PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30, For the Year Ended December 31,
-------------------------------- -------------------------------
2001 2000 2000 1999
-------------- -------------- -------------- --------------
(Amounts in thousands, except ratios)
Net income $ 240,012 $ 222,516 $ 297,088 $ 287,885
Add: Minority interest in income....................... 35,370 26,565 38,356 16,006
Less: Minority interests in income which do not have fixed
charges.............................................. (7,820) (8,017) (10,549) (13,362)
-------------- -------------- -------------- --------------
Income from continuing operations......................... 267,562 241,064 324,895 290,529
Interest expense....................................... 3,023 3,293 3,293 7,971
-------------- -------------- -------------- --------------
Total Earnings Available to Cover Fixed Charges........... $ 270,585 $ 244,357 $ 328,188 $ 298,500
============== ============== ============== ==============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 9,286 $ 10,121 $ 13,071 $ 12,480
============== ============== ============== ==============
Preferred Stock dividends................................. $ 85,508 $ 75,110 $ 100,138 $ 94,793
Preferred OP unit distributions........................... 24,830 16,354 24,859 -
-------------- -------------- -------------- --------------
Total Preferred Distributions............................. $ 110,338 $ 91,464 $ 124,997 $ 94,793
============== ============== ============== ==============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 119,624 $ 101,585 $ 138,068 $ 107,273
============== ============== ============== ==============
Ratio of Earnings to Fixed Charges........................ 29.14x 24.14x 25.11x 23.92x
============== ============== ============== ==============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions.......................................... 2.26x 2.41x 2.38x 2.78x
============== ============== ============== ==============
For the Year Ended December 31,
--------------------------------------------------
1998 1997 1996
-------------- -------------- --------------
(Amounts in thousands, except ratios)
Net income $ 227,019 $ 178,649 $ 153,549
Add: Minority interest in income....................... 20,290 11,684 9,363
Less: Minority interests in income which do not have fixed
charges.............................................. (15,853) (10,375) (8,273)
-------------- -------------- --------------
Income from continuing operations......................... 231,456 179,958 154,639
Interest expense....................................... 4,507 6,792 8,482
-------------- -------------- --------------
Total Earnings Available to Cover Fixed Charges........... $ 235,963 $ 186,750 $ 163,121
============== ============== ==============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 7,988 $ 9,220 $ 10,343
============== ============== ==============
Preferred Stock dividends................................. $ 78,375 $ 88,393 $ 68,599
Preferred OP unit distributions........................... - - -
-------------- -------------- --------------
Total Preferred Distributions............................. $ 78,375 $ 88,393 $ 68,599
============== ============== ==============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 86,363 $ 97,613 $ 78,942
============== ============== ==============
Ratio of Earnings to Fixed Charges........................ 29.54x 20.25x 15.77x
============== ============== ==============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions.......................................... 2.73x 1.91x 2.07x
============== ============== ==============
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30, For the Year Ended December 31,
----------------------------- -------------------------------
2001 2000 2000 1999
------------ ------------ ------------ ------------
Supplemental disclosure of Ratio of Earnings before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to fixed charges:
EBITDA......................................................... $ 374,083 $ 342,534 $ 456,956 $ 433,877
Add back preferred minority OP unit distributions.............. 24,830 16,354 24,859 -
Interest expense............................................... 3,023 3,293 3,293 7,971
------------ ------------ ------------ ------------
Adjusted EBITDA available to cover fixed charges............... $ 401,936 $ 362,181 $ 485,108 $ 441,848
============ ============ ============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).................................................. $ 9,286 $ 10,121 $ 13,071 $ 12,480
============ ============ ============ ============
Preferred Stock dividends...................................... $ 85,508 $ 75,110 $ 100,138 $ 94,793
Preferred OP unit distributions................................ 24,830 16,354 24,859 -
------------ ------------ ------------ ------------
Total Preferred Distributions.................................. $ 110,338 $ 91,464 $ 124,997 $ 94,793
============ ============ ============ ============
Total Combined Fixed Charges and Preferred Distributions....... $ 119,624 $ 101,585 $ 138,068 $ 107,273
============ ============ ============ ============
Ratio of EBITDA to Fixed Charges............................... 43.28x 35.79x 37.11x 35.40x
============ ============ ============ ============
Ratio of EBITDA to Combined Fixed Charges and Preferred
Distributions.............................................. 3.36x 3.57x 3.51x 4.12x
============ ============ ============ ============
For the Year Ended December 31,
--------------------------------------------
1998 1997 1996
------------ ------------ ------------
Supplemental disclosure of Ratio of Earnings before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to fixed charges:
EBITDA......................................................... $ 340,680 $ 273,628 $ 224,508
Add back preferred minority OP unit distributions.............. - - -
Interest expense............................................... 4,507 6,792 8,482
------------ ------------ ------------
Adjusted EBITDA available to cover fixed charges............... $ 345,187 $ 280,420 $ 232,990
============ ============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).................................................. $ 7,988 $ 9,220 $ 10,343
============ ============ ============
Preferred Stock dividends...................................... $ 78,375 $ 88,393 $ 68,599
Preferred OP unit distributions................................ - - -
------------ ------------ ------------
Total Preferred Distributions.................................. $ 78,375 $ 88,393 $ 68,599
============ ============ ============
Total Combined Fixed Charges and Preferred Distributions....... $ 86,363 $ 97,613 $ 78,942
============ ============ ============
Ratio of EBITDA to Fixed Charges............................... 43.21x 30.41x 22.53x
============ ============ ============
Ratio of EBITDA to Combined Fixed Charges and Preferred
Distributions.............................................. 4.00x 2.87x 2.95x
============ ============ ============
Exhibit 12