PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
-----------------------------
2000 1999
------------ ------------
Net income................................................ $ 72,561 $ 61,842
Add: Minority interest in income....................... 4,389 3,353
Less: Minority interests in income which do not have fixed
charges.............................................. (2,896) (3,103)
------------ ------------
Income from continuing operations......................... 74,054 62,092
Interest expense....................................... 1,406 1,204
------------ ------------
Total Earnings Available to Cover Fixed Charges........... $ 75,460 $ 63,296
============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 3,517 $ 2,162
============ ============
Preferred Stock dividends................................. $ 25,038 $ 21,530
Preferred OP unit distributions........................... 925 -
------------ ------------
Total Preferred Distributions............................. $ 25,963 $ 21,530
============ ============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 29,480 $ 23,692
============ ============
Ratio of Earnings to Fixed Charges........................ 21.46x 29.28x
============ ============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions......................................... 2.56x 2.67x
============ ============
For the Year Ended December 31,
--------------------------------------------------------------------
1999 1998 1997 1996 1995
------------ ------------ ------------ ------------ ------------
(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)
------------ ------------ ------------ ------------ ------------
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
------------ ------------ ------------ ------------ ------------
Total Earnings Available to Cover Fixed Charges........... $ 298,500 $ 235,963 $ 186,750 $ 163,121 $ 81,331
============ ============ ============ ============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 12,480 $ 7,988 $ 9,220 $ 10,343 $ 8,815
============ ============ ============ ============ ============
Preferred Stock dividends................................. $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
Preferred OP unit distributions........................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Preferred Distributions............................. $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
============ ============ ============ ============ ============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 107,273 $ 86,363 $ 97,613 $ 78,942 $ 39,939
============ ============ ============ ============ ============
Ratio of Earnings to Fixed Charges........................ 23.92x 29.54x 20.25x 15.77x 9.23x
============ ============ ============ ============ ============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions......................................... 2.78x 2.73x 1.91x 2.07x 2.04x
============ ============ ============ ============ ============
Exhibit 12
Three Months Ended
March 31,
---------------------------
2000 1999
----------- -----------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS ("FFO") TO FIXED
- --------------------------------------------------------------------------------
CHARGES:
- --------
FFO............................................................. $ 110,685 $ 92,634
Add back minority OP unit distributions......................... 925 -
Interest expense................................................ 1,406 1,204
----------- -----------
Adjusted FFO available to cover fixed charges................... $ 113,016 $ 93,838
=========== ===========
Total Fixed Charges - Interest expense (including capitalized
interest)................................................... $ 3,517 $ 2,162
=========== ===========
Preferred Stock dividends....................................... $ 25,038 $ 21,530
Preferred OP unit distributions................................. 925 -
----------- -----------
Total Preferred Distributions................................... $ 25,963 $ 21,530
=========== ===========
Total Combined Fixed Charges and Preferred Distributions........ $ 29,480 $ 23,692
=========== ===========
Ratio of FFO to Fixed Charges................................... 32.13x 43.40x
=========== ===========
Ratio of FFO to Combined Fixed Charges and Preferred Distributions 3.83x 3.96x
=========== ===========
For the Year Ended December 31,
---------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS ("FFO") TO FIXED
- -------------------------------------------------------------------------------
CHARGES:
- --------
FFO............................................................. $ 428,962 $ 336,363 $ 272,234 $ 224,476 $ 105,199
Add back minority OP unit distributions......................... - - - - -
Interest expense................................................ 7,971 4,507 6,792 8,482 8,508
----------- ----------- ----------- ----------- -----------
Adjusted FFO available to cover fixed charges................... $ 436,933 $ 340,870 $ 279,026 $ 232,958 $ 113,707
=========== =========== =========== =========== ===========
Total Fixed Charges - Interest expense (including capitalized
interest)................................................... $ 12,480 $ 7,988 $ 9,220 $ 10,343 $ 8,815
=========== =========== =========== =========== ===========
Preferred Stock dividends....................................... $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
Preferred OP unit distributions................................. - - - - -
----------- ----------- ----------- ----------- -----------
Total Preferred Distributions................................... $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
=========== =========== =========== =========== ===========
Total Combined Fixed Charges and Preferred Distributions........ $ 107,273 $ 86,363 $ 97,613 $ 78,942 $ 39,939
=========== =========== =========== =========== ===========
Ratio of FFO to Fixed Charges................................... 35.01x 42.67x 30.26x 22.52x 12.90x
=========== =========== =========== =========== ===========
Ratio of FFO to Combined Fixed Charges and Preferred Distributions 4.07x 3.95x 2.86x 2.95x 2.85x
=========== =========== =========== =========== ===========
Exhibit 12