Public Storage - FORM 10-Q - EX-12

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


	Six Months Ended
	June 30,				Year Ended December 31,
	2016		2015		2015		2014		2013		2012		2011

	(Amounts in thousands, except ratios)

Income from continuing operations	$	675,708	$	611,294	$	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		(2,998)		(2,933)		(6,088)		(5,432)		(4,883)		(3,505)		(11,993)
Equity in earnings of unconsolidated real
estate entities		(24,391)		(23,664)		(50,937)		(88,267)		(57,579)		(45,586)		(58,704)
Add back: Distributions from retained earnings of
unconsolidated real estate entities		60,587		16,361		35,695		83,458		45,870		44,682		53,507
Interest expense		2,089		-		610		6,781		6,444		19,813		24,222
Total earnings available to cover fixed charges	$	710,995	$	601,058	$	1,296,969	$	1,146,495	$	1,047,383	$	945,565	$	840,175
Total fixed charges - interest expense (including
capitalized interest)	$	4,703	$	1,212	$	3,299	$	8,340	$	9,339	$	20,210	$	24,586

Cumulative preferred share cash dividends	$	121,488	$	125,004	$	245,097	$	232,636	$	204,312	$	205,241	$	224,877
Allocations pursuant to EITF Topic D-42		26,873		4,784		8,897		-		-		61,696		35,585
Total preferred distributions	$	148,361	$	129,788	$	253,994	$	232,636	$	204,312	$	266,937	$	260,462
Total combined fixed charges and preferred share
income allocations	$	153,064	$	131,000	$	257,293	$	240,976	$	213,651	$	287,147	$	285,048
Ratio of earnings to fixed charges		151.18 x		495.92 x		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		4.65 x		4.59 x		5.04 x		4.76 x		4.90 x		3.29 x		2.95 x

Exhibit 12

Public Storage - FORM 10-Q - EX-12 - August 4, 2016