PS BUSINESS PARKS, INC./MD - FORM 10-Q - EX-12 - August 3, 2015

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EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MDpsb-20150630xex321.htm
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MDpsb-20150630xex311.htm
EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MDpsb-20150630xex312.htm
10-Q - 10-Q - PS BUSINESS PARKS, INC./MDpsb-20150630x10q.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

 

For The Six Months

 

 

 

 

Ended June 30,

 

Ended June 30,

 

 

 

 

2015

 

2014

 

2015

 

2014

Net income

 

 

 

$
29,309 

 

$
27,650 

 

$
69,664 

 

$
55,451 

Interest expense

 

 

 

 
3,327 

 

 
3,370 

 

 
6,625 

 

 
6,723 

Earnings available to cover fixed charges

 

 

 

$
32,636 

 

$
31,020 

 

$
76,289 

 

$
62,174 

Fixed charges (1)

 

 

 

$
3,597 

 

$
3,602 

 

$
7,155 

 

$
7,180 

Preferred stock dividends

 

 

 

 
15,122 

 

 
15,122 

 

 
30,244 

 

 
30,244 

Combined fixed charges and preferred distributions

 

 

 

$
18,719 

 

$
18,724 

 

$
37,399 

 

$
37,424 

Ratio of earnings to fixed charges

 

 

 

 
9.1 

 

 
8.6 

 

 
10.7 

 

 
8.7 

Ratio of earnings to combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

fixed charges and preferred distributions

 

 

 

 
1.7 

 

 
1.7 

 

 
2.0 

 

 
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

 

For The Six Months

 

 

 

 

Ended June 30,

 

Ended June 30,

 

 

 

 

2015

 

2014

 

2015

 

2014

FFO

 

 

 

$
41,212 

 

$
40,823 

 

$
80,191 

 

$
81,943 

Interest expense

 

 

 

 
3,327 

 

 
3,370 

 

 
6,625 

 

 
6,723 

Preferred stock dividends

 

 

 

 
15,122 

 

 
15,122 

 

 
30,244 

 

 
30,244 

FFO available to cover fixed charges

 

 

 

$
59,661 

 

$
59,315 

 

$
117,060 

 

$
118,910 

Fixed charges (1)

 

 

 

$
3,597 

 

$
3,602 

 

$
7,155 

 

$
7,180 

Preferred stock dividends (2)

 

 

 

 
15,122 

 

 
15,122 

 

 
30,244 

 

 
30,244 

Combined fixed charges and preferred distributions paid

 

 

 

$
18,719 

 

$
18,724 

 

$
37,399 

 

$
37,424 

Ratio of available FFO to fixed charges

 

 

 

 
16.6 

 

 
16.5 

 

 
16.4 

 

 
16.6 

Ratio of available FFO to combined fixed charges and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred distributions paid

 

 

 

 
3.2 

 

 
3.2 

 

 
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 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 issuance costs related to the redemption/repurchase of preferred equity and the gain on the repurchase of preferred equity.

 

PS BUSINESS PARKS, INC./MD Reports