Public Storage 2010 Annual Report Download - page 119

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PUBLIC STORAGE
EXHIBIT 12 ± STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
Exhibit - 12
For the Year Ended December 31,
2010 2009 2008 2007 2006
(Amounts in thousands)
Net income ............................................................. $ 696,114 $ 790,456 $ 973,872 $ 487,078 $ 345,909
Less: Income allocated to noncontrolling
interests in subsidiaries which do not have
fixed charges .................................................. (16,561) (17,203) (17,668) (16,527) (16,014)
Less: Equity in earnings of investments ............. (38,352) (53,244) (20,391) (12,738) (11,895)
Add: Cash distributions from investments ......... 49,888 49,408 43,455 23,606 17,699
Less: Impact of discontinued operations ............ (7,518) 7,572 7,649 1,126 (3,433)
Adjusted net income ............................................... 683,571 776,989 986,917 482,545 332,266
Interest expense .................................................. 30,225 29,916 43,944 63,671 33,062
Total earnings available to cover fixed charges ..... $ 713,796 $ 806,905 $ 1,030,861 $ 546,216 $ 365,328
Total fixed charges - interest expense (including
capitalized interest) ............................................. $ 30,610 $ 30,634 $ 45,942 $ 68,417 $ 35,778
Cumulative preferred share cash dividends ............ $ 232,745 $ 232,431 $ 239,721 $ 236,757 $ 214,218
Preferred partnership unit cash distributions .......... 5,930 9,455 21,612 21,612 19,055
Allocations pursuant to EITF Topic D-42 .............. 8,289 (78,218) (33,851) -31,493
Total preferred distributions ................................... $ 246,964 $ 163,668 $ 227,482 $ 258,369 $ 264,766
Total combined fixed charges and preferred share
distributions ......................................................... $ 277,574 $ 194,302 $ 273,424 $ 326,786 $ 300,544
Ratio of earnings to fixed charges .......................... 23.32x 26.34x 22.44x 7.98x 10.21x
Ratio of earnings to fixed charges and preferred
share distributions ............................................... 2.57x 4.15x 3.77x 1.67x 1.22x