PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the three months ended For the six months ended
June 30, June 30,
--------------------------------- --------------------------------
EARNINGS PER SHARE: 2000 1999 2000 1999
- ----------------------------------------------------- -------------- -------------- -------------- --------------
(Amounts in thousands, except per share data)
Net income........................................... $ 74,303 $ 73,651 $ 146,864 $ 135,493
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A.......... (1,140) (1,141) (2,280) (2,281)
9.20% Cumulative Preferred Stock, Series B........ (1,372) (1,372) (2,744) (2,744)
Adjustable Rate Preferred Stock, Series C......... (524) (506) (1,041) (1,012)
9.50% Cumulative Preferred Stock, Series D........ (713) (713) (1,426) (1,426)
10.0% Cumulative Preferred Stock, Series E........ (1,372) (1,372) (2,744) (2,744)
9.75% Cumulative Preferred Stock, Series F........ (1,401) (1,401) (2,802) (2,802)
8.875% Cumulative Preferred Stock, Series G....... (3,828) (3,828) (7,656) (7,656)
8.45% Cumulative Preferred Stock, Series H........ (3,565) (3,565) (7,130) (7,130)
8.625% Cumulative Preferred Stock, Series I....... (2,156) (2,156) (4,312) (4,312)
8.00% Cumulative Preferred Stock, Series J........ (3,000) (3,000) (6,000) (6,000)
8.25% Cumulative Preferred Stock, Series K........ (2,372) (2,372) (4,744) (4,296)
8.25% Cumulative Preferred Stock, Series L........ (2,372) (2,398) (4,744) (2,951)
8.75% Cumulative Preferred Stock, Series M........ (1,230) - (2,460) -
-------------- -------------- -------------- --------------
Total preferred dividends (25,045) (23,824) (50,083) (45,354)
-------------- -------------- -------------- --------------
$ 49,258 $ 49,827 $ 96,781 $ 90,139
============== ============== ============== ==============
Allocation of net income allocable to common shareholders to classes:
Net income allocable to shareholders of the Equity
Stock, Series A.................................. 2,666 - 4,924 -
Net income allocable to shareholders of common
stock............................................ 46,592 49,827 91,857 90,139
-------------- -------------- -------------- --------------
$ 49,258 $ 49,827 $ 96,781 $ 90,139
============== ============== ============== ==============
Weighted average common shares outstanding:
Basic - weighted average common shares outstanding
131,588 128,904 132,184 123,793
Effect of dilutive stock options - based on treasury
stock method using average market price......... 146 346 151 340
-------------- -------------- -------------- --------------
Diluted weighted average common shares outstanding
(1)............................................. 131,734 129,250 132,335 124,133
============== ============== ============== ==============
Basic earnings per common share...................... $0.35 $0.39 $0.69 $0.73
============== ============== ============== ==============
Diluted earnings per common share (1) (2)............ $0.35 $0.39 $0.69 $0.73
============== ============== ============== ==============
1. Diluted net income per common share is computed using the weighted average
common shares outstanding (adjusted for stock options). Commencing January
1, 2000, the 7,000,000 Class B common shares outstanding began to
participate in distributions of our earnings. Distributions per share of
Class B common stock are equal to 97% of the per share distribution paid to
our regular common shares. As a result of this participation in
distribution of earnings, for purposes of computing net income per common
share, we began to include 6,790,000 (7,000,000 x 97%) Class B common
shares in the weighted average common equivalent shares for the three
months ended March 31, 2000. Weighted average diluted shares for the three
months ended March 31, 1999 does not include any shares with respect to the
Class B common stock as these shares did not participate in distributions
of our earnings prior to January 1, 2000.
2. There are no additional potentially dilutive or anti-dilutive securities
for the three or six months ended June 30, 2000 and 1999 within the
definitions of Statement of Financial Accounting Standards No. 128,
"Earnings per Share." Accordingly, there is no separate presentation of a
determination of the impact of conversion of anti-dilutive securities 1.
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
-----------------------------
2000 1999
------------ ------------
Net income................................................ $ 146,864 $ 135,493
Add: Minority interest in income....................... 14,854 7,657
Less: Minority interests in income which do not have fixed
charges.............................................. (5,054) (6,923)
------------ ------------
Income from continuing operations......................... 156,664 136,227
Interest expense....................................... 2,667 3,734
------------ ------------
Total Earnings Available to Cover Fixed Charges........... $ 159,331 $ 139,961
============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 6,823 $ 5,680
Preferred Stock dividends................................. $ 50,083 $ 45,354
Preferred OP unit distributions........................... 8,336 -
------------ ------------
Total Preferred Distributions............................. $ 58,419 $ 45,354
============ ============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 65,242 $ 51,034
============ ============
Ratio of Earnings to Fixed Charges........................ 23.35x 24.64x
============ ============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions......................................... 2.44x 2.74x
============ ============
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
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
----------------------------
2000 1999
------------ ------------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS
("FFO") TO FIXED CHARGES:
FFO............................................................. $ 222,890 $ 202,745
Add back minority OP unit distributions......................... 8,336 -
Interest expense................................................ 2,667 3,734
------------ ------------
Adjusted FFO available to cover fixed charges................... $ 233,893 $ 206,479
============ ============
Total Fixed Charges - Interest expense (including capitalized
interest)................................................... $ 6,823 $ 5,680
============ ============
Preferred Stock dividends....................................... $ 50,083 $ 45,354
Preferred OP unit distributions................................. 8,336 -
------------ ------------
Total Preferred Distributions................................... $ 58,419 $ 45,354
============ ============
Total Combined Fixed Charges and Preferred Distributions........ $ 65,242 $ 51,034
============ ============
Ratio of FFO to Fixed Charges................................... 34.28x 36.35x
============ ============
Ratio of FFO to Combined Fixed Charges and Preferred Distributions 3.59x 4.05x
============ ============
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