Exhibit 12
 PS BUSINESS PARKS, INC.
 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratio data)
 2008
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004Income from continuing operations
    
    $
    85,347
    
    
    $
    81,675
    
    
    $
    79,205
    
    
    $
    75,936
    
    
    $
    71,349Interest expense
    
    
    3,952
    
    
    
    4,130
    
    
    
    2,575
    
    
    
    1,330
    
    
    
    3,054Earnings from continuing operations available to
cover fixed charges
    
    $
    89,299
    
    
    $
    85,805
    
    
    $
    81,780
    
    
    $
    77,266
    
    
    $
    74,403Fixed charges (1)
    
    $
    3,952
    
    
    $
    4,130
    
    
    $
    2,575
    
    
    $
    1,330
    
    
    $
    3,054Preferred stock dividends
    
    
    46,630
    
    
    
    50,937
    
    
    
    47,933
    
    
    
    43,011
    
    
    
    33,020Preferred partnership distributions
    
    
    7,007
    
    
    
    6,854
    
    
    
    11,155
    
    
    
    10,651
    
    
    
    20,245Combined fixed charges and preferred distributions
    
    $
    57,589
    
    
    $
    61,921
    
    
    $
    61,663
    
    
    $
    54,992
    
    
    $
    56,319Ratio of earnings from continuing operations to
fixed charges
    
    
    22.6
    
    
    
    20.8
    
    
    
    31.8
    
    
    
    58.1
    
    
    
    24.4Ratio of earnings from continuing operations to
combined fixed charges and preferred
distributions
    
    
    1.6
    
    
    
    1.4
    
    
    
    1.3
    
    
    
    1.4
    
    
    
    1.3Supplemental disclosure of Ratio of Funds from Operations (FFO) to fixed charges:2008
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004FFO
    
    $
    131,323
    
    
    $
    122,213
    
    
    $
    106,101
    
    
    $
    102,422
    
    
    $
    97,195Interest expense
    
    
    3,952
    
    
    
    4,130
    
    
    
    2,575
    
    
    
    1,330
    
    
    
    3,054Net income allocable to noncontrolling interests
 preferred units
    
    
    7,007
    
    
    
    6,854
    
    
    
    11,155
    
    
    
    10,651
    
    
    
    20,245Preferred stock dividends
    
    
    46,630
    
    
    
    50,937
    
    
    
    47,933
    
    
    
    43,011
    
    
    
    33,020FFO available to cover fixed charges
    
    $
    188,912
    
    
    $
    184,134
    
    
    $
    167,764
    
    
    $
    157,414
    
    
    $
    153,514Fixed charges (1)
    
    $
    3,952
    
    
    $
    4,130
    
    
    $
    2,575
    
    
    $
    1,330
    
    
    $
    3,054Preferred stock dividends (2)
    
    
    50,858
    
    
    
    50,937
    
    
    
    44,553
    
    
    
    43,011
    
    
    
    31,154Preferred partnership distributions (2)
    
    
    7,007
    
    
    
    6,854
    
    
    
    9,789
    
    
    
    10,350
    
    
    
    17,106Combined fixed charges and preferred
distributions paid
    
    $
    61,817
    
    
    $
    61,921
    
    
    $
    56,917
    
    
    $
    54,691
    
    
    $
    51,314Ratio of adjusted FFO to fixed charges
    
    
    47.8
    
    
    
    44.6
    
    
    
    65.2
    
    
    
    118.4
    
    
    
    50.3Ratio of adjusted FFO to combined fixed charges
and preferred distributions paid
    
    
    3.1
    
    
    
    3.0
    
    
    
    2.9
    
    
    
    2.9
    
    
    
    3.0
 
 (1)
    
    Fixed charges include interest expense.(2)
    
    Excludes Emerging Issues Task Force (EITF) Topic D-42 distributions.