PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
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2001 2000
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Net income............................................ $ 74,635 $ 72,561
Add: Minority interest in income................... 11,698 4,389
Less: Minority interests in income which do not
have fixed....................................... (2,464) (2,896)
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Income from continuing operations..................... 83,869 74,054
Interest expense................................... 971 1,406
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Total Earnings Available to Cover Fixed Charges....... $ 84,840 $ 75,460
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Total Fixed Charges - Interest expense (including
capitalized interet)............................... $ 3,081 $ 3,517
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Preferred Stock dividends............................. $ 28,036 $ 25,038
Preferred OP unit distributions....................... 8,505 925
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Total Preferred Distributions......................... $ 36,541 $ 25,963
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Total Combined Fixed Charges and Preferred
distributions...................................... $ 39,622 $ 29,480
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Ratio of Earnings to Fixed Charges.................... 27.54x 21.46x
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Ratio of Earnings to Combined Fixed Charges and
Preferred distributions........................... 2.14x 2.56x
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For the Year Ended December 31,
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2000 1999 1998 1997 1996
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(Amounts in thousands, except ratios)
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
============= ============= ============= ============= =============
Total Fixed Charges - Interest expense (including
capitalized interest).............................. $ 13,071 $ 12,480 $ 7,988 $ 9,220 $ 10,343
============= ============= ============= ============= =============
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
============= ============= ============= ============= =============
Total Combined Fixed Charges and Preferred
distributions...................................... $ 138,068 $ 107,273 $ 86,363 $ 97,613 $ 78,942
============= ============= ============= ============= =============
Ratio of Earnings to Fixed Charges.................... 25.11x 23.92x 29.54x 20.25x 15.77x
============= ============= ============= ============= =============
Ratio of Earnings to Combined Fixed Charges and
Preferred distribution............................ 2.38x 2.78x 2.73x 1.91x 2.07x
============= ============= ============= ============= =============
Exhibit 12
Three Months Ended
March 31,
---------------------------
2001 2000
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Supplemental disclosure of Ratio of Earnings before Interest, Taxes,
- --------------------------------------------------------------------
Depreciation and Amortization ("EBITDA") to fixed charges:
- ---------------------------------------------------------
EBITDA.................................................. $ 116,206 $ 111,838
Add back minority OP unit distributions................. 8,505 925
Interest expense........................................ 971 1,406
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Adjusted EBITDA available to cover fixed charges........ $ 125,682 $ 114,169
============ ============
Total Fixed Charges - Interest expense (including
capitalized interest)............................... $ 3,081 $ 3,517
============ ============
Preferred Stock dividends............................... $ 28,036 $ 25,038
Preferred OP unit distributions......................... 8,505 925
------------ ------------
Total Preferred Distributions........................... $ 36,541 $ 25,963
============ ============
Total Combined Fixed Charges and Preferred Distributions $ 39,622 $ 29,480
============ ============
Ratio of EBITDA to Fixed Charges........................ 40.79x 32.46x
============ ============
Ratio of EBITDA to Combined Fixed Charges and Preferred
Distributions....................................... 3.17x 3.87x
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For the Year Ended December 31,
-----------------------------------------------------------------------
2000 1999 1998 1997 1996
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Supplemental disclosure of Ratio of Earnings before Interest, Taxes,
- --------------------------------------------------------------------
Depreciation and Amortization ("EBITDA") to fixed charges:
- ---------------------------------------------------------
EBITDA.................................................. $ 456,956 $ 433,877 $ 340,680 $ 273,628 $ 224,508
Add back minority OP unit distributions................. 24,859 - - - -
Interest expense........................................ 3,293 7,971 4,507 6,792 8,482
------------ ------------ ------------ ------------ ------------
Adjusted EBITDA available to cover fixed charges........ $ 485,108 $ 441,848 $ 345,187 $ 280,420 $ 232,990
============ ============ ============ ============ ============
Total Fixed Charges - Interest expense (including
capitalized interest)............................... $ 13,071 $ 12,480 $ 7,988 $ 9,220 $ 10,343
============ ============ ============ ============ ============
Preferred Stock dividends............................... $ 100,138 $ 94,793 $ 78,375 $ 88,393 $ 68,599
Preferred OP unit distributions......................... 24,859 - - - -
------------ ------------ ------------ ------------ ------------
Total Preferred Distributions........................... $ 124,997 $ 94,793 $ 78,375 $ 88,393 $ 68,599
============ ============ ============ ============ ============
Total Combined Fixed Charges and Preferred Distributions $ 138,068 $ 107,273 $ 86,363 $ 97,613 $ 78,942
============ ============ ============ ============ ============
Ratio of EBITDA to Fixed Charges........................ 37.11x 35.40x 43.21x 30.41x 22.53x
============ ============ ============ ============ ============
Ratio of EBITDA to Combined Fixed Charges and Preferred
Distributions....................................... 3.51x 4.12x 4.00x 2.87x 2.95x
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