PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Three Months Ended
March 31, For the Year Ended December 31,
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2002 2001 2001 2000
------------ ------------ ------------ --------------
(Amounts in thousands, except ratios)
Net income................................................ $ 87,455 $ 74,635 $ 324,208 $ 297,088
Add: Minority interest in income....................... 11,342 11,698 46,015 38,356
Less: Minority interests in income which do not have fixed
charges.............................................. (3,025) (2,464) (11,243) (10,549)
------------ ------------ ------------ --------------
Income from continuing operations......................... 95,772 83,869 358,980 324,895
Interest expense....................................... 1,102 971 3,227 3,293
------------ ------------ ------------ --------------
Total Earnings Available to Cover Fixed Charges........... $ 96,874 $ 84,840 $ 362,207 $ 328,188
============ ============ ============ ==============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 2,948 $ 3,081 $ 12,219 $ 13,071
============ ============ ============ ==============
Preferred Stock dividends................................. $ 35,840 $ 28,036 $ 117,979 $ 100,138
Preferred OP unit distributions........................... 6,726 8,505 31,737 24,859
------------ ------------ ------------ --------------
Total Preferred Distributions............................. $ 42,566 $ 36,541 $ 149,716 $ 124,997
============ ============ ============ ==============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 45,514 $ 39,622 $ 161,935 $ 138,068
============ ============ ============ ==============
Ratio of Earnings to Fixed Charges........................ 32.86x 27.54x 29.64x 25.11x
============ ============ ============ ==============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions......................................... 2.13x 2.14x 2.24x 2.38x
============ ============ ============ ==============
For the Year Ended December 31,
----------------------------------------------
1999 1998 1997
------------ ------------ ------------
Net income................................................ $ 287,885 $ 227,019 $ 178,649
Add: Minority interest in income....................... 16,006 20,290 11,684
Less: Minority interests in income which do not have fixed
charges.............................................. (13,362) (15,853) (10,375)
------------ ------------ ------------
Income from continuing operations......................... 290,529 231,456 179,958
Interest expense....................................... 7,971 4,507 6,792
------------ ------------ ------------
Total Earnings Available to Cover Fixed Charges........... $ 298,500 $ 235,963 $ 186,750
============ ============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 12,480 $ 7,988 $ 9,220
============ ============ ============
Preferred Stock dividends................................. $ 94,793 $ 78,375 $ 88,393
Preferred OP unit distributions........................... - - -
------------ ------------ ------------
Total Preferred Distributions............................. $ 94,793 $ 78,375 $ 88,393
============ ============ ============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 107,273 $ 86,363 $ 97,613
============ ============ ============
Ratio of Earnings to Fixed Charges........................ 23.92x 29.54x 20.25x
============ ============ ============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions......................................... 2.78x 2.73x 1.91x
============ ============ ============
Exhibit 12
Three Months Ended
March 31, For the Year Ended December 31,
--------------------------- ---------------------------
2002 2001 2001 2000
----------- ----------- ----------- -----------
Supplemental disclosure of Ratio of Earnings before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to fixed charges:
(Amounts in thousands, except ratios)
Net income.............................................. $ 87,455 $ 74,635 $ 324,208 $ 297,088
Less - Gain on sale of real estate...................... (2,241) (1,568) (4,091) (3,786)
Add - Depreciation and amortization..................... 43,997 39,622 168,061 148,967
Less - Depreciation allocable to minority interests..... (2,255) (1,758) (7,847) (7,138)
Add - Depreciation included in equity in earnings of real
estate entities..................................... 6,371 5,275 25,096 21,825
Add - Minority interest - Preferred..................... 6,726 8,505 31,737 24,859
Add - Interest expense.................................. 1,102 971 3,227 3,293
----------- ----------- ----------- -----------
EBITDA available to cover fixed charges (a)............. $ 141,155 $ 125,682 $ 540,391 $ 485,108
=========== =========== =========== ===========
Total fixed charges - Interest expense (including
capitalized interest)................................... $ 2,948 $ 3,081 $ 12,219 $ 13,071
=========== =========== =========== ===========
Preferred stock dividends............................... $ 35,840 $ 28,036 $ 117,979 $ 100,138
Preferred OP unit distributions......................... 6,726 8,505 31,737 24,859
----------- ----------- ----------- -----------
Total preferred distributions........................... $ 42,566 $ 36,541 $ 149,716 $ 124,997
=========== =========== =========== ===========
Total combined fixed charges and preferred stock
distributions....................................... $ 45,514 $ 39,622 $ 161,935 $ 138,068
=========== =========== =========== ===========
Ratio of EBITDA to fixed charges........................ 47.88x 40.79x 44.23x 37.11x
=========== =========== =========== ===========
Ratio of EBITDA to combined fixed charges and preferred
stock distributions................................. 3.10x 3.17x 3.34x 3.51x
=========== =========== =========== ===========
For the Year Ended December 31,
------------------------------------------
1999 1998 1997
----------- ----------- -----------
Supplemental disclosure of Ratio of Earnings before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to fixed charges:
(Amounts in thousands, except ratios)
Net income.............................................. $ 287,885 $ 227,019 $ 178,649
Less - Gain on sale of real estate...................... (2,154) - -
Add - Depreciation and amortization..................... 137,719 111,799 92,750
Less - Depreciation allocable to minority interests..... (9,294) (12,022) (9,245)
Add - Depreciation included in equity in earnings of real
estate entities..................................... 19,721 13,884 11,474
Add - Minority interest - Preferred..................... - - -
Add - Interest expense.................................. 7,971 4,507 6,792
----------- ----------- -----------
EBITDA available to cover fixed charges (a)............. $ 441,848 $ 345,187 $ 280,420
=========== =========== ===========
Total fixed charges - Interest expense (including
capitalized interest)................................... $ 12,480 $ 7,988 $ 9,220
=========== =========== ===========
Preferred stock dividends............................... $ 94,793 $ 78,375 $ 88,393
Preferred OP unit distributions......................... - - -
----------- ----------- -----------
Total preferred distributions........................... $ 94,793 $ 78,375 $ 88,393
=========== =========== ===========
Total combined fixed charges and preferred stock
distributions....................................... $ 107,273 $ 86,363 $ 97,613
=========== =========== ===========
Ratio of EBITDA to fixed charges........................ 35.40x 43.21x 30.41x
=========== =========== ===========
Ratio of EBITDA to combined fixed charges and preferred
stock distributions................................. 4.12x 4.00x 2.87x
=========== =========== ===========
a. EBITDA represents earnings prior to interest, taxes, depreciation,
amortization, and gains on sale of real estate assets.
Exhibit 12