PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Six Months Ended
June 30, For the Year Ended December 31,
----------------------------- -----------------------------
2002 2001 2001 2000
------------ ------------ ------------ ------------
(Amounts in thousands, except ratios)
Net income................................................ $ 168,173 $ 156,408 $ 324,208 $ 297,088
Add: Minority interest in income....................... 21,955 23,370 46,015 38,356
Less: Minority interests in income which do not have fixed
charges.............................................. (5,492) (4,846) (11,243) (10,549)
------------ ------------ ------------ ------------
Income from continuing operations......................... 184,636 174,932 358,980 324,895
Interest expense....................................... 2,315 2,095 3,227 3,293
------------ ------------ ------------ ------------
Total Earnings Available to Cover Fixed Charges........... $ 186,951 $ 177,027 $ 362,207 $ 328,188
============ ============ ============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 5,587 $ 6,314 $ 12,219 $ 13,071
Preferred Stock dividends................................. $ 73,776 $ 56,772 $ 117,979 $ 100,138
Preferred OP unit distributions........................... 13,453 17,010 31,737 24,859
------------ ------------ ------------ ------------
Total Preferred Distributions............................. $ 87,229 $ 73,782 $ 149,716 $ 124,997
============ ============ ============ ============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 92,816 $ 80,096 $ 161,935 $ 138,068
============ ============ ============ ============
Ratio of Earnings to Fixed Charges........................ 33.46 28.04x 29.64x 25.11x
============ ============ ============ ============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions......................................... 2.01x 2.21x 2.24x 2.38x
============ ============ ============ ============
For the Year Ended December 31,
----------------------------------------------
1999 1998 1997
------------ ------------ ------------
(Amounts in thousands, except ratios)
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
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Six Months Ended
June 30, 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:
Net income.............................................. $ 168,173 $ 156,408 $ 324,208 $ 297,088
Less - Gain on sale of real estate and real estate (402) (1,568) (4,091) (3,786)
investments.............................................
Add - Depreciation and amortization..................... 90,049 80,945 168,061 148,967
Less - Depreciation allocable to minority interests..... (4,538) (3,568) (7,847) (7,138)
Add - Depreciation included in equity in earnings of real
estate entities..................................... 12,896 11,214 25,096 21,825
Add - Minority interest - Preferred..................... 13,453 17,010 31,737 24,859
Add - Interest expense.................................. 2,315 2,095 3,227 3,293
----------- ----------- ----------- -----------
EBITDA available to cover fixed charges................. $ 281,946 $ 262,536 $ 540,391 $ 485,108
=========== =========== =========== ===========
Total fixed charges - Interest expense (including
capitalized interest)................................... $ 5,587 $ 6,314 $ 12,219 $ 13,071
=========== =========== =========== ===========
Preferred stock dividends............................... $ 73,776 $ 56,772 $ 117,979 $ 100,138
Preferred OP unit distributions......................... 13,453 17,010 31,737 24,859
----------- ----------- ----------- -----------
Total preferred distributions........................... $ 87,229 $ 73,782 $ 149,716 $ 124,997
=========== =========== =========== ===========
Total combined fixed charges and preferred stock
distributions....................................... $ 92,816 $ 80,096 $ 161,935 $ 138,068
=========== =========== =========== ===========
Ratio of EBITDA to fixed charges........................ 50.46x 41.58x 44.23x 37.11x
=========== =========== =========== ===========
Ratio of EBITDA to combined fixed charges and preferred
stock distributions................................. 3.04x 3.28x 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 and real estate (2,154) - -
investments.............................................
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................. $ 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
=========== =========== ===========
EBITDA represents earnings prior to interest, taxes, depreciation, amortization,
and gains on sale of real estate assets.
Exhibit 12