Attached files
file | filename |
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EX-10.16 - EX-10.16 - Public Storage | psa-20161231xex10_16.htm |
10-K - 10-K - Public Storage | psa-20161231x10k.htm |
EX-32 - EX-32 - Public Storage | psa-20161231xex32.htm |
EX-31.2 - EX-31.2 - Public Storage | psa-20161231xex31_2.htm |
EX-31.1 - EX-31.1 - Public Storage | psa-20161231xex31_1.htm |
EX-23 - EX-23 - Public Storage | psa-20161231xex23.htm |
EX-21 - EX-21 - Public Storage | psa-20161231xex21.htm |
EX-10.19 - EX-10.19 - Public Storage | psa-20161231xex10_19.htm |
EX-10.18 - EX-10.18 - Public Storage | psa-20161231xex10_18.htm |
EX-10.17 - EX-10.17 - Public Storage | psa-20161231xex10_17.htm |
EX-10.15 - EX-10.15 - Public Storage | psa-20161231xex10_15.htm |
PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Year Ended December 31, |
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2016 |
2015 |
2014 |
2013 |
2012 |
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Income from continuing operations |
$ |
1,460,439 |
$ |
1,317,689 |
$ |
1,149,955 |
$ |
1,057,531 |
$ |
930,161 | ||||||
Less: Income allocated to noncontrolling interests |
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which do not have fixed charges |
(6,475) | (6,088) | (5,432) | (4,883) | (3,505) | |||||||||||
Equity in earnings of unconsolidated real |
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estate entities |
(56,756) | (50,937) | (88,267) | (57,579) | (45,586) | |||||||||||
Add back: Distributions from retained earnings of |
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unconsolidated real estate entities |
84,397 | 35,695 | 83,458 | 45,870 | 44,682 | |||||||||||
Interest expense |
4,210 | 610 | 6,781 | 6,444 | 19,813 | |||||||||||
Total earnings available to cover fixed charges |
$ |
1,485,815 |
$ |
1,296,969 |
$ |
1,146,495 |
$ |
1,047,383 |
$ |
945,565 | ||||||
Total fixed charges - interest expense (including |
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capitalized interest) |
$ |
9,359 |
$ |
3,299 |
$ |
8,340 |
$ |
9,339 |
$ |
20,210 | ||||||
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Cumulative preferred share cash dividends |
$ |
238,214 |
$ |
245,097 |
$ |
232,636 |
$ |
204,312 |
$ |
205,241 | ||||||
Allocations pursuant to EITF Topic D-42 |
26,873 | 8,897 |
- |
- |
61,696 | |||||||||||
Total preferred distributions |
$ |
265,087 |
$ |
253,994 |
$ |
232,636 |
$ |
204,312 |
$ |
266,937 | ||||||
Total combined fixed charges and preferred share |
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income allocations |
$ |
274,446 |
$ |
257,293 |
$ |
240,976 |
$ |
213,651 |
$ |
287,147 | ||||||
Ratio of earnings to fixed charges |
158.76 x |
393.14 x |
137.47 x |
112.15 x |
46.79 x |
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Ratio of earnings to fixed charges and preferred share |
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income allocations |
5.41 x |
5.04 x |
4.76 x |
4.90 x |
3.29 x |
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Exhibit 12