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-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD	d919995dex311.htm
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD	d919995dex321.htm
EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MD	d919995dex312.htm
10-Q - 10-Q - PS BUSINESS PARKS, INC./MD	d919995d10q.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,
	2015		2014
Net income	$	40,355	$	27,801
Interest expense		3,298		3,353

Earnings available to cover fixed charges	$	43,653	$	31,154

Fixed charges ⁽¹⁾	$	3,558	$	3,578
Preferred stock dividends		15,122		15,122

Combined fixed charges and preferred distributions	$	18,680	$	18,700

Ratio of earnings to fixed charges		12.3		8.7

Ratio of earnings to combined fixed charges and preferred distributions		2.3		1.7


	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

⁽¹⁾	Fixed charges include interest expense and 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:


	For The Three Months
	Ended March 31,
	2015		2014
FFO	$	38,979	$	41,120
Interest expense		3,298		3,353
Preferred stock dividends		15,122		15,122

FFO available to cover fixed charges	$	57,399	$	59,595

Fixed charges ⁽¹⁾	$	3,558	$	3,578
Preferred stock dividends ⁽²⁾		15,122		15,122

Combined fixed charges and preferred distributions paid	$	18,680	$	18,700

Ratio of adjusted FFO to fixed charges		16.1		16.7

Ratio of adjusted FFO to combined fixed charges and preferred distributions paid		3.1		3.2


	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 interests — preferred units		—		—		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 adjusted FFO to fixed charges		16.3		14.7		10.9		34.8			50.7

Ratio of adjusted 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 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 1, 2015