Attached files
| file | filename |
|---|---|
| EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD | psb-20161231xex32_1.htm |
| EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MD | psb-20161231xex31_2.htm |
| EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD | psb-20161231xex31_1.htm |
| EX-23 - EX-23 - PS BUSINESS PARKS, INC./MD | psb-20161231xex23.htm |
| EX-21 - EX-21 - PS BUSINESS PARKS, INC./MD | psb-20161231xex21.htm |
| 10-K - 10-K - PS BUSINESS PARKS, INC./MD | psb-20161231x10k.htm |
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratio data)
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For The Years Ended December 31, |
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2016 |
2015 |
2014 |
2013 |
2012 |
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Income from continuing operations |
$ |
144,984 |
$ |
148,970 |
$ |
204,700 |
$ |
116,144 |
$ |
94,395 | ||||
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Interest expense |
5,568 | 13,270 | 13,509 | 16,074 | 20,618 | |||||||||
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Earnings from continuing operations available to |
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cover fixed charges |
$ |
150,552 |
$ |
162,240 |
$ |
218,209 |
$ |
132,218 |
$ |
115,013 | ||||
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Fixed charges (1) |
$ |
6,452 |
$ |
14,428 |
$ |
14,453 |
$ |
16,433 |
$ |
20,618 | ||||
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Preferred stock dividends |
64,588 | 61,885 | 60,488 | 59,216 | 69,136 | |||||||||
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Preferred partnership distributions |
— |
— |
— |
— |
323 | |||||||||
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Combined fixed charges and preferred distributions |
$ |
71,040 |
$ |
76,313 |
$ |
74,941 |
$ |
75,649 |
$ |
90,077 | ||||
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Ratio of earnings from continuing operations to |
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fixed charges |
23.3 | 11.2 | 15.1 | 8.0 | 5.6 | |||||||||
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Ratio of earnings from continuing operations to |
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combined fixed charges and preferred distributions |
2.1 | 2.1 | 2.9 | 1.7 | 1.3 | |||||||||
____________
(1)Fixed charges include interest expense and capitalized interest.
Supplemental Disclosure of Ratio of Funds from Operations (“FFO”) to Fixed Charges:
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For The Years Ended December 31, |
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2016 |
2015 |
2014 |
2013 |
2012 |
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FFO |
$ |
179,882 |
$ |
164,244 |
$ |
162,196 |
$ |
165,845 |
$ |
134,472 | ||||
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Interest expense |
5,568 | 13,270 | 13,509 | 16,074 | 20,618 | |||||||||
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Net income allocable to noncontrolling interests — |
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preferred units |
— |
— |
— |
— |
323 | |||||||||
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Preferred stock dividends |
64,588 | 61,885 | 60,488 | 59,216 | 69,136 | |||||||||
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FFO available to cover fixed charges |
$ |
250,038 |
$ |
239,399 |
$ |
236,193 |
$ |
241,135 |
$ |
224,549 | ||||
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Fixed charges (1) |
$ |
6,452 |
$ |
14,428 |
$ |
14,453 |
$ |
16,433 |
$ |
20,618 | ||||
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Preferred stock dividends (2) |
57,276 | 59,398 | 60,488 | 59,216 | 51,969 | |||||||||
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Preferred partnership distributions (2) |
— |
— |
— |
— |
174 | |||||||||
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Combined fixed charges and preferred |
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distributions paid |
$ |
63,728 |
$ |
73,826 |
$ |
74,941 |
$ |
75,649 |
$ |
72,761 | ||||
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Ratio of available FFO to fixed charges |
38.8 | 16.6 | 16.3 | 14.7 | 10.9 | |||||||||
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Ratio of available FFO to combined fixed charges |
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and preferred distributions paid |
3.9 | 3.2 | 3.2 | 3.2 | 3.1 | |||||||||
____________
(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.