Attached files
| file | filename |
|---|---|
| EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD | psb-20151231xex311.htm |
| EX-23 - EX-23 - PS BUSINESS PARKS, INC./MD | psb-20151231xex23.htm |
| EX-10.36 - EX-10.36 - PS BUSINESS PARKS, INC./MD | psb-20151231ex103632a81.htm |
| EX-21 - EX-21 - PS BUSINESS PARKS, INC./MD | psb-20151231ex21aac1cb0.htm |
| 10-K - 10-K - PS BUSINESS PARKS, INC./MD | psb-20151231x10k.htm |
| EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MD | psb-20151231xex312.htm |
| EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD | psb-20151231xex321.htm |
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, |
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|
2015 |
2014 |
2013 |
2012 |
2011 |
||||||||||
|
Income from continuing operations |
$ |
148,970 |
$ |
204,700 |
$ |
116,144 |
$ |
94,395 |
$ |
99,563 | ||||
|
Interest expense |
13,270 | 13,509 | 16,074 | 20,618 | 5,455 | |||||||||
|
Earnings from continuing operations available to |
||||||||||||||
|
cover fixed charges |
$ |
162,240 |
$ |
218,209 |
$ |
132,218 |
$ |
115,013 |
$ |
105,018 | ||||
|
Fixed charges (1) |
$ |
14,428 |
$ |
14,453 |
$ |
16,433 |
$ |
20,618 |
$ |
5,455 | ||||
|
Preferred stock dividends |
61,885 | 60,488 | 59,216 | 69,136 | 41,799 | |||||||||
|
Preferred partnership distributions |
— |
— |
— |
323 | (6,991) | |||||||||
|
Combined fixed charges and preferred distributions |
$ |
76,313 |
$ |
74,941 |
$ |
75,649 |
$ |
90,077 |
$ |
40,263 | ||||
|
Ratio of earnings from continuing operations to |
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|
fixed charges |
11.2 | 15.1 | 8.0 | 5.6 | 19.3 | |||||||||
|
Ratio of earnings from continuing operations to |
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|
combined fixed charges and preferred distributions |
2.1 | 2.9 | 1.7 | 1.3 | 2.6 | |||||||||
Supplemental disclosure of Ratio of Funds from Operations (“FFO”) to fixed charges:
|
For The Years Ended December 31, |
||||||||||||||
|
2015 |
2014 |
2013 |
2012 |
2011 |
||||||||||
|
FFO |
$ |
164,244 |
$ |
162,196 |
$ |
165,845 |
$ |
134,472 |
$ |
149,797 | ||||
|
Interest expense |
13,270 | 13,509 | 16,074 | 20,618 | 5,455 | |||||||||
|
Net income allocable to noncontrolling interests — |
||||||||||||||
|
preferred units |
— |
— |
— |
323 | (6,991) | |||||||||
|
Preferred stock dividends |
61,885 | 60,488 | 59,216 | 69,136 | 41,799 | |||||||||
|
FFO available to cover fixed charges |
$ |
239,399 |
$ |
236,193 |
$ |
241,135 |
$ |
224,549 |
$ |
190,060 | ||||
|
Fixed charges (1) |
$ |
14,428 |
$ |
14,453 |
$ |
16,433 |
$ |
20,618 |
$ |
5,455 | ||||
|
Preferred stock dividends (2) |
59,398 | 60,488 | 59,216 | 51,969 | 41,799 | |||||||||
|
Preferred partnership distributions (2) |
— |
— |
— |
174 | 398 | |||||||||
|
Combined fixed charges and preferred |
||||||||||||||
|
distributions paid |
$ |
73,826 |
$ |
74,941 |
$ |
75,649 |
$ |
72,761 |
$ |
47,652 | ||||
|
Ratio of available FFO to fixed charges |
16.6 | 16.3 | 14.7 | 10.9 | 34.8 | |||||||||
|
Ratio of available FFO to combined fixed charges |
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|
and preferred distributions paid |
3.2 | 3.2 | 3.2 | 3.1 | 4.0 | |||||||||
(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.