PS BUSINESS PARKS, INC./MD - FORM 10-Q - EX-12 - October 26, 2018

Attached files

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10-Q - 10-Q - PS BUSINESS PARKS, INC./MDpsb-20180930x10q.htm
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MDpsb-20180930xex32_1.htm
EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MDpsb-20180930xex31_2.htm
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MDpsb-20180930xex31_1.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 Nine Months



 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

 

2018

 

2017

 

2018

 

2017

Net income

 

 

 

$

 44,843 

 

$

 42,631 

 

$

 218,727 

 

$

 133,839 

Interest expense

 

 

 

 

 138 

 

 

 475 

 

 

 418 

 

 

 891 

Earnings available to cover fixed charges

 

 

 

$

 44,981 

 

$

 43,106 

 

$

 219,145 

 

$

 134,730 

Fixed charges (1)

 

 

 

$

 138 

 

$

 475 

 

$

 418 

 

$

 1,397 

Allocation to preferred shareholders based upon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 

 

 

 12,959 

 

 

 12,590 

 

 

 38,921 

 

 

 38,472 

Redemptions

 

 

 

 

—

 

 

 6,900 

 

 

—

 

 

 6,900 

Combined fixed charges and income allocation to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred shareholders

 

 

 

$

 13,097 

 

$

 19,965 

 

$

 39,339 

 

$

 46,769 

Ratio of earnings to fixed charges

 

 

 

 

 325.9 

 

 

 90.7 

 

 

 524.3 

 

 

 96.4 

Ratio of earnings to combined fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and income allocation to preferred shareholders

 

 

 

 

 3.4 

 

 

 2.2 

 

 

 5.6 

 

 

 2.9 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



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 Nine Months



 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

 

2018

 

2017

 

2018

 

2017

FFO allocable to common and dilutive shares

 

 

 

$

 57,088 

 

$

 47,383 

 

$

 168,036 

 

$

 154,445 

Interest expense

 

 

 

 

 138 

 

 

 475 

 

 

 418 

 

 

 891 

Allocation to preferred shareholders based upon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 

 

 

 12,959 

 

 

 12,590 

 

 

 38,921 

 

 

 38,472 

Redemptions

 

 

 

 

—

 

 

 6,900 

 

 

—

 

 

 6,900 

FFO available to cover fixed charges

 

 

 

$

 70,185 

 

$

 67,348 

 

$

 207,375 

 

$

 200,708 

Fixed charges (1)

 

 

 

$

 138 

 

$

 475 

 

$

 418 

 

$

 1,397 

Distributions to preferred shareholders

 

 

 

 

 12,959 

 

 

 12,590 

 

 

 38,921 

 

 

 38,472 

Combined fixed charges and preferred distributions paid

 

 

 

$

 13,097 

 

$

 13,065 

 

$

 39,339 

 

$

 39,869 

Ratio of available FFO to fixed charges

 

 

 

 

 508.6 

 

 

 141.8 

 

 

 496.1 

 

 

 143.7 

Ratio of available FFO to combined fixed charges and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred distributions paid

 

 

 

 

 5.4 

 

 

 5.2 

 

 

 5.3 

 

 

 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.

PS BUSINESS PARKS, INC./MD Reports