PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Six Months Ended
June 30, For the Year Ended December 31,
--------------------- ---------------------------------------
1996 1995 1995 1994 1993
--------- ----------- ------------ ------------ -----------
(Amounts in thousands, except ratios)
Net income $70,080 $29,751 $70,386 $42,118 $28,036
Add: Minority interest in income 4,815 3,715 7,137 9,481 7,291
Less: Gain on disposition of real estate - - - - -
Less: Minority interests in income which do not have
fixed charges (3,326) (2,377) (4,700) (5,906) (737)
--------- ----------- ------------ ------------ -----------
Income from continuing operations 71,569 31,089 72,823 45,693 34,590
Interest expense 4,813 3,715 8,508 6,893 6,079
--------- ----------- ------------ ------------ -----------
Total Earnings Available to Cover Fixed Charges $76,382 $34,804 $81,331 $52,586 $40,669
========= =========== ============ ============ ===========
Total Fixed Charges - Interest expense $4,813 $3,715 $8,508 $6,893 $6,079
========= =========== ============ ============ ===========
Preferred Stock dividends:
Series A $2,282 $2,282 $4,563 $4,563 $4,563
Series B 2,744 2,744 5,488 5,339 4,147
Series C 1,048 1,279 2,364 1,250 -
Series D 1,426 1,426 2,850 950 -
Series E 2,744 2,286 5,030 - -
Series F 2,803 919 3,721 - -
Series G 7,825 - 638 - -
Series H 6,219 - - - -
Series CC 1,916
Convertible 2,355 2,372 4,744 4,744 2,179
Convertible Participating 1,700 - 1,726 - -
--------- ----------- ------------ ------------ -----------
Total Preferred Stock dividends $33,062 $13,308 31,124 $16,846 $10,889
========= =========== ============ ============ ===========
Total Combined Fixed Charges and Preferred Stock dividends $37,875 $17,023 $39,632 $23,739 $16,968
========= =========== ============ ============ ===========
Ratio of Earnings to Fixed Charges 15.87 9.37 9.56 7.63 6.69
========= =========== ============ ============ ===========
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.02 2.05 2.05 2.22 2.40
========= =========== ============ ============ ===========
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
--------------------------
1992 1991
------------ -----------
Net income $15,123 $11,954
Add: Minority interest in income 6,895 6,693
Less: Gain on disposition of real estate (398) -
Less: Minority interests in income which do not have
fixed charges (694) (501)
------------ -----------
Income from continuing operations 20,926 18,146
Interest expense 9,834 10,621
------------ -----------
Total Earnings Available to Cover Fixed Charges $30,760 $28,767
============ ===========
Total Fixed Charges - Interest expense $9,834 $10,621
============ ===========
Preferred Stock dividends:
Series A $ 812 $ -
Series B - -
Series C - -
Series D - -
Series E - -
Series F - -
Series G - -
Series H - -
Series CC
Convertible - -
Convertible Participating - -
------------ -----------
Total Preferred Stock dividends $ 812 $ -
============ ===========
Total Combined Fixed Charges and Preferred Stock dividends $10,646 $10,621
============ ===========
Ratio of Earnings to Fixed Charges 3.13 2.71
============ ===========
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.89 2.71
============ ===========
EXHIBIT 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Six Months Ended
June 30, For the Year Ended December 31,
--------------------- ---------------------------------------
1996 1995 1995 1994 1993
--------- ----------- ------------ ------------ -----------
(Amounts in thousands, except ratios)
Supplemental disclosure of Ratio of Funds
- -------------------------------------------
from Operations ("FFO") to fixed charges:
--------------------------------------------
FFO $103,884 $41,218 $105,086 $56,143 $35,830
Interest expense 4,813 3,715 8,508 6,893 6,079
--------- ----------- ------------ ------------ -----------
Adjusted FFO available to cover fixed charges $108,697 $44,933 $113,594 $63,036 $41,909
========= =========== ============ ============ ===========
Total Fixed Charges - Interest expense $4,813 $3,715 $8,508 $6,893 $6,079
========= =========== ============ ============ ===========
Total Preferred Stock dividends $33,062 $13,308 $31,124 $16,846 $10,889
========= =========== ============ ============ ===========
Total Combined Fixed Charges and Preferred Stock
dividends $37,875 $17,023 $39,632 $23,739 $16,968
========= =========== ============ ============ ===========
Ratio of FFO to Fixed Charges 22.58 12.10 13.35 9.15 6.89
========= =========== ============ ============ ===========
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends 2.87 2.64 2.87 2.66 2.47
========= =========== ============ ============ ===========
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
-------------------------------
1992 1991
------------ -----------
Supplemental disclosure of Ratio of Funds
- -------------------------------------------
from Operations ("FFO") to fixed charges:
--------------------------------------------
FFO $21,133 $17,176
Interest expense 9,834 10,621
------------ -----------
Adjusted FFO available to cover fixed charges $30,967 $27,797
============ ===========
Total Fixed Charges - Interest expense $9,834 $10,621
============ ===========
Total Preferred Stock dividends $ 812 $ -
============ ===========
Total Combined Fixed Charges and Preferred Stock
dividends $10,646 $10,621
============ ===========
Ratio of FFO to Fixed Charges 3.15 2.62
============ ===========
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends 2.91 2.62
============ ===========
EXHIBIT 12