PS BUSINESS PARKS, INC./MD - FORM 10-K - EX-12 - February 26, 2010

Attached files

file filename
10-K - FORM 10-K - PS BUSINESS PARKS, INC./MDv55303e10vk.htm
EX-23 - EX-23 - PS BUSINESS PARKS, INC./MDv55303exv23.htm
EX-21 - EX-21 - PS BUSINESS PARKS, INC./MDv55303exv21.htm
EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MDv55303exv31w2.htm
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MDv55303exv31w1.htm
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MDv55303exv32w1.htm
Exhibit 12
 
PS BUSINESS PARKS, INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratio data)
 
                                         
    2009     2008     2007     2006     2005  
 
Income from continuing operations
  $ 92,021     $ 84,750     $ 81,112     $ 78,504     $ 75,617  
Interest expense
    3,552       3,952       4,130       2,575       1,330  
                                         
Earnings from continuing operations available to cover fixed charges
  $ 95,573     $ 88,702     $ 85,242     $ 81,079     $ 76,947  
                                         
Fixed charges(1)
  $ 3,552     $ 3,952     $ 4,130     $ 2,575     $ 1,330  
Preferred stock dividends
    17,440       46,630       50,937       47,933       43,011  
Preferred partnership distributions
    (2,569 )     7,007       6,854       11,155       10,651  
                                         
Combined fixed charges and preferred distributions
  $ 18,423     $ 57,589     $ 61,921     $ 61,663     $ 54,992  
                                         
Ratio of earnings from continuing operations to fixed charges
    26.9       22.4       20.6       31.5       57.9  
                                         
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions
    5.2       1.5       1.4       1.3       1.4  
                                         
 
Supplemental disclosure of Ratio of Funds from Operations (“FFO”) to fixed charges:
 
                                         
    2009     2008     2007     2006     2005  
 
FFO
  $ 163,074     $ 131,558     $ 122,405     $ 106,235     $ 102,608  
Interest expense
    3,552       3,952       4,130       2,575       1,330  
Net income allocable to noncontrolling interests — preferred units
    (2,569 )     7,007       6,854       11,155       10,651  
Preferred stock dividends
    17,440       46,630       50,937       47,933       43,011  
                                         
FFO available to cover fixed charges
  $ 181,497     $ 189,147     $ 184,326     $ 167,898     $ 157,600  
                                         
Fixed charges(1)
  $ 3,552     $ 3,952     $ 4,130     $ 2,575     $ 1,330  
Preferred stock dividends(2)
    44,662       50,858       50,937       44,553       43,011  
Preferred partnership distributions(2)
    5,848       7,007       6,854       9,789       10,350  
                                         
Combined fixed charges and preferred distributions paid
  $ 54,062     $ 61,817     $ 61,921     $ 56,917     $ 54,691  
                                         
Ratio of adjusted FFO to fixed charges
    51.1       47.9       44.6       65.2       118.5  
                                         
Ratio of adjusted FFO to combined fixed charges and preferred distributions paid
    3.4       3.1       3.0       2.9       2.9  
                                         
 
 
(1) Fixed charges include interest expense.
 
(2) Excludes the effect of redemption/repurchase of preferred equity.

PS BUSINESS PARKS, INC./MD Reports