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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2004 2003 2002 2001 2000
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(Amounts in thousands)
Net income................................... $ 366,213 $ 336,653 $ 318,738 $ 324,208 $ 297,088
Add: Minority interest in income.......... 49,913 43,703 44,087 46,015 38,356
Less: Minority interest in income which do
not have fixed charges.................. (17,090) (13,610) (14,307) (11,243) (10,549)
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Adjusted net income.......................... 399,027 366,746 348,518 358,980 324,895
Interest expense.......................... 760 1,121 3,809 3,227 3,293
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Total earnings available to cover fixed charges $ 399,787 $ 367,867 $ 352,327 $ 362,207 $ 328,188
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Total fixed charges - interest expense (b)... $ 4,377 $ 7,131 $ 10,322 $ 12,219 $ 13,071
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Cumulative preferred stock dividends......... 157,925 146,196 148,926 117,979 100,138
Preferred partnership unit distributions..... 30,423 26,906 26,906 31,737 24,859
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Total preferred distributions, prior to EITF
Topic D-42................................... 188,348 173,102 175,832 149,716 124,997
Allocations pursuant to EITF Topic D-42... 10,787 7,120 6,888 14,835 -
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Total preferred distributions, including EITF
Topic D-42................................. $ 199,135 $ 180,222 $ 182,720 $ 164,551 $ 124,997
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Total combined fixed charges and preferred
stock distributions, prior to EITF Topic D-42 $ 192,725 $ 180,233 $ 186,154 $ 161,935 $ 138,068
============= =========== ============ ============ ============
Total combined fixed charges and preferred
stock distributions, including EITF Topic D-42 $ 203,512 $ 187,353 $ 193,042 $ 176,770 $ 138,068
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Ratio of earnings to fixed charges........... 91.34x 51.59x 34.13x 29.64x 25.11x
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Ratio of earnings to combined fixed charges,
prior to EITF Topic D-42................... 2.07x 2.04x 1.89x 2.24x 2.38x
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Ratio of earnings to combined fixed charges,
including EITF Topic D-42.................. 1.96x 1.96x 1.83x 2.05x 2.38x
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Supplemental disclosure of Ratio of Earnings before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to fixed charges:
Net Income................................... $ 366,213 $ 336,653 $ 318,738 $ 324,208 $ 297,088
Less - Loss/(Gain) on sale of real estate.... (2,288) (5,378) 2,541 (4,091) (576)
Add - Our equity share of EITF Topic D-42
charges, impairment charges, and (gain)/loss on
sale of real estate assets................... (4,544) (187) (3,737) - (3,210)
Add - Depreciation and amortization.......... 184,345 188,003 181,648 168,061 148,967
Less - Depreciation allocated to minority
interests.................................... (6,046) (6,328) (8,087) (7,847) (7,138)
Add - Depreciation included in equity in
earnings of real estate entities........... 33,720 27,753 27,078 25,096 21,825
Add - Minority interest - preferred ......... 32,486 26,906 26,906 31,737 24,859
Add - Interest expense ...................... 760 1,121 3,809 3,227 3,293
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EBITDA available to cover fixed charges (a).. $ 604,646 $ 568,543 $ 548,896 $ 540,391 $ 485,108
============= =========== ============ ============ ============
Total fixed charges - interest expense (b)... $ 4,377 $ 7,131 $ 10,322 $ 12,219 $ 13,071
============= =========== ============ ============ ============
Preferred stock dividends.................... 157,925 146,196 148,926 117,979 100,138
Preferred partnership unit distributions..... 30,423 26,906 26,906 31,737 24,859
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Total preferred distributions................ 188,348 173,102 175,832 149,716 124,997
Allocations pursuant to EITF Topic D-42... 10,787 7,120 6,888 14,835 -
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Total preferred distributions, including EITF
Topic D-42................................. $ 199,135 $ 180,222 $ 182,720 $ 164,551 $ 124,997
============= =========== ============ ============ ============
Total combined fixed charges and preferred
stock distributions, prior to EITF Topic D-42 $ 192,725 $ 180,233 $ 186,154 $ 161,935 $ 138,068
============= =========== ============ ============ ============
Total combined fixed charges and preferred
stock distributions, including EITF Topic D-42 $ 203,512 $ 187,353 $ 193,042 $ 176,770 $ 138,068
============= =========== ============ ============ ============
Ratio of EBITDA to fixed charges............. 138.14x 79.73x 53.18x 44.23x 37.11x
============= =========== ============ ============ ============
Ratio of EBITDA to combined fixed charges and
preferred stock distributions, prior to EITF
Topic D-42................................. 3.14x 3.15x 2.95x 3.34x 3.51x
============= =========== ============ ============ ============
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
--------------------------------------------------------------------------
2004 2003 2002 2001 2000
------------- ----------- ------------ ------------ ------------
(Amounts in thousands)
Ratio of EBITDA to combined fixed charges and
preferred stock distributions, including EITF
Topic D-42................................. 2.97x 3.03x 2.84x 3.06x 3.51x
============= =========== ============ ============ ============
(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 expense" includes interest expense plus
capitalized interest.
Exhibit 12