PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Six Months Ended |
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| June 30, |
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| Year Ended December 31, | |||||||||||||||||
| 2017 |
| 2016 |
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| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 | |||||||
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| (Amounts in thousands, except ratios) | ||||||||||||||||||||
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Income from continuing operations | $ | 699,228 |
| $ | 675,708 |
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| $ | 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 |
| (2,920) |
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| (2,998) |
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| (6,475) |
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| (6,088) |
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| (5,432) |
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| (4,883) |
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| (3,505) |
Equity in earnings of unconsolidated real |
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estate entities |
| (40,017) |
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| (24,391) |
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| (56,756) |
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| (50,937) |
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| (88,267) |
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| (57,579) |
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| (45,586) |
Add back: Distributions from retained earnings of |
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unconsolidated real estate entities |
| 26,525 |
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| 60,587 |
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| 84,397 |
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| 35,695 |
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| 83,458 |
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| 45,870 |
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| 44,682 |
Interest expense |
| 2,164 |
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| 2,089 |
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| 4,210 |
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| 610 |
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| 6,781 |
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| 6,444 |
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| 19,813 |
Total earnings available to cover fixed charges | $ | 684,980 |
| $ | 710,995 |
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| $ | 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) | $ | 4,309 |
| $ | 4,703 |
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| $ | 9,359 |
| $ | 3,299 |
| $ | 8,340 |
| $ | 9,339 |
| $ | 20,210 |
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Cumulative preferred share cash dividends | $ | 121,402 |
| $ | 121,488 |
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| $ | 238,214 |
| $ | 245,097 |
| $ | 232,636 |
| $ | 204,312 |
| $ | 205,241 |
Allocations pursuant to EITF Topic D-42 |
| 14,638 |
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| 26,873 |
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| 26,873 |
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| 8,897 |
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| - |
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| - |
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| 61,696 |
Total preferred distributions | $ | 136,040 |
| $ | 148,361 |
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| $ | 265,087 |
| $ | 253,994 |
| $ | 232,636 |
| $ | 204,312 |
| $ | 266,937 |
Total combined fixed charges and preferred share |
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income allocations | $ | 140,349 |
| $ | 153,064 |
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| $ | 274,446 |
| $ | 257,293 |
| $ | 240,976 |
| $ | 213,651 |
| $ | 287,147 |
Ratio of earnings to fixed charges |
| 158.96 x |
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| 151.18 x |
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| 158.76 x |
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| 393.14 x |
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| 137.47 x |
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| 112.15 x |
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| 46.79 x |
Ratio of earnings to fixed charges and preferred share |
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income allocations |
| 4.88 x |
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| 4.65 x |
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| 5.41 x |
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| 5.04 x |
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| 4.76 x |
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| 4.90 x |
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| 3.29 x |
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Exhibit 12