Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - PS BUSINESS PARKS, INC./MD | Financial_Report.xls |
| EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MD | d769034dex312.htm |
| EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MD | d769034dex321.htm |
| EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MD | d769034dex311.htm |
| 10-Q - FORM 10-Q - PS BUSINESS PARKS, INC./MD | d769034d10q.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 June 30, |
For The Six Months Ended June 30, |
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| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Income from continuing operations |
$ | 27,650 | $ | 26,476 | $ | 55,451 | $ | 51,465 | ||||||||
| Interest expense |
3,370 | 3,958 | 6,723 | 8,497 | ||||||||||||
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| Earnings from continuing operations available to cover fixed charges |
$ | 31,020 | $ | 30,434 | $ | 62,174 | $ | 59,962 | ||||||||
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| Fixed charges (1) |
$ | 3,602 | $ | 3,958 | $ | 7,180 | $ | 8,497 | ||||||||
| Preferred stock dividends |
15,122 | 15,122 | 30,244 | 28,972 | ||||||||||||
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| Combined fixed charges and preferred distributions |
$ | 18,724 | $ | 19,080 | $ | 37,424 | $ | 37,469 | ||||||||
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| Ratio of earnings from continuing operations to fixed charges |
8.6 | 7.7 | 8.7 | 7.1 | ||||||||||||
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| Ratio of earnings from continuing operations to combined fixed charges and preferred distributions |
1.7 | 1.6 | 1.7 | 1.6 | ||||||||||||
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| For the Years Ended December 31, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
| Income from continuing operations |
$ | 116,144 | $ | 94,395 | $ | 99,563 | $ | 96,394 | $ | 91,368 | ||||||||||
| Interest expense |
16,074 | 20,618 | 5,455 | 3,534 | 3,552 | |||||||||||||||
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| Earnings from continuing operations available to cover fixed charges |
$ | 132,218 | $ | 115,013 | $ | 105,018 | $ | 99,928 | $ | 94,920 | ||||||||||
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| Fixed charges (1) |
$ | 16,433 | $ | 20,618 | $ | 5,455 | $ | 3,534 | $ | 3,552 | ||||||||||
| Preferred stock dividends |
59,216 | 69,136 | 41,799 | 46,214 | 17,440 | |||||||||||||||
| Preferred partnership distributions |
— | 323 | (6,991 | ) | 5,103 | (2,569 | ) | |||||||||||||
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| Combined fixed charges and preferred distributions |
$ | 75,649 | $ | 90,077 | $ | 40,263 | $ | 54,851 | $ | 18,423 | ||||||||||
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| Ratio of earnings from continuing operations to fixed charges |
8.0 | 5.6 | 19.3 | 28.3 | 26.7 | |||||||||||||||
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| Ratio of earnings from continuing operations to combined fixed charges and preferred distributions |
1.7 | 1.3 | 2.6 | 1.8 | 5.2 | |||||||||||||||
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| (1) | Fixed charges include interest expense and capitalized interest. |
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 | For The Six Months | |||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| FFO |
$ | 40,823 | $ | 37,983 | $ | 81,943 | $ | 76,083 | ||||||||
| Interest expense |
3,370 | 3,958 | 6,723 | 8,497 | ||||||||||||
| Preferred stock dividends |
15,122 | 15,122 | 30,244 | 28,972 | ||||||||||||
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| FFO available to cover fixed charges |
$ | 59,315 | $ | 57,063 | $ | 118,910 | $ | 113,552 | ||||||||
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| Fixed charges (1) |
$ | 3,602 | $ | 3,958 | $ | 7,180 | $ | 8,497 | ||||||||
| Preferred stock dividends (2) |
15,122 | 15,122 | 30,244 | 28,972 | ||||||||||||
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| Combined fixed charges and preferred distributions paid |
$ | 18,724 | $ | 19,080 | $ | 37,424 | $ | 37,469 | ||||||||
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| Ratio of adjusted FFO to fixed charges |
16.5 | 14.4 | 16.6 | 13.4 | ||||||||||||
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| Ratio of adjusted FFO to combined fixed charges and preferred distributions paid |
3.2 | 3.0 | 3.2 | 3.0 | ||||||||||||
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| For the Years Ended December 31, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
| FFO |
$ | 165,845 | $ | 134,472 | $ | 149,797 | $ | 124,420 | $ | 163,074 | ||||||||||
| Interest expense |
16,074 | 20,618 | 5,455 | 3,534 | 3,552 | |||||||||||||||
| Net income allocable to noncontrolling interests —preferred units |
— | 323 | (6,991 | ) | 5,103 | (2,569 | ) | |||||||||||||
| Preferred stock dividends |
59,216 | 69,136 | 41,799 | 46,214 | 17,440 | |||||||||||||||
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| FFO available to cover fixed charges |
$ | 241,135 | $ | 224,549 | $ | 190,060 | $ | 179,271 | $ | 181,497 | ||||||||||
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| Fixed charges (1) |
$ | 16,433 | $ | 20,618 | $ | 5,455 | $ | 3,534 | $ | 3,552 | ||||||||||
| Preferred stock dividends (2) |
59,216 | 51,969 | 41,799 | 42,730 | 44,662 | |||||||||||||||
| Preferred partnership distributions (2) |
— | 174 | 398 | 4,521 | 5,848 | |||||||||||||||
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| Combined fixed charges and preferred distributions paid |
$ | 75,649 | $ | 72,761 | $ | 47,652 | $ | 50,785 | $ | 54,062 | ||||||||||
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| Ratio of adjusted FFO to fixed charges |
14.7 | 10.9 | 34.8 | 50.7 | 51.1 | |||||||||||||||
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| Ratio of adjusted FFO to combined fixed charges and preferred distributions paid |
3.2 | 3.1 | 4.0 | 3.5 | 3.4 | |||||||||||||||
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| (1) | Fixed charges include interest expense and capitalized interest. |
| (2) | Excludes the issuance costs related to the redemption/repurchase of preferred equity and the gain on the repurchase of preferred equity. |