Attached files
file | filename |
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EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MD | psb-20160331xex31_2.htm |
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD | psb-20160331xex32_1.htm |
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD | psb-20160331xex31_1.htm |
EX-10.1 - EX-10.1 - PS BUSINESS PARKS, INC./MD | psb-20160331xex10_1.htm |
10-Q - 10-Q - PS BUSINESS PARKS, INC./MD | psb-20160331x10q.htm |
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)
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For The Three Months |
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Ended March 31, |
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2016 |
2015 |
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Net income |
$ |
32,480 |
$ |
40,355 | ||||||||||
Interest expense |
3,177 | 3,298 | ||||||||||||
Earnings available to cover fixed charges |
$ |
35,657 |
$ |
43,653 | ||||||||||
Fixed charges (1) |
$ |
3,571 |
$ |
3,558 | ||||||||||
Preferred stock dividends |
13,833 | 15,122 | ||||||||||||
Combined fixed charges and preferred distributions |
$ |
17,404 |
$ |
18,680 | ||||||||||
Ratio of earnings to fixed charges |
10.0 | 12.3 | ||||||||||||
Ratio of earnings to combined fixed charges and preferred distributions |
2.0 | 2.3 | ||||||||||||
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For the Years Ended December 31, |
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2015 |
2014 |
2013 |
2012 |
2011 |
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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 |
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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 combined |
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fixed charges and preferred distributions |
2.1 | 2.9 | 1.7 | 1.3 | 2.6 |
____________
(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:
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For The Three Months |
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Ended March 31, |
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2016 |
2015 |
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FFO |
$ |
43,688 |
$ |
38,979 | ||||||||||
Interest expense |
3,177 | 3,298 | ||||||||||||
Preferred stock dividends |
13,833 | 15,122 | ||||||||||||
FFO available to cover fixed charges |
$ |
60,698 |
$ |
57,399 | ||||||||||
Fixed charges (1) |
$ |
3,571 |
$ |
3,558 | ||||||||||
Preferred stock dividends (2) |
13,833 | 15,122 | ||||||||||||
Combined fixed charges and preferred distributions paid |
$ |
17,404 |
$ |
18,680 | ||||||||||
Ratio of available FFO to fixed charges |
17.0 | 16.1 | ||||||||||||
Ratio of available FFO to combined fixed charges and preferred distributions paid |
3.5 | 3.1 | ||||||||||||
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For the Years Ended December 31, |
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2015 |
2014 |
2013 |
2012 |
2011 |
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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 — |
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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 and |
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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 issuance costs related to the redemption/repurchase of preferred equity and the gain on the repurchase of preferred equity.