Public Storage 2013 Annual Report Download - page 107

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PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
2013 2012 2011 2010 2009
Income from continuing operations $ 1,057,531 $ 930,161 $ 833,143 $ 688,354 $ 796,445
Less: Income allocated to noncontrolling interests which do not have fixed
charges (4,883) (3,505) (11,993) (16,561) (17,203)
Equity in earnings of investments (greater) less than cash distributions from
investment (11,709) (904) (5,197) 11,536 (3,836)
Add back: interest expense 6,444 19,813 24,222 30,225 29,916
Total earnings available to cover fixed charges $ 1,047,383 $ 945,565 $ 840,175 $ 713,554 $ 805,322
Total fixed charges - interest expense (including capitalized interest) $ 9,339 $ 20,210 $ 24,586 $ 30,610 $ 30,634
Cumulative preferred share cash dividends $ 204,312 $ 205,241 $ 224,877 $ 232,745 $ 232,431
Preferred partnership unit cash distributions - - - 5,930 9,455
Allocations pursuant to EITF Topic D-42 - 61,696 35,585 8,289 (78,218)
Total preferred distributions $ 204,312 $ 266,937 $ 260,462 $ 246,964 $ 163,668
Total combined fixed charges and preferred share income allocations $ 213,651 $ 287,147 $ 285,048 $ 277,574 $ 194,302
Ratio of earnings to fixed charges 112.15 x 46.79 x 34.17 x 23.31 x 26.29 x
Ratio of earnings to fixed charges and preferred share income allocations 4.90 x 3.29 x 2.95 x 2.57 x 4.14 x