PS BUSINESS PARKS, INC./MD - FORM 10-Q - EX-12

file	filename
EXCEL - IDEA: XBRL DOCUMENT - PS BUSINESS PARKS, INC./MD	Financial_Report.xls
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD	d536047dex321.htm
EX-10.1 - EX-10.1 - PS BUSINESS PARKS, INC./MD	d536047dex101.htm
EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MD	d536047dex312.htm
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD	d536047dex311.htm
10-Q - FORM 10-Q - PS BUSINESS PARKS, INC./MD	d536047d10q.htm

PS BUSINESS PARKS, INC.

EXHIBIT 12

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited, in thousands, except ratio data)


	For the Three Months Ended March 31,
	2013		2012
Income from continuing operations	$	24,989	$	21,906
Interest expense		4,539		5,348

Earnings from continuing operations available to cover fixed charges	$	29,528	$	27,254

Fixed charges ⁽¹⁾	$	4,539	$	5,348
Preferred stock dividends		13,850		17,186
Preferred partnership distributions		—		99

Combined fixed charges and preferred distributions	$	18,389	$	22,633

Ratio of earnings from continuing operations to fixed charges		6.5		5.1

Ratio of earnings from continuing operations to combined fixed charges and preferred distributions		1.6		1.2


	For the Years Ended December 31,
	2012		2011			2010		2009			2008
Income from continuing operations	$	94,395	$	99,563		$	96,394	$	91,368		$	84,106
Interest expense		20,618		5,455			3,534		3,552			3,952

Earnings from continuing operations available to cover fixed charges	$	115,013	$	105,018		$	99,928	$	94,920		$	88,058

Fixed charges ⁽¹⁾	$	20,618	$	5,455		$	3,534	$	3,552		$	3,952
Preferred stock dividends		69,136		41,799			46,214		17,440			46,630
Preferred partnership distributions		323		(6,991	)		5,103		(2,569	)		7,007

Combined fixed charges and preferred distributions	$	90,077	$	40,263		$	54,851	$	18,423		$	57,589

Ratio of earnings from continuing operations to fixed charges		5.6		19.3			28.3		26.7			22.3

Ratio of earnings from continuing operations to combined fixed charges and preferred distributions		1.3		2.6			1.8		5.2			1.5

⁽¹⁾	Fixed charges include interest expense.

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:


	For the Three Months Ended March 31,
	2013		2012
FFO	$	38,100	$	31,859
Interest expense		4,539		5,348
Net income allocable to noncontrolling interests — preferred units		—		99
Preferred stock dividends		13,850		17,186

FFO available to cover fixed charges	$	56,489	$	54,492

Fixed charges ⁽¹⁾	$	4,539	$	5,348
Preferred stock dividends ⁽²⁾		13,850		11,926
Preferred partnership distributions ⁽²⁾		—		99

Combined fixed charges and preferred distributions paid	$	18,389	$	17,373

Ratio of adjusted FFO to fixed charges		12.4		10.2

Ratio of adjusted FFO to combined fixed charges and preferred distributions paid		3.1		3.1


	For the Years Ended December 31,
	2012		2011			2010		2009			2008
FFO	$	134,472	$	149,797		$	124,420	$	163,074		$	131,558
Interest expense		20,618		5,455			3,534		3,552			3,952
Net income allocable to noncontrolling interests — preferred units		323		(6,991	)		5,103		(2,569	)		7,007
Preferred stock dividends		69,136		41,799			46,214		17,440			46,630

FFO available to cover fixed charges	$	224,549	$	190,060		$	179,271	$	181,497		$	189,147

Fixed charges ⁽¹⁾	$	20,618	$	5,455		$	3,534	$	3,552		$	3,952
Preferred stock dividends ⁽²⁾		51,969		41,799			42,730		44,662			50,858
Preferred partnership distributions ⁽²⁾		174		398			4,521		5,848			7,007

Combined fixed charges and preferred distributions paid	$	72,761	$	47,652		$	50,785	$	54,062		$	61,817

Ratio of adjusted FFO to fixed charges		10.9		34.8			50.7		51.1			47.9

Ratio of adjusted FFO to combined fixed charges and preferred distributions paid		3.1		4.0			3.5		3.4			3.1

⁽¹⁾	Fixed charges include interest expense.

⁽²⁾	Excludes the issuance costs related to the redemption/repurchase of preferred equity and the gain on the repurchase of preferred equity.

PS BUSINESS PARKS, INC./MD - FORM 10-Q - EX-12 - May 9, 2013