PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
--------------------------
2004 2003
----------- -----------
(amounts in thousands,
except ratios)
Net income........................................... $ 69,067 $ 76,639
Add: Minority interest in income............... 20,620 10,668
Less: Minority interests in income which do not
have fixed charges........................... (3,913) (3,195)
----------- -----------
Adjusted net income.................................. 85,774 84,112
Interest expense................................ 100 453
----------- -----------
Total earnings available to cover fixed charges...... $ 85,874 $ 84,565
=========== ===========
Total fixed charges - interest expense (including
capitalized interest)............................. $ 1,225 $ 1,978
=========== ===========
Cumulative Preferred Stock dividends................. $ 38,042 $ 37,022
Preferred partnership unit distributions............. 14,554 6,726
----------- -----------
Total preferred distributions ....................... $ 52,596 $ 43,748
=========== ===========
Total combined fixed charges and preferred distributions,
prior to impact of EITF Topic D-42................ $ 53,821 $ 45,726
EITF Topic D-42 allocations .................... 5,786 2,297
----------- -----------
Total combined fixed charges and preferred distributions,
including the impact of EITF Topic D-42 (a) ...... $ 59,607 $ 48,023
=========== ===========
Ratio of earnings to fixed charges.................. 70.10x 42.75x
=========== ===========
Ratio of earnings to combined fixed charges and
preferred distributions, prior to the impact
of EITF Topic D-42 ............................... 1.60x 1.85x
=========== ===========
Ratio of earnings to combined fixed charges and
preferred distributions, including the impact
of EITF Topic D-42 (a) ........................... 1.44x 1.76x
=========== ===========
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
------------------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ----------- ---------- ----------- -----------
(amounts in thousands, except ratios)
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)
----------- ----------- ---------- ----------- -----------
Adjusted net income.................................. 366,746 348,518 358,980 324,895 290,529
Interest expense................................ 1,121 3,809 3,227 3,293 7,971
----------- ----------- ---------- ----------- -----------
Total earnings available to cover fixed charges...... $ 367,867 $ 352,327 $ 362,207 $ 328,188 $ 298,500
=========== =========== ========== =========== ===========
Total fixed charges - interest expense (including
capitalized interest)............................. $ 7,131 $ 10,322 $ 12,219 $ 13,071 $ 12,480
=========== =========== ========== =========== ===========
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 -
----------- ----------- ---------- ----------- -----------
Total preferred distributions ....................... $ 173,102 $ 175,832 $ 149,716 $ 124,997 $ 94,793
=========== =========== ========== =========== ===========
Total combined fixed charges and preferred distributions,
prior to impact of EITF Topic D-42................ $ 180,233 $ 186,154 $ 161,935 $ 138,068 $ 107,273
EITF Topic D-42 allocations..................... $ 7,120 $ 6,888 $ 14,835 - -
----------- ----------- ---------- ----------- -----------
Total combined fixed charges and preferred distributions,
including the impact of EITF Topic D-42(a)........ $ 187,353 $ 193,042 $ 176,770 $ 138,068 $ 107,273
=========== =========== ========== =========== ===========
Ratio of earnings to fixed charges.................. 51.59x 34.13x 29.64x 25.11x 23.92x
=========== =========== ========== =========== ===========
Ratio of earnings to combined fixed charges and
preferred distributions, including the impact of
EITF Topcic D-42.................................. 2.04x 1.89x 2.24x 2.38x 2.78x
=========== =========== ========== =========== ===========
Ratio of earnings to combined fixed charges and
preferred distributions, including the impact of
EITF Topcic D-42 (a).............................. 1.96x 1.83x 2.05x 2.38x 2.78x
=========== =========== ========== =========== ===========
(a) These amounts reflect the additional allocation of income to preferred
unitholders and preferred stockholders pursuant to the Securities and
Exchange Commission Observer's clarification of Emerging Issues Task Force
("EITF") Topic D-42, "The Effect on the Calculation of Earnings per Share for
the Redemption or Induced Conversion of Preferred Stock," as described in Note 2
to the consolidated financial statements for the three months ended
March 31, 2004.
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
--------------------------
2004 2003
----------- -----------
(amounts in thousands,
except ratios)
Supplemental Disclosure of Ratio of Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to Fixed Charges (a):
Net income........................................... $ 69,067 $ 76,639
Less: (Gain)/Loss on sale of real estate and real
estate investments........................... - 2,116
Add: EITF Topic D-42 charges included in equity in
earnings of real estate entities ............ 943 -
Add: Depreciation and amortization............. 46,770 45,367
Less: Depreciation allocable to minority interests (1,575) (1,646)
Add: Depreciation included in equity in earnings
of real estate entities...................... 8,275 6,294
Add: Depreciation and amortization included in
discontinued operations...................... 78 673
Add: Minority interest - preferred............. 16,617 6,726
Add: Interest expense.......................... 100 453
----------- -----------
EBITDA available to cover fixed charges.............. $ 140,275 $ 136,622
=========== ===========
Total fixed charges - interest expense (including
capitalized interest)............................. $ 1,225 $ 1,978
=========== ===========
Cumulative Preferred Stock dividends................. $ 38,042 $ 37,022
Preferred partnership unit cash distributions........ 14,554 6,726
----------- -----------
Total preferred distributions........................ $ 52,596 $ 43,748
=========== ===========
Total combined fixed charges and preferred distributions $ 53,821 $ 45,726
=========== ===========
Ratio of EBITDA to fixed charges.................... 114.51x 69.07x
=========== ===========
Ratio of EBITDA to combined fixed charges and preferred
distributions..................................... 2.61x 2.99x
=========== ===========
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
----------------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ----------- ---------- ----------- -----------
(amounts in thousands, except ratios)
Supplemental Disclosure of Ratio of Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to Fixed Charges (a):
Net income........................................... $ 336,653 $ 318,738 $ 324,208 $ 297,088 $ 287,885
Less: (Gain)/Loss on sale of real estate and real
estate investments........................... (5,378) 2,541 (4,091) (3,786) (2,154)
Add: EITF Topic D-42 charges included in equity
earnings of real estate entitites............ - - - - -
Add: Depreciation and amortization............. 185,775 177,978 164,914 147,743 136,663
Less: Depreciation allocable to minority interests (6,328) (8,087) (7,847) (7,138) (9,294)
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 1,224 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
----------- ----------- ---------- ----------- -----------
EBITDA available to cover fixed charges.............. $ 568,730 $ 552,633 $ 540,391 $ 485,108 $ 441,848
=========== =========== ========== =========== ===========
Total fixed charges - interest expense (including
capitalized interest)............................. $ 7,131 $ 10,322 $ 12,219 $ 13,071 $ 12,480
=========== =========== ========== =========== ===========
Cumulative Preferred Stock dividends................. $ 146,196 $ 148,926 $ 117,979 $ 100,138 $ 94,793
Preferred partnership unit cash distributions........ 26,906 26,906 31,737 24,859 -
----------- ----------- ---------- ----------- -----------
Total preferred distributions........................ $ 173,102 $ 175,832 $ 149,716 $ 124,997 $ 94,793
=========== =========== ========== =========== ===========
Total combined fixed charges and preferred distributions $ 180,233 $ 186,154 $ 161,935 $ 138,068 $ 107,273
=========== =========== ========== =========== ===========
Ratio of EBITDA to fixed charges.................... 79.75x 53.54x 44.23x 37.11x 35.40x
=========== =========== ========== =========== ===========
Ratio of EBITDA to combined fixed charges and preferred
distributions..................................... 3.16x 2.97x 3.34x 3.51x 4.12x
=========== =========== ========== =========== ===========
(a) EBITDA represents earnings prior to interest, taxes, depreciation,
amortization, gains on sale of real estate assets and the impact of the
application of EITF Topic D-42. 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 this basis.
Exhibit 12