PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHANGES AND PREFERRED SHARE INCOME ALLOCATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| June 30, |
| Year Ended December 31, |
| |||||||||||||||||
| 2018 |
| 2017 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Amounts in thousands, except ratios) |
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations | $ | 749,728 |
| $ | 699,228 |
| $ | 1,448,465 |
| $ | 1,460,439 |
| $ | 1,317,689 |
| $ | 1,149,955 |
| $ | 1,057,531 |
|
Less: Income allocated to noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests which do not have fixed charges |
| (2,787) |
|
| (2,920) |
|
| (5,900) |
|
| (6,475) |
|
| (6,088) |
|
| (5,432) |
|
| (4,883) |
|
Equity in earnings of unconsolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
real estate entities |
| (72,758) |
|
| (40,017) |
|
| (75,655) |
|
| (56,756) |
|
| (50,937) |
|
| (88,267) |
|
| (57,579) |
|
Add back: Distributions from retained |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings of unconsolidated real estate entities |
| 25,288 |
|
| 26,525 |
|
| 53,749 |
|
| 84,397 |
|
| 35,695 |
|
| 83,458 |
|
| 45,870 |
|
Interest expense |
| 16,495 |
|
| 2,164 |
|
| 12,690 |
|
| 4,210 |
|
| 610 |
|
| 6,781 |
|
| 6,444 |
|
Total earnings available to cover fixed charges | $ | 715,966 |
| $ | 684,980 |
| $ | 1,433,349 |
| $ | 1,485,815 |
| $ | 1,296,969 |
| $ | 1,146,495 |
| $ | 1,047,383 |
|
Total fixed charges - interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(including capitalized interest) | $ | 18,828 |
| $ | 4,309 |
| $ | 17,076 |
| $ | 9,359 |
| $ | 3,299 |
| $ | 8,340 |
| $ | 9,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative preferred share cash dividends | $ | 108,158 |
| $ | 121,402 |
| $ | 236,535 |
| $ | 238,214 |
| $ | 245,097 |
| $ | 232,636 |
| $ | 204,312 |
|
Allocations pursuant to EITF Topic D-42 |
| - |
|
| 14,638 |
|
| 29,330 |
|
| 26,873 |
|
| 8,897 |
|
| - |
|
| - |
|
Total preferred distributions | $ | 108,158 |
| $ | 136,040 |
| $ | 265,865 |
| $ | 265,087 |
| $ | 253,994 |
| $ | 232,636 |
| $ | 204,312 |
|
Total combined fixed charges and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
preferred share income allocations | $ | 126,986 |
| $ | 140,349 |
| $ | 282,941 |
| $ | 274,446 |
| $ | 257,293 |
| $ | 240,976 |
| $ | 213,651 |
|
Ratio of earnings to fixed charges |
| 38.03 x |
|
| 158.96 x |
|
| 83.94 x |
|
| 158.76 x |
|
| 393.14 x |
|
| 137.47 x |
|
| 112.15 x |
|
Ratio of earnings to fixed charges and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
preferred share income allocations |
| 5.64 x |
|
| 4.88 x |
|
| 5.07 x |
|
| 5.41 x |
|
| 5.04 x |
|
| 4.76 x |
|
| 4.90 x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 12