PS BUSINESS PARKS, INC./MD - FORM 10-Q - EX-12 - October 27, 2017

Attached files

file filename
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MDpsb-20170930xex32_1.htm
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MDpsb-20170930xex31_1.htm
EX-10.2 - EX-10.2 - PS BUSINESS PARKS, INC./MDpsb-20170930xex10_2.htm
10-Q - 10-Q - PS BUSINESS PARKS, INC./MDpsb-20170930x10q.htm

 

 

Exhibit 12



PS BUSINESS PARKS, INC.



STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND INCOME ALLOCATION TO PREFERRED EQUITY HOLDERS

(Unaudited, in thousands, except ratio data)







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

For The Three Months

 

For The Nine Months



 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

 

2017

 

2016

 

2017

 

2016

Net income

 

 

 

$

 42,631 

 

$

 38,994 

 

$

 133,839 

 

$

 105,397 

Interest expense

 

 

 

 

 475 

 

 

 129 

 

 

 891 

 

 

 5,436 

Earnings available to cover fixed charges

 

 

 

$

 43,106 

 

$

 39,123 

 

$

 134,730 

 

$

 110,833 

Fixed charges (a)

 

 

 

$

 475 

 

$

 243 

 

$

 1,397 

 

$

 6,289 

Allocation to preferred shareholders and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unit holders based upon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 

 

 

 12,590 

 

 

 13,833 

 

 

 38,472 

 

 

 41,498 

Redemptions

 

 

 

 

 6,900 

 

 

—

 

 

 6,900 

 

 

—

Combined fixed charges and income allocation to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred equity holders

 

 

 

$

 19,965 

 

$

 14,076 

 

$

 46,769 

 

$

 47,787 

Ratio of earnings to fixed charges

 

 

 

 

 90.7 

 

 

 161.0 

 

 

 96.4 

 

 

 17.6 

Ratio of earnings to combined fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and income allocation to preferred equity holders

 

 

 

 

 2.2 

 

 

 2.8 

 

 

 2.9 

 

 

 2.3 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Years Ended December 31,



2016

 

2015

 

2014

 

2013

 

2012

Income from continuing operations

$

 144,984 

 

$

 148,970 

 

$

 204,700 

 

$

 116,144 

 

$

 94,395 

Interest expense

 

 5,568 

 

 

 13,270 

 

 

 13,509 

 

 

 16,074 

 

 

 20,618 

Earnings from continuing operations available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

cover fixed charges

$

 150,552 

 

$

 162,240 

 

$

 218,209 

 

$

 132,218 

 

$

 115,013 

Fixed charges (a)

$

 6,452 

 

$

 14,428 

 

$

 14,453 

 

$

 16,433 

 

$

 20,618 

Allocation to preferred shareholders and 

 

 

 

 

 

 

 

 

unit holders based upon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 57,276 

 

 

 59,398 

 

 

 60,488 

 

 

 59,216 

 

 

 52,143 

Redemptions

 

 7,312 

 

 

 2,487 

 

 

—

 

 

—

 

 

 17,316 

Combined fixed charges and income allocation to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred equity holders

$

 71,040 

 

$

 76,313 

 

$

 74,941 

 

$

 75,649 

 

$

 90,077 

Ratio of earnings from continuing operations to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

fixed charges

 

 23.3 

 

 

 11.2 

 

 

 15.1 

 

 

 8.0 

 

 

 5.6 

Ratio of earnings from continuing operations to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

combined fixed charges and income allocation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to preferred equity holders

 

 2.1 

 

 

 2.1 

 

 

 2.9 

 

 

 1.7 

 

 

 1.3 

________

(a)

Fixed charges include interest expense and capitalized interest.



 

 

 

Exhibit 12



PS BUSINESS PARKS, INC.



STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

(Unaudited, in thousands, except ratio data)



Supplemental Disclosure of Ratio of Funds from Operations (“FFO”) to Fixed Charges and Ratio of FFO to Combined Fixed Charges and Preferred Distributions:









 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

For The Three Months

 

For The Nine Months



 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

 

2017

 

2016

 

2017

 

2016

FFO allocable to common and dilutive shares

 

 

 

$

 47,383 

 

$

 49,792 

 

$

 154,445 

 

$

 138,785 

Interest expense

 

 

 

 

 475 

 

 

 129 

 

 

 891 

 

 

 5,436 

Allocation to preferred shareholders and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unit holders based upon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 

 

 

 12,590 

 

 

 13,833 

 

 

 38,472 

 

 

 41,498 

Redemptions

 

 

 

 

 6,900 

 

 

—

 

 

 6,900 

 

 

—

FFO available to cover fixed charges

 

 

 

$

 67,348 

 

$

 63,754 

 

$

 200,708 

 

$

 185,719 

Fixed charges (a)

 

 

 

$

 475 

 

$

 243 

 

$

 1,397 

 

$

 6,289 

Distributions to preferred shareholders and unit holders

 

 

 

 

 12,590 

 

 

 13,833 

 

 

 38,472 

 

 

 41,498 

Combined fixed charges and preferred distributions paid

 

 

 

$

 13,065 

 

$

 14,076 

 

$

 39,869 

 

$

 47,787 

Ratio of available FFO to fixed charges

 

 

 

 

 141.8 

 

 

 262.4 

 

 

 143.7 

 

 

 29.5 

Ratio of available FFO to combined fixed charges and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred distributions paid

 

 

 

 

 5.2 

 

 

 4.5 

 

 

 5.0 

 

 

 3.9 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Years Ended December 31,



2016

 

2015

 

2014

 

2013

 

2012

FFO allocable to common and dilutive shares

$

 179,882 

 

$

 164,244 

 

$

 162,196 

 

$

 165,845 

 

$

 134,472 

Interest expense

 

 5,568 

 

 

 13,270 

 

 

 13,509 

 

 

 16,074 

 

 

 20,618 

Allocation to preferred shareholders and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unit holders based upon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 57,276 

 

 

 59,398 

 

 

 60,488 

 

 

 59,216 

 

 

 52,143 

Redemptions

 

 7,312 

 

 

 2,487 

 

 

—

 

 

—

 

 

 17,316 

FFO available to cover fixed charges

$

 250,038 

 

$

 239,399 

 

$

 236,193 

 

$

 241,135 

 

$

 224,549 

Fixed charges (a)

$

 6,452 

 

$

 14,428 

 

$

 14,453 

 

$

 16,433 

 

$

 20,618 

Distributions to preferred shareholders and unit holders

 

 57,276 

 

 

 59,398 

 

 

 60,488 

 

 

 59,216 

 

 

 52,143 

Combined fixed charges and preferred distributions paid

$

 63,728 

 

$

 73,826 

 

$

 74,941 

 

$

 75,649 

 

$

 72,761 

Ratio of available FFO to fixed charges

 

 38.8 

 

 

 16.6 

 

 

 16.3 

 

 

 14.7 

 

 

 10.9 

Ratio of available FFO to combined fixed charges and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred distributions paid

 

 3.9 

 

 

 3.2 

 

 

 3.2 

 

 

 3.2 

 

 

 3.1 

________

(a)

Fixed charges include interest expense and capitalized interest.





PS BUSINESS PARKS, INC./MD Reports