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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1995 1994 1993 1992 1991
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(Amounts in thousands, except ratios)
Net income $70,386 $42,118 $28,036 $15,123 $11,954
Add: Minority interest in income 7,137 9,481 7,291 6,895 6,693
Less: Gain on disposition of real - - - (398) -
estate
Less: Minority interests in income
which do not have fixed charges (4,700) (5,906) (737) (694) (501)
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Income from continuing operations 72,823 45,693 34,590 20,926 18,146
Interest expense 8,508 6,893 6,079 9,834 10,621
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Total Earnings Available to Cover
Fixed Charges $81,331 $52,586 $40,669 $30,760 $28,767
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Total Fixed Charges - Interest expense $8,508 $6,893 $6,079 $9,834 $10,621
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Total Preferred Stock dividends $31,124 $16,846 $10,889 $ 812 $ -
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Total Combined Fixed Charges and
Preferred Stock dividends $39,632 $23,739 $16,968 $10,646 $10,621
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Ratio of Earnings to Fixed Charges 9.56 7.63 6.69 3.13 2.71
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Ratio of Earnings to Combined Fixed
Charges and Preferred Stock 2.05 2.22 2.40 2.89 2.71
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dividends
Supplemental disclosure of Ratio of
Funds from Operations ("FFO") to
fixed charges:
FFO $105,086 $56,143 $35,830 $21,133 $17,176
Interest expense 8,508 6,893 6,079 9,834 10,621
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Adjusted FFO available to cover fixed $113,594 $63,036 $41,909 $30,967 $27,797
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charges
Total Fixed Charges - Interest expense $8,508 $6,893 $6,079 $9,834 $10,621
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Total Preferred Stock dividends $31,124 $16,846 $10,889 $ 812 $ -
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Total Combined Fixed Charges and
Preferred Stock dividends $39,632 $23,739 $16,968 $10,646 $10,621
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Ratio of FFO to Fixed Charges 13.35 9.15 6.89 3.15 2.62
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Ratio of FFO to Combined Fixed
Charges and Preferred Stock dividends 2.87 2.66 2.47 2.91 2.62
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Exhibit-12