8,143       17,548  
 
                        
Combined fixed charges and preferred distributions
   $ 14,019     $ 16,677     $ 40,766     $ 43,568  
 
                        
Ratio of earnings from continuing operations to fixed charges
     63.1       36.0       66.7       21.1  
 
                        
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions
     1.4       1.1       1.4       1.3  
 
                        
                                         
    2004     2003     2002     2001     2000  
Income from continuing operations
   $ 46,449     $ 46,143     $ 45,731     $ 43,821     $ 44,599  
Minority interest in continuing operations
     24,746       29,576       28,208       25,440       24,651  
Interest expense
     3,054       4,015       5,324       1,715       1,481  
 
                              
Earnings from continuing operations available to cover fixed charges
   $ 74,249     $ 79,734     $ 79,263     $ 70,976     $ 70,731  
 
                              
Fixed charges (1)
   $ 3,054     $ 4,015     $ 5,612     $ 2,806     $ 2,896  
Preferred stock dividends
     33,020       15,784       15,412       8,854       5,088  
Preferred partnership distributions
     20,245       19,240       17,927       14,107       12,185  
 
                              
Combined fixed charges and preferred distributions
   $ 56,319     $ 39,039     $ 38,951     $ 25,767     $ 20,169  
 
                              
Ratio of earnings from continuing operations to fixed charges
     24.3       19.9       14.1       25.3       24.4  
 
                              
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions
     1.3       2.0       2.0       2.8       3.5  
 
                              
 
1.   Fixed charges include interest expense plus capitalized interest

 

PS BUSINESS PARKS, INC.
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)
Supplemental Disclosure of Ratio of Funds from Operations (“FFO”) to Fixed Charges:
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2005     2004     2005     2004  
FFO
   $ 25,770     $ 22,289     $ 77,411     $ 71,184  
Interest expense
     304       513       866       2,612  
Minority interest in income — preferred units
     2,460       7,666       8,143       17,548  
Preferred stock distributions
     11,255       8,498       31,757       23,408  
 
                        
FFO available to cover fixed charges
   $ 39,789     $ 38,966     $ 118,177     $ 114,752  
 
                        
Fixed charges (2)
   $ 304     $ 513     $ 866     $ 2,612  
Preferred stock dividends (3)
     11,255       8,498       31,757       21,542  
Preferred partnership distributions (3)
     2,460       4,794       7,842       14,409  
 
                        
Combined fixed charges and preferred distributions paid
   $ 14,019     $ 13,805     $ 40,465     $ 38,563  
 
                        
Ratio of FFO to fixed charges
     130.9       76.0       136.5       43.9  
 
                        
Ratio of FFO to combined fixed charges and preferred distributions paid
     2.8       2.8       2.9       3.0  
 
                        
                                         
    2004     2003     2002     2001     2000  
FFO (1)
   $ 97,214     $ 97,448     $ 104,543     $ 95,472     $ 88,181  
Interest expense
     3,054       4,015       5,324       1,715       1,481  
Minority interest in income — preferred units
     20,245       19,240       17,927       14,107       12,185  
Preferred stock distributions
     33,020       15,784       15,412       8,854       5,088  
 
                              
FFO available to cover fixed charges
   $ 153,533     $ 136,487     $ 143,206     $ 120,148     $ 106,935  
 
                              
Fixed charges (2)
   $ 3,054     $ 4,015     $ 5,612     $ 2,806     $ 2,896  
Preferred stock dividends (3)
     31,154       15,784       15,412       8,854       5,088  
Preferred partnership distributions (3)
     17,106       19,240       17,927       14,107       12,185  
 
                              
Combined fixed charges and preferred distributions paid
   $ 51,314     $ 39,039     $ 38,951     $ 25,767     $ 20,169  
 
                              
Ratio of FFO to fixed charges
     50.3       34.0       25.5       42.8       36.9  
 
                              
Ratio of FFO to combined fixed charges and preferred distributions paid
     3.0       3.5       3.7       4.7       5.3  
 
                              
 
1.   FFO has been adjusted to include the effect of impairment charges
 
2.   Fixed charges include interest expense plus capitalized interest
 
3.   Excludes EITF Topic D-42 distributions