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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,
2009
2008
2007
2006
2005
(Amounts in thousands)
Net income .............................................................
$ 790,456
$ 973,872
$ 487,078
$ 345,909
$ 489,044
Less: Income allocated to noncontrolling
interests in subsidiaries which do not have
fixed charges ..................................................
(17,203)
(17,668)
(16,527)
(16,014)
(15,161)
Less: Equity in earnings of investments .............
(53,244)
(20,391)
(12,738)
(11,895)
(24,883)
Add: Cash distributions from investments .........
49,408
43,455
23,606
17,699
23,112
Less: Impact of discontinued operations ............
8,869
6,418
2,346
(2,179)
(9,109)
Adjusted net income ...............................................
778,286
985,686
483,765
333,520
463,003
Interest expense ..................................................
29,916
43,944
63,671
33,062
8,216
Total earnings available to cover fixed charges .....
$ 808,202
$ 1,029,630
$ 547,436
$ 366,582
$ 471,219
Total fixed charges - interest expense (a) ...............
$ 30,634
$ 45,942
$ 68,417
$ 35,778
$ 11,036
Cumulative preferred share cash dividends ............
$ 232,431
$ 239,721
$ 236,757
$ 214,218
$ 173,017
Preferred partnership unit cash distributions ..........
9,455
21,612
21,612
19,055
16,147
Allocations pursuant to EITF Topic D-42 ..............
(78,218)
(33,851)
-
31,493
8,412
Total preferred distributions ...................................
$ 163,668
$ 227,482
$ 258,369
$ 264,766
$ 197,576
Total combined fixed charges and preferred share
distributions ................................
.........................
$
194,302
$
273,424
$
326,786
$
300,544
$ 208,612
Ratio of earnings to fixed charges ..........................
26.38x
22.41x
8.00
10.25x
42.70x
Ratio of earnings to fixed charges and preferred
share distributions ................................
...............
4.16x
3.77x
1.68x
1.22x
2.26x
(a) “Total fixed charges – interest expense” includes interest expense plus capitalized interest and includes $13,217,000 in
interest expense incurred by Shurgard Europe for the period from August 23, 2006 through December 31, 2006,
$24,819,000 in interest expense for the year ended December 31, 2007, and $7,737,000 for the year ended
December 31, 2008. As described in Note 3 to the Company’s December 31, 2009 consolidated financial statements,
Shurgard Europe was deconsolidated as of March 31, 2008. No further interest expense for Shurgard Europe is
reflected in our financial statements after March 31, 2008.