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

file	filename
EXCEL - IDEA: XBRL DOCUMENT - PS BUSINESS PARKS, INC./MD	Financial_Report.xls
10-Q - FORM 10-Q - PS BUSINESS PARKS, INC./MD	c16497e10vq.htm
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD	c16497exv32w1.htm
EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MD	c16497exv31w2.htm
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD	c16497exv31w1.htm

PS BUSINESS PARKS, INC.

EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)


	For the Three Months
	Ended March 31,
	2011			2010
Income from continuing operations	$	24,673		$	22,654
Interest expense		1,215			855

Earnings from continuing operations available to cover fixed charges	$	25,888		$	23,509

Fixed charges ⁽¹⁾	$	1,215		$	855
Preferred stock dividends		10,450			11,155
Preferred partnership distributions		(7,290	)		1,382

Combined fixed charges and preferred distributions	$	4,375		$	13,392

Ratio of earnings from continuing operations to fixed charges		21.3			27.5

Ratio of earnings from continuing operations to combined fixed charges and preferred distributions		5.9			1.8


	For the Years Ended December 31,
	2010		2009			2008		2007		2006
Income from continuing operations	$	96,835	$	92,021		$	84,750	$	81,112	$	78,504
Interest expense		3,534		3,552			3,952		4,130		2,575

Earnings from continuing operations available to cover fixed charges	$	100,369	$	95,573		$	88,702	$	85,242	$	81,079

Fixed charges ⁽¹⁾	$	3,534	$	3,552		$	3,952	$	4,130	$	2,575
Preferred stock dividends		46,214		17,440			46,630		50,937		47,933
Preferred partnership distributions		5,103		(2,569	)		7,007		6,854		11,155

Combined fixed charges and preferred distributions	$	54,851	$	18,423		$	57,589	$	61,921	$	61,663

Ratio of earnings from continuing operations to fixed charges		28.4		26.9			22.4		20.6		31.5

Ratio of earnings from continuing operations to combined fixed charges and preferred distributions		1.8		5.2			1.5		1.4		1.3


⁽¹⁾		Fixed charges include interest expense.

PS BUSINESS PARKS, INC.
EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited, in thousands, except ratio data)

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


	For the Three Months
	Ended March 31,
	2011			2010
FFO	$	42,372		$	28,341
Interest expense		1,215			855
Net income allocable to noncontrolling interests — preferred units		(7,290	)		1,382
Preferred stock dividends		10,450			11,155

FFO available to cover fixed charges	$	46,747		$	41,733

Fixed charges ⁽¹⁾	$	1,215		$	855
Preferred stock dividends ⁽²⁾		10,450			11,155
Preferred partnership distributions ⁽²⁾		99			1,382

Combined fixed charges and preferred distributions paid	$	11,764		$	13,392

Ratio of adjusted FFO to fixed charges		38.5			48.8

Ratio of adjusted FFO to combined fixed charges and preferred distributions paid		4.0			3.1


	For the Years Ended December 31,
	2010		2009			2008		2007		2006
FFO	$	124,420	$	163,074		$	131,558	$	122,405	$	106,235
Interest expense		3,534		3,552			3,952		4,130		2,575
Net income allocable to noncontrolling interests — preferred units		5,103		(2,569	)		7,007		6,854		11,155
Preferred stock dividends		46,214		17,440			46,630		50,937		47,933

FFO available to cover fixed charges	$	179,271	$	181,497		$	189,147	$	184,326	$	167,898

Fixed charges ⁽¹⁾	$	3,534	$	3,552		$	3,952	$	4,130	$	2,575
Preferred stock dividends ⁽²⁾		42,730		44,662			50,858		50,937		44,553
Preferred partnership distributions ⁽²⁾		4,521		5,848			7,007		6,854		9,789

Combined fixed charges and preferred distributions paid	$	50,785	$	54,062		$	61,817	$	61,921	$	56,917

Ratio of adjusted FFO to fixed charges		50.7		51.1			47.9		44.6		65.2

Ratio of adjusted FFO to combined fixed charges and preferred distributions paid		3.5		3.4			3.1		3.0		2.9


⁽¹⁾		Fixed charges include interest expense.

⁽²⁾		Excludes the issuance costs related to the redemption/repurchase of preferred equity and the gain on the repurchase of preferred equity.

PS BUSINESS PARKS, INC./MD - FORM 10-Q - EX-12 - May 4, 2011