Public Storage - FORM 10-Q - EX-12

PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO COMBINED FIXED CHANGES AND PREFERRED SHARE INCOME ALLOCATIONS


	Six Months Ended
	June 30,				Year Ended December 31,
	2018		2017		2017		2016		2015		2014		2013

	(Amounts in thousands, except ratios)

Income from continuing operations	$	749,728	$	699,228	$	1,448,465	$	1,460,439	$	1,317,689	$	1,149,955	$	1,057,531
Less: Income allocated to noncontrolling
interests which do not have fixed charges		(2,787)		(2,920)		(5,900)		(6,475)		(6,088)		(5,432)		(4,883)
Equity in earnings of unconsolidated
real estate entities		(72,758)		(40,017)		(75,655)		(56,756)		(50,937)		(88,267)		(57,579)
Add back: Distributions from retained
earnings of unconsolidated real estate entities		25,288		26,525		53,749		84,397		35,695		83,458		45,870
Interest expense		16,495		2,164		12,690		4,210		610		6,781		6,444
Total earnings available to cover fixed charges	$	715,966	$	684,980	$	1,433,349	$	1,485,815	$	1,296,969	$	1,146,495	$	1,047,383
Total fixed charges - interest expense
(including capitalized interest)	$	18,828	$	4,309	$	17,076	$	9,359	$	3,299	$	8,340	$	9,339

Cumulative preferred share cash dividends	$	108,158	$	121,402	$	236,535	$	238,214	$	245,097	$	232,636	$	204,312
Allocations pursuant to EITF Topic D-42		-		14,638		29,330		26,873		8,897		-		-
Total preferred distributions	$	108,158	$	136,040	$	265,865	$	265,087	$	253,994	$	232,636	$	204,312
Total combined fixed charges and
preferred share income allocations	$	126,986	$	140,349	$	282,941	$	274,446	$	257,293	$	240,976	$	213,651
Ratio of earnings to fixed charges		38.03 x		158.96 x		83.94 x		158.76 x		393.14 x		137.47 x		112.15 x
Ratio of earnings to fixed charges and
preferred share income allocations		5.64 x		4.88 x		5.07 x		5.41 x		5.04 x		4.76 x		4.90 x

Exhibit 12

Public Storage - FORM 10-Q - EX-12 - August 1, 2018