Attached files
| file | filename |
|---|---|
| EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD | psb-20171231xex32_1.htm |
| EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD | psb-20171231xex31_1.htm |
| EX-23 - EX-23 - PS BUSINESS PARKS, INC./MD | psb-20171231xex23.htm |
| EX-21 - EX-21 - PS BUSINESS PARKS, INC./MD | psb-20171231xex21.htm |
| EX-10.12 - EX-10.12 - PS BUSINESS PARKS, INC./MD | psb-20171231xex10_12.htm |
| 10-K - 10-K - PS BUSINESS PARKS, INC./MD | psb-20171231x10k.htm |
Exhibit 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND INCOME ALLOCATION TO PREFERRED SHAREHOLDERS
(in thousands, except ratio data)
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For The Years Ended December 31, |
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2017 |
2016 |
2015 |
2014 |
2013 |
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Net income |
$ |
179,316 |
$ |
144,984 |
$ |
148,970 |
$ |
204,700 |
$ |
116,144 | ||||
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Interest expense |
1,179 | 5,568 | 13,270 | 13,509 | 16,074 | |||||||||
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Earnings available to cover fixed charges |
$ |
180,495 |
$ |
150,552 |
$ |
162,240 |
$ |
218,209 |
$ |
132,218 | ||||
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Fixed charges (1) |
$ |
1,685 |
$ |
6,452 |
$ |
14,428 |
$ |
14,453 |
$ |
16,433 | ||||
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Allocation to preferred shareholders based upon |
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Distributions |
52,873 | 57,276 | 59,398 | 60,488 | 59,216 | |||||||||
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Redemptions |
10,978 | 7,312 | 2,487 |
— |
— |
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Combined fixed charges and income allocation to |
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preferred shareholders |
$ |
65,536 |
$ |
71,040 |
$ |
76,313 |
$ |
74,941 |
$ |
75,649 | ||||
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Ratio of earnings to fixed charges |
107.1 | 23.3 | 11.2 | 15.1 | 8.0 | |||||||||
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Ratio of earnings to combined fixed charges |
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and income allocation to preferred shareholders |
2.8 | 2.1 | 2.1 | 2.9 | 1.7 | |||||||||
____________
(1)Fixed charges include interest expense and capitalized interest.
Supplemental Disclosure of Ratio of Funds from Operations (“FFO”) to Fixed Charges and Ratio of FFO to Combined Fixed Charges and Preferred Distributions:
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For The Years Ended December 31, |
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2017 |
2016 |
2015 |
2014 |
2013 |
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FFO allocable to common and dilutive shares |
$ |
203,341 |
$ |
179,882 |
$ |
164,244 |
$ |
162,196 |
$ |
165,845 | ||||
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Interest expense |
1,179 | 5,568 | 13,270 | 13,509 | 16,074 | |||||||||
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Allocation to preferred shareholders based upon |
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Distributions |
52,873 | 57,276 | 59,398 | 60,488 | 59,216 | |||||||||
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Redemptions |
10,978 | 7,312 | 2,487 |
— |
— |
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FFO available to cover fixed charges |
$ |
268,371 |
$ |
250,038 |
$ |
239,399 |
$ |
236,193 |
$ |
241,135 | ||||
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Fixed charges (1) |
$ |
1,685 |
$ |
6,452 |
$ |
14,428 |
$ |
14,453 |
$ |
16,433 | ||||
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Distributions to preferred shareholders |
52,873 | 57,276 | 59,398 | 60,488 | 59,216 | |||||||||
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Combined fixed charges and preferred distributions paid |
$ |
54,558 |
$ |
63,728 |
$ |
73,826 |
$ |
74,941 |
$ |
75,649 | ||||
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Ratio of available FFO to fixed charges |
159.3 | 38.8 | 16.6 | 16.3 | 14.7 | |||||||||
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Ratio of available FFO to combined fixed charges |
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and preferred distributions paid |
4.9 | 3.9 | 3.2 | 3.2 | 3.2 | |||||||||
____________
(1)Fixed charges include interest expense and capitalized interest.