PS BUSINESS PARKS, INC.
EXHIBIT 12:
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
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2002 2001
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Net income...................................................... $ 30,174,000 $ 24,295,000
Minority interest............................................... 16,488,000 13,152,000
Interest expense................................................ 2,983,000 394,000
Equity income from sale of joint venture properties............. (148,000) -
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Earnings available to cover fixed charges....................... $ 49,497,000 $ 37,841,000
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Fixed charges (1)............................................... $ 3,271,000 $ 1,292,000
Preferred distributions......................................... 16,375,000 9,548,000
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Combined fixed charges and preferred distributions.............. $ 19,646,000 $ 10,840,000
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Ratio of earnings to fixed charges.............................. 15.13 29.29
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Ratio of earnings to combined fixed charges and preferred
distributions.................................................. 2.52 3.49
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Years Ended December 31,
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2001 2000 1999 1998 1997
---------------- --------------- --------------- --------------- ---------------
Net income......................... $ 49,870,000 $ 51,181,000 $ 41,255,000 $ 29,400,000 $ 3,836,000
Minority interest.................. 27,489,000 26,741,000 16,049,000 11,208,000 8,566,000
Interest expense................... 1,715,000 1,481,000 3,153,000 2,361,000 1,000
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Earnings available to cover fixed
charges......................... $79,074,000 $79,403,000 $ 60,457,000 $ 42,969,000 $ 12,403,000
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Fixed charges (1).................. $ 2,806,000 $ 2,896,000 $ 4,142,000 $ 2,629,000 $ 1,000
Preferred distributions............ 22,961,000 17,273,000 7,562,000 - -
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Combined fixed charges and
preferred distributions.......... $ 25,767,000 $ 20,169,000 $ 11,704,000 $ 2,629,000 $ 1,000
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Ratio of earnings to fixed charges. 28.18 27.42 14.60 16.34 12,403
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Ratio of earnings to combined fixed
charges and preferred
distributions................... 3.07 3.94 5.17 16.34 12,403
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(1) Fixed charges include interest expense plus capitalized interest.