PS BUSINESS PARKS, INC./MD - FORM 10-Q - EX-12 - April 29, 2016

Attached files

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EX-31.2 - EX-31.2 - PS BUSINESS PARKS, INC./MDpsb-20160331xex31_2.htm
EX-32.1 - EX-32.1 - PS BUSINESS PARKS, INC./MDpsb-20160331xex32_1.htm
EX-31.1 - EX-31.1 - PS BUSINESS PARKS, INC./MDpsb-20160331xex31_1.htm
EX-10.1 - EX-10.1 - PS BUSINESS PARKS, INC./MDpsb-20160331xex10_1.htm
10-Q - 10-Q - PS BUSINESS PARKS, INC./MDpsb-20160331x10q.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,

 

 

 

 

 

 

 

 

 

 

2016

 

2015

Net income

 

 

 

 

 

 

 

 

 

$

 32,480 

 

$

 40,355 

Interest expense

 

 

 

 

 

 

 

 

 

 

 3,177 

 

 

 3,298 

Earnings available to cover fixed charges

 

 

 

 

$

 35,657 

 

$

 43,653 

Fixed charges (1)

 

 

 

 

 

 

 

 

 

$

 3,571 

 

$

 3,558 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 13,833 

 

 

 15,122 

Combined fixed charges and preferred distributions

 

 

 

 

 

 

 

 

 

$

 17,404 

 

$

 18,680 

Ratio of earnings to fixed charges

 

 

 

 

 

 

 

 

 

 

 10.0 

 

 

 12.3 

Ratio of earnings to combined fixed charges and preferred distributions

 

 

 2.0 

 

 

 2.3 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Years Ended December 31,



2015

 

2014

 

2013

 

2012

 

2011

Income from continuing operations

$

 148,970 

 

$

 204,700 

 

$

 116,144 

 

$

 94,395 

 

$

 99,563 

Interest expense

 

 13,270 

 

 

 13,509 

 

 

 16,074 

 

 

 20,618 

 

 

 5,455 

Earnings from continuing operations available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

cover fixed charges

$

 162,240 

 

$

 218,209 

 

$

 132,218 

 

$

 115,013 

 

$

 105,018 

Fixed charges (1)

$

 14,428 

 

$

 14,453 

 

$

 16,433 

 

$

 20,618 

 

$

 5,455 

Preferred stock dividends

 

 61,885 

 

 

 60,488 

 

 

 59,216 

 

 

 69,136 

 

 

 41,799 

Preferred partnership distributions

 

—

 

 

—

 

 

—

 

 

 323 

 

 

 (6,991)

Combined fixed charges and preferred distributions

$

 76,313 

 

$

 74,941 

 

$

 75,649 

 

$

 90,077 

 

$

 40,263 

Ratio of earnings from continuing operations to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

fixed charges

 

 11.2 

 

 

 15.1 

 

 

 8.0 

 

 

 5.6 

 

 

 19.3 

Ratio of earnings from continuing operations to combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

fixed charges and preferred distributions

 

 2.1 

 

 

 2.9 

 

 

 1.7 

 

 

 1.3 

 

 

 2.6 

____________

(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



 

 

 

 

 

 

 

 

 

Ended March 31,

 

 

 

 

 

 

 

 

 

 

2016

 

2015

FFO

 

 

 

 

 

 

 

 

 

$

 43,688 

 

$

 38,979 

Interest expense

 

 

 

 

 

 

 

 

 

 

 3,177 

 

 

 3,298 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 13,833 

 

 

 15,122 

FFO available to cover fixed charges

 

 

 

 

 

 

 

 

 

$

 60,698 

 

$

 57,399 

Fixed charges (1)

 

 

 

 

 

 

 

 

 

$

 3,571 

 

$

 3,558 

Preferred stock dividends (2)

 

 

 

 

 

 

 

 

 

 

 13,833 

 

 

 15,122 

Combined fixed charges and preferred distributions paid

 

 

 

 

 

 

 

 

 

$

 17,404 

 

$

 18,680 

Ratio of available FFO to fixed charges

 

 

 

 

 

 

 

 

 

 

 17.0 

 

 

 16.1 

Ratio of available FFO to combined fixed charges and preferred distributions paid

 

 

 

 

 

 3.5 

 

 

 3.1 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Years Ended December 31,



2015

 

2014

 

2013

 

2012

 

2011

FFO

$

 164,244 

 

$

 162,196 

 

$

 165,845 

 

$

 134,472 

 

$

 149,797 

Interest expense

 

 13,270 

 

 

 13,509 

 

 

 16,074 

 

 

 20,618 

 

 

 5,455 

Net income allocable to noncontrolling interests —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred units

 

—

 

 

—

 

 

—

 

 

 323 

 

 

 (6,991)

Preferred stock dividends

 

 61,885 

 

 

 60,488 

 

 

 59,216 

 

 

 69,136 

 

 

 41,799 

FFO available to cover fixed charges

$

 239,399 

 

$

 236,193 

 

$

 241,135 

 

$

 224,549 

 

$

 190,060 

Fixed charges (1)

$

 14,428 

 

$

 14,453 

 

$

 16,433 

 

$

 20,618 

 

$

 5,455 

Preferred stock dividends (2)

 

 59,398 

 

 

 60,488 

 

 

 59,216 

 

 

 51,969 

 

 

 41,799 

Preferred partnership distributions (2)

 

—

 

 

—

 

 

—

 

 

 174 

 

 

 398 

Combined fixed charges and preferred distributions paid

$

 73,826 

 

$

 74,941 

 

$

 75,649 

 

$

 72,761 

 

$

 47,652 

Ratio of available FFO to fixed charges

 

 16.6 

 

 

 16.3 

 

 

 14.7 

 

 

 10.9 

 

 

 34.8 

Ratio of available FFO to combined fixed charges and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred distributions paid

 

 3.2 

 

 

 3.2 

 

 

 3.2 

 

 

 3.1 

 

 

 4.0 

____________

(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.



PS BUSINESS PARKS, INC./MD Reports