Attached files
file | filename |
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10-Q - 10-Q - Public Storage | psa-20170930x10q.htm |
EX-32 - EX-32 - Public Storage | psa-20170930xex32.htm |
EX-31.2 - EX-31.2 - Public Storage | psa-20170930xex31_2.htm |
EX-31.1 - EX-31.1 - Public Storage | psa-20170930xex31_1.htm |
PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Nine Months Ended |
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September 30, |
Year Ended December 31, |
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2017 |
2016 |
2016 |
2015 |
2014 |
2013 |
2012 |
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(Amounts in thousands, except ratios) |
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Income from continuing operations |
$ |
1,057,502 |
$ |
1,044,758 |
$ |
1,460,439 |
$ |
1,317,689 |
$ |
1,149,955 |
$ |
1,057,531 |
$ |
930,161 | |||||||
Less: Income allocated to noncontrolling interests |
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which do not have fixed charges |
(4,434) | (4,650) | (6,475) | (6,088) | (5,432) | (4,883) | (3,505) | ||||||||||||||
Equity in earnings of unconsolidated real |
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estate entities |
(57,235) | (41,628) | (56,756) | (50,937) | (88,267) | (57,579) | (45,586) | ||||||||||||||
Add back: Distributions from retained earnings of |
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unconsolidated real estate entities |
39,887 | 72,461 | 84,397 | 35,695 | 83,458 | 45,870 | 44,682 | ||||||||||||||
Interest expense |
4,553 | 3,310 | 4,210 | 610 | 6,781 | 6,444 | 19,813 | ||||||||||||||
Total earnings available to cover fixed charges |
$ |
1,040,273 |
$ |
1,074,251 |
$ |
1,485,815 |
$ |
1,296,969 |
$ |
1,146,495 |
$ |
1,047,383 |
$ |
945,565 | |||||||
Total fixed charges - interest expense (including |
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capitalized interest) |
$ |
7,671 |
$ |
7,165 |
$ |
9,359 |
$ |
3,299 |
$ |
8,340 |
$ |
9,339 |
$ |
20,210 | |||||||
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Cumulative preferred share cash dividends |
$ |
182,457 |
$ |
178,666 |
$ |
238,214 |
$ |
245,097 |
$ |
232,636 |
$ |
204,312 |
$ |
205,241 | |||||||
Allocations pursuant to EITF Topic D-42 |
29,330 | 26,873 | 26,873 | 8,897 |
- |
- |
61,696 | ||||||||||||||
Total preferred distributions |
$ |
211,787 |
$ |
205,539 |
$ |
265,087 |
$ |
253,994 |
$ |
232,636 |
$ |
204,312 |
$ |
266,937 | |||||||
Total combined fixed charges and preferred share |
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income allocations |
$ |
219,458 |
$ |
212,704 |
$ |
274,446 |
$ |
257,293 |
$ |
240,976 |
$ |
213,651 |
$ |
287,147 | |||||||
Ratio of earnings to fixed charges |
135.61 x |
149.93 x |
158.76 x |
393.14 x |
137.47 x |
112.15 x |
46.79 x |
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Ratio of earnings to fixed charges and preferred share |
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income allocations |
4.74 x |
5.05 x |
5.41 x |
5.04 x |
4.76 x |
4.90 x |
3.29 x |
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Exhibit 12