Public Storage 2014 Annual Report Download - page 110

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PUBLIC STORAGE
EXHIBIT 12 – STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
2014
2013
2012
2011
2010
Income from continuing operations
$
1,149,955
$
1,057,531
$
930,161
$
833,143
$
688,354
Less: Income allocated to noncontrolling interests which do not
have fixed charges
(5,432)
(4,883)
(3,505)
(11,993)
(16,561)
Equity in earnings of investments (greater) less than cash
distributions from investment
(4,809)
(11,709)
(904)
(5,197)
11,536
Add back: interest expense
6,781
6,444
19,813
24,222
30,225
Total earnings available to cover fixed charges
$
1,146,495
$
1,047,383
$
945,565
$
840,175
$
713,554
Total fixed charges - interest expense (including capitalized
interest)
$
8,340
$
9,339
$
20,210
$
24,586
$
30,610
Cumulative preferred share cash dividends
$
232,636
$
204,312
$
205,241
$
224,877
$
232,745
Preferred partnership unit cash distributions
-
-
-
-
5,930
Allocations pursuant to EITF Topic D-42
-
-
61,696
35,585
8,289
Total preferred distributions
$
232,636
$
204,312
$
266,937
$
260,462
$
246,964
Total combined fixed charges and preferred share income
allocations
$
240,976
$
213,651
$
287,147
$
285,048
$
277,574
Ratio of earnings to fixed charges
137.47 x
112.15 x
46.79 x
34.17 x
23.31 x
Ratio of earnings to fixed charges and preferred share income
allocations
4.76 x
4.90 x
3.29 x
2.95 x
2.57 x