PUBLIC STORGAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
Exhibit - 12
For the Year Ended December 31,
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2000 1999 1998 1997 1996
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(Amounts in thousands)
Net income $ 297,088 $ 287,885 $ 227,019 $ 178,649 $ 153,549
Add: Minority interest in income 38,356 16,006 20,290 11,684 9,363
Less: Minority interests in income which do
not have fixed charges (10,549) (13,362) (15,853) (10,375) (8,273)
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Income from continuing operations 324,895 290,529 231,456 179,958 154,639
Interest expense 3,293 7,971 4,507 6,792 8,482
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Total Earnings Available to Cover Fixed Charges $ 328,188 $ 298,500 $ 235,963 $ 186,750 $ 163,121
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Total Fixed Charges - interest expense (a) $ 13,071 $ 12,480 $ 7,988 $ 9,220 $ 10,343
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Preferred Stock dividends 100,138 94,793 78,375 88,393 68,599
Preferred OP Unit distributions 24,859 - - - -
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Total Preferred distributions $ 124,997 $ 94,793 $ 78,375 $ 88,393 $ 68,599
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Total Combined Fixed Charges and Preferred
Stock dividends $ 138,068 $ 107,273 $ 86,363 $ 97,613 $ 78,942
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Ratio of Earnings to Fixed Charges 25.11x 23.92x 29.54x 20.25x 15.77x
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.38x 2.78x 2.73x 1.91x 2.07x
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SUPPLEMENTAL DISCLOSURE OF RATIO OF EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION AND AMORTIZATION ("EBITDA") TO FIXED CHARGES:
EBITDA (a) $ 456,956 $ 433,877 $ 340,680 $ 273,628 $ 224,476
Interest expense 3,293 7,971 4,507 6,792 8,482
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Adjusted EBITDA available to cover fixed charges $ 460,249 $ 441,848 $ 345,187 $ 280,420 $ 232,958
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Total Fixed Charges - interest expense (b) $ 13,071 $ 12,480 $ 7,988 $ 9,220 $ 10,343
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Preferred Stock dividends 100,138 94,793 78,375 88,393 68,599
Preferred OP Unit distributions 24,859 - - - -
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Total Preferred distributions $ 124,997 $ 94,793 $ 78,375 $ 88,393 $ 68,599
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Total Combined Fixed Charges and Preferred
Stock dividends $ 138,068 $ 107,273 $ 86,363 $ 97,613 $ 78,942
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Ratio of FFO to Fixed Charges 35.21x 35.40x 43.21x 30.41x 22.52x
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Ratio of FFO to Combined Fixed Charges and
Preferred Stock dividends 3.33x 4.12x 4.00x 2.87x 2.95x
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(a) EBITDA represents earnings prior to interest, taxes, depreciation and
amortization. Amounts for 2000,1999 and 1998 are set forth in the table on
page 33 "Management's Discussion and Analysis of Financial Condition and
Results of Operations - Liquidity and Capital Resources". It represents the
line item, "Cash from operations allocable to the Company's shareholders"
as presented on the aforementioned table.
(b) "Total fixed charges - interest" includes interest expense plus capitalized
interest.
Exhibit-12