Attached files
file | filename |
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10-Q - 10-Q - Public Storage | psa-20160930x10q.htm |
EX-32 - EX-32 - Public Storage | psa-20160930xex32.htm |
EX-31.2 - EX-31.2 - Public Storage | psa-20160930xex31_2.htm |
EX-31.1 - EX-31.1 - Public Storage | psa-20160930xex31_1.htm |
PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Nine Months Ended |
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September 30, |
Year Ended December 31, |
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2016 |
2015 |
2015 |
2014 |
2013 |
2012 |
2011 |
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(Amounts in thousands, except ratios) |
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Income from continuing operations |
$ |
1,044,758 |
$ |
952,430 |
$ |
1,317,689 |
$ |
1,149,955 |
$ |
1,057,531 |
$ |
930,161 |
$ |
833,143 | |||||||
Less: Income allocated to noncontrolling interests |
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which do not have fixed charges |
(4,650) | (4,404) | (6,088) | (5,432) | (4,883) | (3,505) | (11,993) | ||||||||||||||
Equity in earnings of unconsolidated real |
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estate entities |
(41,628) | (36,267) | (50,937) | (88,267) | (57,579) | (45,586) | (58,704) | ||||||||||||||
Add back: Distributions from retained earnings of |
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unconsolidated real estate entities |
72,461 | 26,050 | 35,695 | 83,458 | 45,870 | 44,682 | 53,507 | ||||||||||||||
Interest expense |
3,310 |
- |
610 | 6,781 | 6,444 | 19,813 | 24,222 | ||||||||||||||
Total earnings available to cover fixed charges |
$ |
1,074,251 |
$ |
937,809 |
$ |
1,296,969 |
$ |
1,146,495 |
$ |
1,047,383 |
$ |
945,565 |
$ |
840,175 | |||||||
Total fixed charges - interest expense (including |
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capitalized interest) |
$ |
7,165 |
$ |
1,781 |
$ |
3,299 |
$ |
8,340 |
$ |
9,339 |
$ |
20,210 |
$ |
24,586 | |||||||
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Cumulative preferred share cash dividends |
$ |
178,666 |
$ |
186,066 |
$ |
245,097 |
$ |
232,636 |
$ |
204,312 |
$ |
205,241 |
$ |
224,877 | |||||||
Allocations pursuant to EITF Topic D-42 |
26,873 | 8,897 | 8,897 |
- |
- |
61,696 | 35,585 | ||||||||||||||
Total preferred distributions |
$ |
205,539 |
$ |
194,963 |
$ |
253,994 |
$ |
232,636 |
$ |
204,312 |
$ |
266,937 |
$ |
260,462 | |||||||
Total combined fixed charges and preferred share |
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income allocations |
$ |
212,704 |
$ |
196,744 |
$ |
257,293 |
$ |
240,976 |
$ |
213,651 |
$ |
287,147 |
$ |
285,048 | |||||||
Ratio of earnings to fixed charges |
149.93 x |
526.56 x |
393.14 x |
137.47 x |
112.15 x |
46.79 x |
34.17 x |
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Ratio of earnings to fixed charges and preferred share |
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income allocations |
5.05 x |
4.77 x |
5.04 x |
4.76 x |
4.90 x |
3.29 x |
2.95 x |
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Exhibit 12