Attached files
file | filename |
---|---|
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD | psb-20180630xex32_1.htm |
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD | psb-20180630xex31_1.htm |
10-Q - 10-Q - PS BUSINESS PARKS, INC./MD | psb-20180630x10q.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 SHAREHOLDERS
(Unaudited, in thousands, except ratio data)
|
||||||||||||||
|
For The Three Months |
For The Six Months |
||||||||||||
|
Ended June 30, |
Ended June 30, |
||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||
Net income |
$ |
102,359 |
$ |
44,175 |
$ |
173,884 |
$ |
91,208 | ||||||
Interest expense |
140 | 277 | 280 | 416 | ||||||||||
Earnings available to cover fixed charges |
$ |
102,499 |
$ |
44,452 |
$ |
174,164 |
$ |
91,624 | ||||||
Fixed charges (1) |
$ |
140 |
$ |
504 |
$ |
280 |
$ |
922 | ||||||
Allocation to preferred shareholders |
12,959 | 12,591 | 25,962 | 25,882 | ||||||||||
Combined fixed charges and income allocation to |
||||||||||||||
preferred shareholders |
$ |
13,099 |
$ |
13,095 |
$ |
26,242 |
$ |
26,804 | ||||||
Ratio of earnings to fixed charges |
732.1 | 88.2 | 622.0 | 99.4 | ||||||||||
Ratio of earnings to combined fixed charges |
||||||||||||||
and income allocation to preferred shareholders |
7.8 | 3.4 | 6.6 | 3.4 | ||||||||||
|
||||||||||||||
|
||||||||||||||
|
||||||||||||||
|
For the Years Ended December 31, |
|||||||||||||
|
2017 |
2016 |
2015 |
2014 |
2013 |
|||||||||
Net Income |
$ |
179,316 |
$ |
144,984 |
$ |
148,970 |
$ |
204,700 |
$ |
116,144 | ||||
Interest expense |
1,179 | 5,568 | 13,270 | 13,509 | 16,074 | |||||||||
Earnings available to cover fixed charges |
$ |
180,495 |
$ |
150,552 |
$ |
162,240 |
$ |
218,209 |
$ |
132,218 | ||||
Fixed charges (1) |
$ |
1,685 |
$ |
6,452 |
$ |
14,428 |
$ |
14,453 |
$ |
16,433 | ||||
Allocation to preferred shareholders based upon |
||||||||||||||
Distributions |
52,873 | 57,276 | 59,398 | 60,488 | 59,216 | |||||||||
Redemptions |
10,978 | 7,312 | 2,487 |
— |
— |
|||||||||
Combined fixed charges and income allocation to |
||||||||||||||
preferred shareholders |
$ |
65,536 |
$ |
71,040 |
$ |
76,313 |
$ |
74,941 |
$ |
75,649 | ||||
Ratio of earnings to fixed charges |
107.1 | 23.3 | 11.2 | 15.1 | 8.0 | |||||||||
Ratio of earnings to combined fixed charges |
||||||||||||||
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 (Unaudited, in thousands, except ratio data):
|
||||||||||||||
|
For The Three Months |
For The Six Months |
||||||||||||
|
Ended June 30, |
Ended June 30, |
||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||
FFO allocable to common and dilutive shares |
$ |
55,366 |
$ |
54,107 |
$ |
110,948 |
$ |
107,062 | ||||||
Interest expense |
140 | 277 | 280 | 416 | ||||||||||
Allocation to preferred shareholders |
12,959 | 12,591 | 25,962 | 25,882 | ||||||||||
FFO available to cover fixed charges |
$ |
68,465 |
$ |
66,975 |
$ |
137,190 |
$ |
133,360 | ||||||
Fixed charges (1) |
$ |
140 |
$ |
504 |
$ |
280 |
$ |
922 | ||||||
Distributions to preferred shareholders |
12,959 | 12,591 | 25,962 | 25,882 | ||||||||||
Combined fixed charges and preferred distributions paid |
$ |
13,099 |
$ |
13,095 |
$ |
26,242 |
$ |
26,804 | ||||||
Ratio of available FFO to fixed charges |
489.0 | 132.9 | 490.0 | 144.6 | ||||||||||
Ratio of available FFO to combined fixed charges and |
||||||||||||||
preferred distributions paid |
5.2 | 5.1 | 5.2 | 5.0 | ||||||||||
|
||||||||||||||
|
||||||||||||||
|
||||||||||||||
|
For the Years Ended December 31, |
|||||||||||||
|
2017 |
2016 |
2015 |
2014 |
2013 |
|||||||||
FFO allocable to common and dilutive shares |
$ |
203,341 |
$ |
179,882 |
$ |
164,244 |
$ |
162,196 |
$ |
165,845 | ||||
Interest expense |
1,179 | 5,568 | 13,270 | 13,509 | 16,074 | |||||||||
Allocation to preferred shareholders based upon |
||||||||||||||
Distributions |
52,873 | 57,276 | 59,398 | 60,488 | 59,216 | |||||||||
Redemptions |
10,978 | 7,312 | 2,487 |
— |
— |
|||||||||
FFO available to cover fixed charges |
$ |
268,371 |
$ |
250,038 |
$ |
239,399 |
$ |
236,193 |
$ |
241,135 | ||||
Fixed charges (1) |
$ |
1,685 |
$ |
6,452 |
$ |
14,428 |
$ |
14,453 |
$ |
16,433 | ||||
Distributions to preferred shareholders |
52,873 | 57,276 | 59,398 | 60,488 | 59,216 | |||||||||
Combined fixed charges and preferred distributions paid |
$ |
54,558 |
$ |
63,728 |
$ |
73,826 |
$ |
74,941 |
$ |
75,649 | ||||
Ratio of available FFO to fixed charges |
159.3 | 38.8 | 16.6 | 16.3 | 14.7 | |||||||||
Ratio of available FFO to combined fixed charges and |
||||||||||||||
preferred distributions paid |
4.9 | 3.9 | 3.2 | 3.2 | 3.2 |
____________________________
(1) |
Fixed charges include interest expense and capitalized interest. |