EX-12 5 a18058exv12.htm EXHIBIT 12 exv12
 

Exhibit 12
PS BUSINESS PARKS, INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratio data)
                                         
    2005     2004     2003     2002     2001  
Income from continuing operations
   $ 59,571     $ 46,449     $ 46,143     $ 45,731     $ 43,821  
Minority interest in continuing operations
     16,227       24,746       29,576       28,208       25,440  
Interest expense
     1,330       3,054       4,015       5,324       1,715  
 
                              
Earnings from continuing operations available to cover fixed charges
   $ 77,128     $ 74,249     $ 79,734     $ 79,263     $ 70,976  
 
                              
Fixed charges (2)
   $ 1,330     $ 3,054     $ 4,015     $ 5,612     $ 2,806  
Preferred stock dividends
     43,011       33,020       15,784       15,412       8,854  
Preferred partnership distributions
     10,651       20,245       19,240       17,927       14,107  
 
                              
Combined fixed charges and preferred distributions
   $ 54,992     $ 56,319     $ 39,039     $ 38,951     $ 25,767  
 
                              
Ratio of earnings from continuing operations to fixed charges
     58.0       24.3       19.9       14.1       25.3  
 
                              
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions
     1.4       1.3       2.0       2.0       2.8  
 
                              
Supplemental disclosure of Ratio of Funds from Operations (“FFO”) to fixed charges:
                                         
    2005     2004     2003     2002     2001  
FFO (1)
   $ 102,463     $ 97,214     $ 97,448     $ 104,543     $ 95,472  
Interest expense
     1,330       3,054       4,015       5,324       1,715  
Minority interest in income — preferred units
     10,651       20,245       19,240       17,927       14,107  
Preferred stock dividends
     43,011       33,020       15,784       15,412       8,854  
 
                              
FFO available to cover fixed charges
   $ 157,455     $ 153,533     $ 136,487     $ 143,206     $ 120,148  
 
                              
Fixed charges (2)
   $ 1,330     $ 3,054     $ 4,015     $ 5,612     $ 2,806  
Preferred stock dividends (3)
     43,011       31,154       15,784       15,412       8,854  
Preferred partnership distributions (3)
     10,651       17,106       19,240       17,927       14,107  
 
                              
Combined fixed charges and preferred distributions paid
   $ 54,992     $ 51,314     $ 39,039     $ 38,951     $ 25,767  
 
                              
Ratio of adjusted FFO to fixed charges
     118.4       50.3       34.0       25.5       42.8  
 
                              
Ratio of adjusted FFO to combined fixed charges and preferred distributions paid
     2.9       3.0       3.5       3.7       4.7  
 
                              
 
(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.