Attached files
file | filename |
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EX-32 - EX-32 - Public Storage | psa-20150930xex32.htm |
EX-31.2 - EX-31.2 - Public Storage | psa-20150930xex312.htm |
EX-31.1 - EX-31.1 - Public Storage | psa-20150930xex311.htm |
10-Q - 10-Q - Public Storage | psa-20150930x10q.htm |
PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended |
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September 30, |
Year Ended December 31, |
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2015 |
2014 |
2014 |
2013 |
2012 |
2011 |
2010 |
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(Amounts in thousands, except ratios) |
||||||||||||||||||||
Income from continuing operations |
$ |
952,430 |
$ |
801,529 |
$ |
1,149,955 |
$ |
1,057,531 |
$ |
930,161 |
$ |
833,143 |
$ |
688,354 | ||||||
Less: Income allocated to noncontrolling interests which do not have fixed charges |
(4,404) | (3,808) | (5,432) | (4,883) | (3,505) | (11,993) | (16,561) | |||||||||||||
Equity in earnings of investments (greater) less than cash distributions from investment |
(10,217) | (7,852) | (4,809) | (11,709) | (904) | (5,197) | 11,536 | |||||||||||||
Add back: interest expense |
- |
6,781 | 6,781 | 6,444 | 19,813 | 24,222 | 30,225 | |||||||||||||
Total earnings available to cover fixed charges |
$ |
937,809 |
$ |
796,650 |
$ |
1,146,495 |
$ |
1,047,383 |
$ |
945,565 |
$ |
840,175 |
$ |
713,554 | ||||||
Total fixed charges - interest expense (including capitalized interest) |
$ |
1,781 |
$ |
7,572 |
$ |
8,340 |
$ |
9,339 |
$ |
20,210 |
$ |
24,586 |
$ |
30,610 | ||||||
Cumulative preferred share cash dividends |
$ |
186,066 |
$ |
170,942 |
$ |
232,636 |
$ |
204,312 |
$ |
205,241 |
$ |
224,877 |
$ |
232,745 | ||||||
Preferred partnership unit cash distributions |
- |
- |
- |
- |
- |
- |
5,930 | |||||||||||||
Allocations pursuant to EITF Topic D-42 |
8,897 |
- |
- |
- |
61,696 | 35,585 | 8,289 | |||||||||||||
Total preferred distributions |
$ |
194,963 |
$ |
170,942 |
$ |
232,636 |
$ |
204,312 |
$ |
266,937 |
$ |
260,462 |
$ |
246,964 | ||||||
Total combined fixed charges and preferred share income allocations |
$ |
196,744 |
$ |
178,514 |
$ |
240,976 |
$ |
213,651 |
$ |
287,147 |
$ |
285,048 |
$ |
277,574 | ||||||
Ratio of earnings to fixed charges |
526.56 x |
105.21 x |
137.47 x |
112.15 x |
46.79 x |
34.17 x |
23.31 x |
|||||||||||||
Ratio of earnings to fixed charges and preferred share income allocations |
4.77 x |
4.46 x |
4.76 x |
4.90 x |
3.29 x |
2.95 x |
2.57 x |
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Exhibit 12