PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
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1999 1998 1997 1996 1995
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(Amounts in thousands, except ratios)
Net income $ 287,885 $ 227,019 $ 178,649 $ 153,549 $ 70,386
Add: Minority interest in income 16,006 20,290 11,684 9,363 7,137
Less: Minority interests in income which do
not have fixed charges (13,362) (15,853) (10,375) (8,273) (4,700)
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Income from continuing operations 290,529 231,456 179,958 154,639 72,823
Interest expense 7,971 4,507 6,792 8,482 8,508
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Total Earnings Available to Cover Fixed Charges $ 298,500 $ 235,963 $ 186,750 $ 163,121 $ 81,331
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Total Fixed Charges - interest expense (a) $ 12,480 $ 7,988 $ 9,220 $ 10,343 $ 8,815
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Total Preferred Stock dividends $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
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Total Combined Fixed Charges and Preferred
Stock dividends $ 107,273 $ 86,363 $ 97,613 $ 78,942 $ 39,939
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Ratio of Earnings to Fixed Charges 23.92x 29.54x 20.25x 15.77x 9.23x
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.78x 2.73x 1.91x 2.07x 2.04x
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SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS
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FROM OPERATIONS ("FFO") TO FIXED
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CHARGES:
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FFO $ 428,962 $ 336,363 $ 272,234 $ 224,476 $ 105,199
Interest expense 7,971 4,507 6,792 8,482 8,508
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Adjusted FFO available to cover fixed charges $ 436,933 $ 340,870 $ 279,026 $ 232,958 $ 113,707
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Total Fixed Charges - interest expense (a) $ 12,480 $ 7,988 $ 9,220 $ 10,343 $ 8,815
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Total Preferred Stock dividends $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
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Total Combined Fixed Charges and Preferred
Stock dividends $ 107,273 $ 86,363 $ 97,613 $ 78,942 $ 39,939
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Ratio of FFO to Fixed Charges 35.01x 42.67x 30.26x 22.52x 12.90x
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Ratio of FFO to Combined Fixed Charges and
Preferred Stock dividends 4.07x 3.95x 2.86x 2.95x 2.85x
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(a) "Total fixed charges - interest" includes interest expense plus capitalized
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interest.
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Exhibit 12