PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
--------------------------
2002 2001
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(amounts in thousands, except ratios)
Net income........................................... $ 251,524 $ 240,012
Add: Minority interest in income 33,463 35,370
Less: Minority interests in income which do not
have fixed charges........................... (11,077) (7,820)
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Income from continuing operations.................... 273,910 267,562
Interest expense................................ 3,284 3,023
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Total earnings available to cover fixed charges...... $ 277,194 $ 270,585
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Total fixed charges - interest expense (including
capitalized interest)............................. $ 7,930 $ 9,286
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Preferred Stock dividends............................ $ 111,704 $ 85,508
Preferred partnership units distributions............ 20,179 24,830
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Total preferred distributions........................ $ 131,883 $ 110,338
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Total combined fixed charges and preferred distributions $ 139,813 $ 119,624
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Ratio of earnings to fixed charges.................. 34.96x 29.14x
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Ratio of earnings to combined fixed charges and
preferred distributions........................... 1.98x 2.26x
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For the Year Ended December 31,
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2001 2000 1999 1998 1997
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(amounts in thousands, except ratios)
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)
----------- ----------- ----------- ----------- -----------
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
----------- ----------- ----------- ----------- -----------
Total earnings available to cover fixed charges...... $ 362,207 $ 328,188 $ 298,500 $ 235,963 $ 186,750
=========== =========== =========== =========== ===========
Total fixed charges - interest expense (including
capitalized interest)............................. $ 12,219 $ 13,071 $ 12,480 $ 7,988 $ 9,220
=========== =========== =========== =========== ===========
Preferred Stock dividends............................ $ 117,979 $ 100,138 $ 94,793 $ 78,375 $ 88,393
Preferred partnership units 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 distributions $ 161,935 $ 138,068 $ 107,273 $ 86,363 $ 97,613
=========== =========== =========== =========== ===========
Ratio of earnings to fixed charges.................. 29.64x 25.11x 23.92x 29.54x 20.25x
=========== =========== =========== =========== ===========
Ratio of earnings to combined fixed charges and
preferred distributions........................... 2.24x 2.38x 2.78x 2.73x 1.91x
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Exhibit 12
Nine Months Ended
September 30,
--------------------------
2002 2001
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(amounts in thousands, except ratios)
Supplemental Disclosure of Ratio of Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to Fixed Charges:
Net income........................................... $ 251,524 $ 240,012
Less: Gain on sale of real estate and real estate
investments.................................. (885) (1,568)
Add: Depreciation and amortization............. 135,057 123,187
Less: Depreciation allocable to minority interests (6,298) (5,734)
Add: Depreciation included in equity in earnings
of real estate entities...................... 19,717 17,727
Add: Depreciation and amortization included in
discontinued operations...................... 543 459
Add: Minority interest - preferred............. 20,179 24,830
Add: Interest expense.......................... 3,284 3,023
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EBITDA available to cover fixed charges.............. $ 423,121 $ 401,936
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Total fixed charges - interest expense (including
capitalized interest)............................. $ 7,930 $ 9,286
=========== ===========
Preferred Stock dividends............................ $ 111,704 $ 85,508
Preferred partnership units distributions............ 20,179 24,830
----------- -----------
Total preferred distributions........................ $ 131,883 $ 110,338
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Total combined fixed charges and preferred distributions $ 139,813 $ 119,624
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Ratio of EBITDA to fixed charges.................... 53.33x 43.28x
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Ratio of EBITDA to combined fixed charges and preferred
distributions..................................... 3.03x 3.36x
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For the Year Ended December 31,
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2001 2000 1999 1998 1997
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(amounts in thousands, except ratios)
Supplemental Disclosure of Ratio of Earnings Before Interest,
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 and real estate
investments.................................. (4,091) (3,786) (2,154) - -
Add: Depreciation and amortization............. 167,399 148,642 137,400 111,799 92,750
Less: Depreciation allocable to minority interests (7,847) (7,138) (9,294) (12,022) (9,245)
Add: Depreciation included in equity in earnings
of real estate entities...................... 25,096 21,825 19,721 13,884 11,474
Add: Depreciation and amortization included in
discontinued operations...................... 662 325 319 - -
Add: Minority interest - preferred............. 31,737 24,859 - - -
Add: Interest expense.......................... 3,227 3,293 7,971 4,507 6,792
----------- ----------- ----------- ----------- -----------
EBITDA available to cover fixed charges.............. $ 540,391 $ 485,108 $ 441,848 $ 345,187 $ 280,420
=========== =========== =========== =========== ===========
Total fixed charges - interest expense (including
capitalized interest)............................. $ 12,219 $ 13,071 $ 12,480 $ 7,988 $ 9,220
=========== =========== =========== =========== ===========
Preferred Stock dividends............................ $ 117,979 $ 100,138 $ 94,793 $ 78,375 $ 88,393
Preferred partnerhsip units 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 distributions $ 161,935 $ 138,068 $ 107,273 $ 86,363 $ 97,613
=========== =========== =========== =========== ===========
Ratio of EBITDA to fixed charges.................... 44.23x 37.11x 35.40x 43.21x 30.41x
=========== =========== =========== =========== ===========
Ratio of EBITDA to combined fixed charges and preferred
distributions..................................... 3.34x 3.51x 4.12x 4.00x 2.87x
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EBITDA represents earnings prior to interest, taxes, depreciation, amortization
and gains on sale of real estate assets.
Exhibit 12