PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
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2003 2002 2001 2000 1999
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(Amounts in thousands)
Net income................................... $ 336,653 $ 318,738 $ 324,208 $ 297,088 $ 287,885
Add: Minority interest in income.......... 43,703 44,087 46,015 38,356 16,006
Less: Minority interests in income which do
not have fixed charges.................. (13,610) (14,307) (11,243) (10,549) (13,362)
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Income from continuing operations............ 366,746 348,518 358,980 324,895 290,529
Interest expense.......................... 1,121 3,809 3,227 3,293 7,971
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Total Earnings Available to Cover Fixed Charges $ 367,867 $ 352,327 $ 362,207 $ 328,188 $ 298,500
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Total Fixed Charges - interest expense (b)... $ 7,131 $ 10,322 $ 12,219 $ 13,071 $ 12,480
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Cumulative Preferred Stock dividends......... 146,196 148,926 117,979 100,138 94,793
Preferred Partnership Unit distributions..... 26,906 26,906 31,737 24,859 -
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Total Preferred distributions................ $ 173,102 $ 175,832 $ 149,716 $ 124,997 $ 94,793
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Total Combined Fixed Charges and Preferred
Stock dividends............................ $ 180,233 $ 186,154 $ 161,935 $ 138,068 $ 107,273
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Ratio of Earnings to Fixed Charges........... 51.59x 34.13x 29.64x 25.11x 23.92x
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends.................. 2.04x 1.89x 2.24x 2.38x 2.78x
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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................................... $ 336,653 $ 318,738 $ 324,208 $ 297,088 $ 287,885
Less - Loss/(Gain) on sale of real estate.... (5,378) 2,541 (4,091) (3,786) (2,154)
Add - Depreciation and Amortization.......... 185,775 177,978 164,914 147,743 136,663
Less - Depreciation allocated to minority (6,328) (8,087) (7,847) (7,138) (9,294)
interests....................................
Add - Depreciation included in equity in
earnings of real estate entities........... 27,753 27,078 25,096 21,825 19,721
Add - Depreciation and amortization included in
discontinued operations.................... 2,228 3,670 3,147 1,494 1,056
Add - Minority interest - Preferred ........ 26,906 26,906 31,737 24,859 -
Add - Interest expense ..................... 1,121 3,809 3,227 3,293 7,971
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EBITDA available to cover fixed charges (a).. $ 568,730 $ 552,633 $ 540,391 $ 485,108 $ 441,848
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Total Fixed Charges - interest expense (b)... $ 7,131 $ 10,322 $ 12,219 $ 13,071 $ 12,480
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Preferred Stock dividends.................... 146,196 148,926 117,979 100,138 94,793
Preferred Partnership Unit distributions..... 26,906 26,906 31,737 24,859 -
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Total Preferred distributions................ $ 173,102 $ 175,832 $ 149,716 $ 124,997 $ 94,793
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Total Combined Fixed Charges and Preferred
Stock dividends............................ $ 180,233 $ 186,154 $ 161,935 $ 138,068 $ 107,273
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Ratio of EBITDA to Fixed Charges............. 79.75x 53.54x 44.23x 37.11x 35.40x
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Ratio of EBITDA to Combined Fixed Charges and
Preferred Stock dividends.................. 3.16x 2.97x 3.34x 3.51x 4.12x
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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 12