PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
--------------------------
2003 2002
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Net income........................................... $ 76,639 $ 87,455
Add: Minority interest in income............... 10,668 11,342
Less: Minority interests in income which do not
have fixed charges........................... (3,195) (3,025)
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Income from continuing operations.................... 84,112 95,772
Interest expense................................ 453 1,102
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Total earnings available to cover fixed charges...... $ 84,565 $ 96,874
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Total fixed charges - interest expense (including
capitalized interest)............................. $ 1,978 $ 2,948
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Cumulative Preferred Stock dividends................. $ 37,022 $ 35,840
Preferred partnership unit distributions............. 6,726 6,726
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Total preferred distributions........................ $ 43,748 $ 42,566
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Total combined fixed charges and preferred distributions $ 45,726 $ 45,514
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Ratio of earnings to fixed charges.................. 42.75x 32.86x
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Ratio of earnings to combined fixed charges and
preferred distributions........................... 1.85x 2.13x
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For the Year Ended December 31,
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2002 2001 2000 1999 1998
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(amounts in thousands, except ratios)
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)
----------- ----------- ----------- ----------- -----------
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
----------- ----------- ----------- ----------- -----------
Total earnings available to cover fixed charges...... $ 352,327 $ 362,207 $ 328,188 $ 298,500 $ 235,963
=========== =========== =========== =========== ===========
Total fixed charges - interest expense (including
capitalized interest)............................. $ 10,322 $ 12,219 $ 13,071 $ 12,480 $ 7,988
=========== =========== =========== =========== ===========
Cumulative Preferred Stock dividends................. $ 148,926 $ 117,979 $ 100,138 $ 94,793 $ 78,375
Preferred partnership unit distributions............. 26,906 31,737 24,859 - -
----------- ----------- ----------- ----------- -----------
Total preferred distributions........................ $ 175,832 $ 149,716 $ 124,997 $ 94,793 $ 78,375
=========== =========== =========== =========== ===========
Total combined fixed charges and preferred distributions $ 186,154 $ 161,935 $ 138,068 $ 107,273 $ 86,363
=========== =========== =========== =========== ===========
Ratio of earnings to fixed charges.................. 34.13x 29.64x 25.11x 23.92x 29.54x
=========== =========== =========== =========== ===========
Ratio of earnings to combined fixed charges and
preferred distributions........................... 1.89x 2.24x 2.38x 2.78x 2.73x
=========== =========== =========== =========== ===========
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
--------------------------
2003 2002
----------- -----------
Supplemental Disclosure of Ratio of Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to Fixed Charges (a):
Net income........................................... $ 76,639 $ 87,455
Less: (Gain)/Loss on sale of real estate and real
estate investments........................... 2,116 (2,241)
Add: Depreciation and amortization............. 45,920 43,399
Less: Depreciation allocable to minority interests (1,646) (2,255)
Add: Depreciation included in equity in earnings
of real estate entities...................... 6,294 6,371
Add: Depreciation and amortization included in
discontinued operations...................... 120 598
Add: Minority interest - preferred............. 6,726 6,726
Add: Interest expense.......................... 453 1,102
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EBITDA available to cover fixed charges.............. $ 136,622 $ 141,155
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Total fixed charges - interest expense (including
capitalized interest)............................. $ 1,978 $ 2,948
=========== ===========
Cumulative Preferred Stock dividends................. $ 37,022 $ 35,840
Preferred partnership unit distributions............. 6,726 6,726
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Total preferred distributions........................ $ 43,748 $ 42,566
=========== ===========
Total combined fixed charges and preferred distributions $ 45,726 $ 45,514
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Ratio of EBITDA to fixed charges.................... 69.07x 47.88x
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Ratio of EBITDA to combined fixed charges and preferred
distributions..................................... 2.99x 3.10x
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For the Year Ended December 31,
-----------------------------------------------------------------------
2002 2001 2000 1999 1998
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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 (a):
Net income........................................... $ 318,738 $ 324,208 $ 297,088 $ 287,885 $ 227,019
Less: (Gain)/Loss on sale of real estate and real
estate investments........................... 2,541 (4,091) (3,786) (2,154) -
Add: Depreciation and amortization............. 179,144 165,636 147,778 136,969 111,444
Less: Depreciation allocable to minority interests (8,087) (7,847) (7,138) (9,294) (12,022)
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...................... 2,504 2,425 1,189 750 355
Add: Minority interest - preferred............. 26,906 31,737 24,859 - -
Add: Interest expense.......................... 3,809 3,227 3,293 7,971 4,507
----------- ----------- ----------- ----------- -----------
EBITDA available to cover fixed charges.............. $ 552,633 $ 540,391 $ 485,108 $ 441,848 $ 345,187
=========== =========== =========== =========== ===========
Total fixed charges - interest expense (including
capitalized interest)............................. $ 10,322 $ 12,219 $ 13,071 $ 12,480 $ 7,988
=========== =========== =========== =========== ===========
Cumulative Preferred Stock dividends................. $ 148,926 $ 117,979 $ 100,138 $ 94,793 $ 78,375
Preferred partnership unit distributions............. 26,906 31,737 24,859 - -
----------- ----------- ----------- ----------- -----------
Total preferred distributions........................ $ 175,832 $ 149,716 $ 124,997 $ 94,793 $ 78,375
=========== =========== =========== =========== ===========
Total combined fixed charges and preferred distributions $ 186,154 $ 161,935 $ 138,068 $ 107,273 $ 86,363
=========== =========== =========== =========== ===========
Ratio of EBITDA to fixed charges.................... 53.54x 44.23x 37.11x 35.40x 43.21x
=========== =========== =========== =========== ===========
Ratio of EBITDA to combined fixed charges and preferred
distributions..................................... 2.97x 3.34x 3.51x 4.12x 4.00x
=========== =========== =========== =========== ===========
(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.
Exhibit 12