PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Three Months Ended
March 31,
----------------------------
2006 2005
------------ ------------
Net income................................... $ 114,216 $ 96,411
Add: Minority interest in income.......... 7,159 10,644
Less: Minority interest in income which do
not have fixed charges.................. (3,452) (4,277)
Less: Equity in earnings of investments... (3,466) (5,678)
Add: Cash distributions from investments.. 5,776 4,537
Less: Impact of discontinued operations... (42) (1,107)
------------ ------------
Adjusted net income.......................... 120,191 100,530
Interest expense.......................... 1,557 1,663
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Total earnings available to cover fixed charges $ 121,748 $ 102,193
============ ============
Total fixed charges - interest expense (a)... $ 2,273 $ 2,328
============ ============
Cumulative preferred stock dividends......... $ 46,615 $ 40,413
Preferred partnership unit distributions..... 3,591 5,375
Allocations pursuant to EITF Topic D-42...... - (2,778)
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Total preferred distributions................ $ 50,206 $ 48,566
============ ============
Total combined fixed charges and preferred
stock distributions........................ $ 52,479 $ 50,894
============ ============
Ratio of earnings to fixed charges........... 53.56x 43.90x
============ ============
Ratio of earnings to combined fixed charges.. 2.32x 2.01x
============ ============
For the Year Ended December 31,
- --------------------------------------------------------------------------
2005 2004 2003 2002 2001
----------- ------------- ----------- ------------ ------------
(Amounts in thousands)
Net income................................... $ 456,393 $ 366,213 $ 336,653 $ 318,738 $ 324,208
Add: Minority interest in income.......... 32,651 49,913 43,703 44,087 46,015
Less: Minority interest in income which do
not have fixed charges.................. (15,161) (17,099) (13,610) (14,307) (11,243)
Less: Equity in earnings of investments... (24,883) (22,564) (24,966) (29,888) (38,542)
Add: Cash distributions from investments.. 23,112 20,961 17,754 19,496 24,124
Less: Impact of discontinued operations... (6,377) 901 (3,920) 11,808 1,632
----------- ------------- ----------- ------------ ------------
Adjusted net income.......................... 465,735 398,325 355,614 349,934 346,194
Interest expense.......................... 8,216 760 1,121 3,809 3,227
----------- ------------- ----------- ------------ ------------
Total earnings available to cover fixed charges $ 473,951 $ 399,085 $ 356,735 $ 353,743 $ 349,421
=========== ============= =========== ============ ============
Total fixed charges - interest expense (a)... $ 11,036 $ 4,377 $ 7,131 $ 10,322 $ 12,219
=========== ============= =========== ============ ============
Cumulative preferred stock dividends......... $ 173,017 $ 157,925 $ 146,196 $ 148,926 $ 117,979
Preferred partnership unit distributions..... 16,147 30,423 26,906 26,906 31,737
Allocations pursuant to EITF Topic D-42...... 8,412 10,787 7,120 6,888 14,835
----------- ------------- ----------- ------------ ------------
Total preferred distributions................ $ 197,576 $ 199,135 $ 180,222 $ 182,720 $ 164,551
=========== ============= =========== ============ ============
Total combined fixed charges and preferred
stock distributions........................ $ 208,612 $ 203,512 $ 187,353 $ 193,042 $ 176,770
=========== ============= =========== ============ ============
Ratio of earnings to fixed charges........... 42.95x 91.18x 50.03x 34.27x 28.60x
=========== ============= =========== ============ ============
Ratio of earnings to combined fixed charges.. 2.27x 1.96x 1.90x 1.83x 1.98x
=========== ============= =========== ============ ============
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Supplemental Disclosure of Ratio of Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA") to Fixed Charges (a):
For the Three Months Ended
March 31,
----------------------------
2006 2005
------------ ------------
Net Income................................... $ 114,216 $ 96,411
Add - Depreciation and amortization (including
discontinued operations)..................... 50,070 48,005
Less - Depreciation allocated to minority
interests.................................... (312) (1,320)
Add - Depreciation included in equity in
earnings of real estate entities........... 9,254 8,685
Add - Minority interest - preferred ......... 3,591 6,249
Add - Interest expense ...................... 1,557 1,663
------------ ------------
EBITDA available to cover fixed charges (b).. $ 178,376 $ 159,693
============ ============
Total fixed charges - interest expense (a)... $ 2,273 $ 2,328
============ ============
Preferred stock dividends.................... $ 46,615 $ 40,413
Preferred partnership unit distributions..... 3,591 5,375
Allocations pursuant to EITF Topic D-42... - 2,778
------------ ------------
Total preferred distributions................ $ 50,206 $ 48,566
============ ============
Total combined fixed charges and preferred
stock distributions........................ $ 52,479 $ 50,894
============ ============
Ratio of EBITDA to fixed charges............. 78.48x 68.60x
============ ============
Ratio of EBITDA to combined fixed charges and
preferred stock distributions.............. 3.40x 3.14x
============ ============
For the Year Ended December 31,
- --------------------------------------------------------------------------
2005 2004 2003 2002 2001
----------- ------------- ----------- ------------ ------------
(Amounts in thousands)
Net Income................................... $ 456,393 $ 366,213 $ 336,653 $ 318,738 $ 324,208
Add - Depreciation and amortization (including
discontinued operations)..................... 196,485 184,345 188,003 181,648 168,061
Less - Depreciation allocated to minority
interests.................................... (3,403) (6,046) (6,328) (8,087) (7,847)
Add - Depreciation included in equity in
earnings of real estate entities........... 35,425 33,720 27,753 27,078 25,096
Add - Minority interest - preferred ......... 17,021 32,486 26,906 26,906 31,737
Add - Interest expense ...................... 8,216 760 1,121 3,809 3,227
----------- ------------- ----------- ------------ ------------
EBITDA available to cover fixed charges (b).. $ 710,137 $ 611,478 $ 574,108 $ 550,092 $ 544,482
=========== ============= =========== ============ ============
Total fixed charges - interest expense (a)... $ 11,036 $ 4,377 $ 7,131 $ 10,322 $ 12,219
=========== ============= =========== ============ ============
Preferred stock dividends.................... $ 173,017 $ 157,925 $146,196 $148,926 $ 117,979
Preferred partnership unit distributions..... 16,147 30,423 26,906 26,906 31,737
Allocations pursuant to EITF Topic D-42... 8,412 10,787 7,120 6,888 14,835
----------- ------------- ----------- ------------ ------------
Total preferred distributions................ $ 197,576 $ 199,135 $ 180,222 $ 182,720 $ 164,551
=========== ============= =========== ============ ============
Total combined fixed charges and preferred
stock distributions........................ $ 208,612 $ 203,512 $ 187,353 $ 193,042 $ 176,770
=========== ============= =========== ============ ============
Ratio of EBITDA to fixed charges............. 64.35x 139.70x 80.51x 53.29x 44.56x
=========== ============= =========== ============ ============
Ratio of EBITDA to combined fixed charges and
preferred stock distributions.............. 3.40x 3.00x 3.06x 2.85x 3.08x
=========== ============= =========== ============ ============
(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 a
pre-depreciation basis.
Exhibit 12