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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2002 2001 2000 1999 1998
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(Amounts in thousands)
Net income................................... $ 318,738 $ 324,208 $ 297,088 $ 287,885 $ 227,019
Add: Minority interest in income.......... 44,087 46,015 38,356 16,006 20,290
Less: Minority interests in income which do
not have fixed charges.................. (14,307) (11,243) (10,549) (13,362) (15,853)
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Income from continuing operations............ 348,518 358,980 324,895 290,529 231,456
Interest expense.......................... 3,809 3,227 3,293 7,971 4,507
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Total Earnings Available to Cover Fixed Charges $ 352,327 $ 362,207 $ 328,188 $ 298,500 $ 235,963
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Total Fixed Charges - interest expense (a)... $ 10,322 $ 12,219 $ 13,071 $ 12,480 $ 7,988
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Cumulative Preferred Stock dividends......... 148,926 117,979 100,138 94,793 78,375
Preferred Partnership Unit distributions..... 26,906 31,737 24,859 - -
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Total Preferred distributions................ $ 175,832 $ 149,716 $ 124,997 $ 94,793 $ 78,375
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Total Combined Fixed Charges and Preferred
Stock dividends............................ $ 186,154 $ 161,935 $ 138,068 $ 107,273 $ 86,363
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Ratio of Earnings to Fixed Charges........... 34.13x 29.64x 25.11x 23.92x 29.54x
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends.................. 1.89x 2.24x 2.38x 2.78x 2.73x
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Supplemental disclosure of Ratio of Earnings before Interest, Taxes,
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Depreciation and Amortization ("EBITDA") to fixed charges:
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Net Income................................... $ 318,738 $ 324,208 $ 297,088 $ 287,885 $ 227,019
Less - Loss/(Gain) on sale of real estate.... 2,541 (4,091) (3,786) (2,154) -
Add - Depreciation and Amortization.......... 179,634 166,178 148,195 137,400 111,799
Less - Depreciation allocated to minority (8,087) (7,847) (7,138) (9,294) (12,022)
interests....................................
Add - Depreciation included in equity in
earnings of real estate entities........... 27,078 25,096 21,825 19,721 13,884
Add - Depreciation and amortization included in
discontinued operations.................... 2,014 1,883 772 319 -
Add - Minority interest - Preferred ........ 26,906 31,737 24,859 - -
Add - Interest expense ..................... 3,809 3,227 3,293 7,971 4,507
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EBITDA available to cover fixed charges (a).. $ 552,633 $ 540,391 $ 485,108 $ 441,848 $ 345,187
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Total Fixed Charges - interest expense (b)... $ 10,322 $ 12,219 $ 13,071 $ 12,480 $ 7,988
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Preferred Stock dividends.................... 148,926 117,979 100,138 94,793 78,375
Preferred Partnership Unit distributions..... 26,906 31,737 24,859 - -
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Total Preferred distributions................ $ 175,832 $ 149,716 $ 124,997 $ 94,793 $ 78,375
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Total Combined Fixed Charges and Preferred
Stock dividends............................ $ 186,154 $ 161,935 $ 138,068 $ 107,273 $ 86,363
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Ratio of EBITDA to Fixed Charges............. 53.54x 44.23x 37.11x 35.40x 43.21x
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Ratio of EBITDA to Combined Fixed Charges and
Preferred Stock dividends.................. 2.97x 3.34x 3.51x 4.12x 4.00x
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(a) EBITDA represents earnings prior to interest, taxes, depreciation,
amortization, and gains on sale of real estate assets. This supplemental
disclosure of EBITDA is included because financial analysts and other
members of the investment community consider coverage ratios for real
estate companies on a pre-depreciation basis.
(b) "Total fixed charges - interest" includes interest expense plus capitalized
interest. Exhibit 21
Exhibit 12