PUBLIC STORGAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
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2001 2000 1999 1998 1997
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(Amounts in thousands)
Net income................................... $ 324,208 $ 297,088 $ 287,885 $ 227,019 $ 178,649
Add: Minority interest in income.......... 46,015 38,356 16,006 20,290 11,684
Less: Minority interests in income which do
not have fixed charges.................. (11,243) (10,549) (13,362) (15,853) (10,375)
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Income from continuing operations............ 358,980 324,895 290,529 231,456 179,958
Interest expense.......................... 3,227 3,293 7,971 4,507 6,792
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Total Earnings Available to Cover Fixed Charges $ 362,207 $ 328,188 $ 298,500 $ 235,963 $ 186,750
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Total Fixed Charges - interest expense (a)... $ 12,219 $ 13,071 $ 12,480 $ 7,988 $ 9,220
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Preferred Stock dividends.................... 117,979 100,138 94,793 78,375 88,393
Preferred OP Unit distributions.............. 31,737 24,859 - - -
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Total Preferred distributions................ $ 149,716 $ 124,997 $ 94,793 $ 78,375 $ 88,393
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Total Combined Fixed Charges and Preferred
Stock dividends............................ $ 161,935 $ 138,068 $ 107,273 $ 86,363 $ 97,613
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Ratio of Earnings to Fixed Charges........... 29.64x 25.11x 23.92x 29.54x 20.25x
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends.................. 2.24x 2.38x 2.78x 2.73x 1.91x
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SUPPLEMENTAL DISCLOSURE OF RATIO OF EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION AND AMORTIZATION ("EBITDA") TO FIXED CHARGES:
Net Income................................... $ 324,208 $ 297,088 $ 287,885 $ 227,019 $ 178,649
Less - Gain on sale of real estate........... (4,091) (3,786) (2,154) - -
Add - Depreciation and Amortization.......... 168,061 148,967 137,719 111,799 92,750
Less - Depreciation allocated to minority (7,847) (7,138) (9,294) (12,022) (9,245)
interests....................................
Add - Depreciation included in equity in
earnings of real estate entities........... 25,096 21,825 19,721 13,884 11,474
Add - Minority interest - Preferred ........ 31,737 24,859 - - -
Add - Interest expense ..................... 3,227 3,293 7,971 4,507 6,792
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EBITDA available to cover fixed charges (a).. $ 540,391 $ 485,108 $ 441,848 $ 345,187 $ 280,420
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Total Fixed Charges - interest expense (b)... $ 12,219 $ 13,071 $ 12,480 $ 7,988 $ 9,220
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Preferred Stock dividends.................... 117,979 100,138 94,793 78,375 88,393
Preferred OP Unit distributions.............. 31,737 24,859 - - -
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Total Preferred distributions................ $ 149,716 $ 124,997 $ 94,793 $ 78,375 $ 88,393
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Total Combined Fixed Charges and Preferred
Stock dividends............................ $ 161,935 $ 138,068 $ 107,273 $ 86,363 $ 97,613
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Ratio of EBITDA to Fixed Charges............. 44.23x 37.11x 35.40x 43.21x 30.41x
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Ratio of EBITDA to Combined Fixed Charges and
Preferred Stock dividends.................. 3.34x 3.51x 4.12x 4.00x 2.87x
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(a) EBITDA represents earnings prior to interest, taxes, depreciation,
amortization, and gains on sale of real estate assets.
(b) "Total fixed charges - interest" includes interest expense plus capitalized
interest.
Exhibit 12