Attached files

file filename
EX-10.11 - EX-10.11 - Public Storagepsa-20151231ex10116996e.htm
EX-31.1 - EX-31.1 - Public Storagepsa-20151231xex311.htm
EX-10.12 - EX-10.12 - Public Storagepsa-20151231ex101227ce4.htm
EX-10.14 - EX-10.14 - Public Storagepsa-20151231ex10145e220.htm
EX-23 - EX-23 - Public Storagepsa-20151231xex23.htm
EX-21 - EX-21 - Public Storagepsa-20151231ex211dc63f1.htm
EX-10.5.4 - EX-10.5.4 - Public Storagepsa-20151231ex10547caa6.htm
EX-10.13 - EX-10.13 - Public Storagepsa-20151231ex101308fcd.htm
EX-31.2 - EX-31.2 - Public Storagepsa-20151231xex312.htm
10-K - 10-K - Public Storagepsa-20151231x10k.htm
EX-32 - EX-32 - Public Storagepsa-20151231xex32.htm

PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE:  COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$

1,317,689 

 

$

1,149,955 

 

$

1,057,531 

 

$

930,161 

 

$

833,143 

Less: Income allocated to noncontrolling interests which do not

 

 

 

 

 

 

 

 

 

 

 

 

 

 

have fixed charges

 

(6,088)

 

 

(5,432)

 

 

(4,883)

 

 

(3,505)

 

 

(11,993)

Equity in earnings of investments greater than cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

distributions from investment

 

(15,242)

 

 

(4,809)

 

 

(11,709)

 

 

(904)

 

 

(5,197)

Add back: interest expense  

 

610 

 

 

6,781 

 

 

6,444 

 

 

19,813 

 

 

24,222 

Total earnings available to cover fixed charges

$

1,296,969 

 

$

1,146,495 

 

$

1,047,383 

 

$

945,565 

 

$

840,175 

Total fixed charges - interest expense (including capitalized interest)    

$

3,299 

 

$

8,340 

 

$

9,339 

 

$

20,210 

 

$

24,586 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative preferred share cash dividends

$

245,097 

 

$

232,636 

 

$

204,312 

 

$

205,241 

 

$

224,877 

Allocations pursuant to EITF Topic D-42

 

8,897 

 

 

 -

 

 

 -

 

 

61,696 

 

 

35,585 

Total preferred distributions

$

253,994 

 

$

232,636 

 

$

204,312 

 

$

266,937 

 

$

260,462 

Total combined fixed charges and preferred share income allocations

$

257,293 

 

$

240,976 

 

$

213,651 

 

$

287,147 

 

$

285,048 

Ratio of earnings to fixed charges

 

393.14 x

 

 

137.47 x

 

 

112.15 x

 

 

46.79 x

 

 

34.17 x

Ratio of earnings to fixed charges and preferred share income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

allocations

 

5.04 x

 

 

4.76 x

 

 

4.90 x

 

 

3.29 x

 

 

2.95 x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12