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Exhibit 12
 PS BUSINESS PARKS, INC.
 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratio data)
 2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Income from continuing operations
    
    $
    68,666
    
    
    $
    62,937
    
    
    $
    59,674
    
    
    $
    46,564
    
    
    $
    46,326Minority interest in continuing operations
    
    
    13,009
    
    
    
    16,268
    
    
    
    16,262
    
    
    
    24,785
    
    
    
    29,638Interest expense
    
    
    4,130
    
    
    
    2,575
    
    
    
    1,330
    
    
    
    3,054
    
    
    
    4,015Earnings from continuing operations available to
cover fixed charges
    
    $
    85,805
    
    
    $
    81,780
    
    
    $
    77,266
    
    
    $
    74,403
    
    
    $
    79,979Fixed charges (2)
    
    $
    4,130
    
    
    $
    2,575
    
    
    $
    1,330
    
    
    $
    3,054
    
    
    $
    4,015Preferred stock dividends
    
    
    50,937
    
    
    
    47,933
    
    
    
    43,011
    
    
    
    33,020
    
    
    
    15,784Preferred partnership distributions
    
    
    6,854
    
    
    
    11,155
    
    
    
    10,651
    
    
    
    20,245
    
    
    
    19,240Combined fixed charges and preferred distributions
    
    $
    61,921
    
    
    $
    61,663
    
    
    $
    54,992
    
    
    $
    56,319
    
    
    $
    39,039Ratio of earnings from continuing operations to
fixed charges
    
    
    20.8
    
    
    
    31.8
    
    
    
    58.1
    
    
    
    24.4
    
    
    
    19.9Ratio of earnings from continuing operations to
combined fixed charges and preferred
distributions
    
    
    1.4
    
    
    
    1.3
    
    
    
    1.4
    
    
    
    1.3
    
    
    
    2.0
  2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003FFO (1)
    
    $
    122,405
    
    
    $
    106,235
    
    
    $
    102,463
    
    
    $
    97,214
    
    
    $
    97,448Interest expense
    
    
    4,130
    
    
    
    2,575
    
    
    
    1,330
    
    
    
    3,054
    
    
    
    4,015Minority interest in income  preferred units
    
    
    6,854
    
    
    
    11,155
    
    
    
    10,651
    
    
    
    20,245
    
    
    
    19,240Preferred stock dividends
    
    
    50,937
    
    
    
    47,933
    
    
    
    43,011
    
    
    
    33,020
    
    
    
    15,784FFO available to cover fixed charges
    
    $
    184,326
    
    
    $
    167,898
    
    
    $
    157,455
    
    
    $
    153,533
    
    
    $
    136,487Fixed charges (2)
    
    $
    4,130
    
    
    $
    2,575
    
    
    $
    1,330
    
    
    $
    3,054
    
    
    $
    4,015Preferred stock dividends (3)
    
    
    50,937
    
    
    
    44,553
    
    
    
    43,011
    
    
    
    31,154
    
    
    
    15,784Preferred partnership distributions (3)
    
    
    6,854
    
    
    
    9,789
    
    
    
    10,350
    
    
    
    17,106
    
    
    
    19,240Combined fixed charges and preferred
distributions paid
    
    $
    61,921
    
    
    $
    56,917
    
    
    $
    54,691
    
    
    $
    51,314
    
    
    $
    39,039Ratio of adjusted FFO to fixed charges
    
    
    44.6
    
    
    
    65.2
    
    
    
    118.4
    
    
    
    50.3
    
    
    
    34.0Ratio of adjusted FFO to combined fixed
charges and preferred distributions paid
    
    
    3.0
    
    
    
    2.9
    
    
    
    2.9
    
    
    
    3.0
    
    
    
    3.5
 
 (1)
    
    FFO has been adjusted to include the effect of impairment charges.(2)
    
    Fixed charges include interest expense.(3)
    
    Excludes EITF Topic D-42 distributions.