Attached files
| file | filename |
|---|---|
| EX-23 - EX-23 - PS BUSINESS PARKS, INC./MD | d864826dex23.htm |
| EX-21 - EX-21 - PS BUSINESS PARKS, INC./MD | d864826dex21.htm |
| EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD | d864826dex311.htm |
| EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MD | d864826dex312.htm |
| EX-10.37 - EX-10.37 - PS BUSINESS PARKS, INC./MD | d864826dex1037.htm |
| EXCEL - IDEA: XBRL DOCUMENT - PS BUSINESS PARKS, INC./MD | Financial_Report.xls |
| 10-K - 10-K - PS BUSINESS PARKS, INC./MD | d864826d10k.htm |
| EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD | d864826dex321.htm |
Exhibit 12
PS BUSINESS PARKS, INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratio data)
| For The Years Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| Income from continuing operations |
$ | 204,700 | $ | 116,144 | $ | 94,395 | $ | 99,563 | $ | 96,394 | ||||||||||
| Interest expense |
13,509 | 16,074 | 20,618 | 5,455 | 3,534 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings from continuing operations available to cover fixed charges |
$ | 218,209 | $ | 132,218 | $ | 115,013 | $ | 105,018 | $ | 99,928 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Fixed charges (1) |
$ | 14,453 | $ | 16,433 | $ | 20,618 | $ | 5,455 | $ | 3,534 | ||||||||||
| Preferred stock dividends |
60,488 | 59,216 | 69,136 | 41,799 | 46,214 | |||||||||||||||
| Preferred partnership distributions |
— | — | 323 | (6,991 | ) | 5,103 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Combined fixed charges and preferred distributions |
$ | 74,941 | $ | 75,649 | $ | 90,077 | $ | 40,263 | $ | 54,851 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of earnings from continuing operations to fixed charges |
15.1 | 8.0 | 5.6 | 19.3 | 28.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of earnings from continuing operations to combined fixed charges and preferred distributions |
2.9 | 1.7 | 1.3 | 2.6 | 1.8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental disclosure of Ratio of Funds from Operations (“FFO”) to fixed charges:
| For The Years Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| FFO |
$ | 162,196 | $ | 165,845 | $ | 134,472 | $ | 149,797 | $ | 124,420 | ||||||||||
| Interest expense |
13,509 | 16,074 | 20,618 | 5,455 | 3,534 | |||||||||||||||
| Net income allocable to noncontrolling |
— | — | 323 | (6,991 | ) | 5,103 | ||||||||||||||
| Preferred stock dividends |
60,488 | 59,216 | 69,136 | 41,799 | 46,214 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| FFO available to cover fixed charges |
$ | 236,193 | $ | 241,135 | $ | 224,549 | $ | 190,060 | $ | 179,271 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Fixed charges (1) |
$ | 14,453 | $ | 16,433 | $ | 20,618 | $ | 5,455 | $ | 3,534 | ||||||||||
| Preferred stock dividends (2) |
60,488 | 59,216 | 51,969 | 41,799 | 42,730 | |||||||||||||||
| Preferred partnership distributions (2) |
— | — | 174 | 398 | 4,521 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Combined fixed charges and preferred distributions paid |
$ | 74,941 | $ | 75,649 | $ | 72,761 | $ | 47,652 | $ | 50,785 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of available FFO to fixed charges |
16.3 | 14.7 | 10.9 | 34.8 | 50.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of available FFO to combined fixed charges and preferred distributions paid |
3.2 | 3.2 | 3.1 | 4.0 | 3.5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | Fixed charges include interest expense and capitalized interest. |
| (2) | Excludes the charge for the issuance costs related to the redemption/repurchase of preferred equity and the gain on the repurchase of preferred equity. |