PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
-------------------------
1996 1995
----------- -----------
Net income $110,446 $49,221
Add: Minority interest in income 7,268 5,449
Less: Gain on disposition of real estate - -
Less: Minority interests in income which do not have
fixed charges (6,451) (3,795)
----------- -----------
Income from continuing operations 111,263 50,875
Interest expense 6,893 5,249
----------- -----------
Total Earnings Available to Cover Fixed Charges $118,156 $56,124
=========== ===========
Total Fixed Charges - Interest expense $8,035 $5,249
=========== ===========
Total Preferred Stock dividends $50,118 $21,904
=========== ===========
Total Combined Fixed Charges and Preferred Stock dividends $58,153 $27,153
=========== ===========
Ratio of Earnings to Fixed Charges 14.71 10.69
=========== ===========
Ratio of Earnings to Combined Fixed Charges and Preferred
Stock dividends 2.03 2.07
=========== ===========
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS
- -------------------------------------------
FROM OPERATIONS ("FFO") TO FIXED CHARGES:
-------------------------------------------
FFO $162,462 $68,825
Interest expense 6,893 5,249
----------- -----------
Adjusted FFO available to cover fixed charges $169,355 $74,074
=========== ===========
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
---------------------------------------------------
1995 1994 1993 1992 1991
----------- ---------- --------- --------- --------
(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 estate - - - (398) -
Less: Minority interests in income which do not have
fixed charges (4,700) (5,906) (737) (694) (501)
----------- ---------- --------- --------- --------
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
----------- ---------- --------- --------- --------
Total Earnings Available to Cover Fixed Charges $81,331 $52,586 $40,669 $30,760 $28,767
=========== ========== ========= ========= ========
Total Fixed Charges - Interest expense $8,815 $6,893 $6,079 $9,834 $10,621
=========== ========== ========= ========= ========
Total Preferred Stock dividends 31,124 $16,846 $10,889 $ 812 $ -
=========== ========== ========= ========= ========
Total Combined Fixed Charges and Preferred Stock dividends $58,153 $27,153 $39,939 $23,739 $16,968
=========== =========== =========== ========== =========
Ratio of Earnings to Fixed Charges 14.71 10.69 9.23 7.63 6.69
=========== =========== =========== ========== =========
Ratio of Earnings to Combined Fixed Charges and Preferred
Stock dividends 2.03 2.07 2.04 2.22 2.40
=========== =========== =========== ========== =========
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS
- -------------------------------------------
FROM OPERATIONS ("FFO") TO FIXED CHARGES:
-------------------------------------------
FFO $162,462 $68,825 $105,086 $56,143 $35,830
Interest expense 6,893 5,249 8,508 6,893 6,079
----------- ----------- ----------- ---------- ---------
Adjusted FFO available to cover fixed charges $169,355 $74,074 $113,594 $63,036 $41,909
=========== =========== =========== ========== =========
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
-------------------------
1996 1995
----------- -----------
Total Fixed Charges - Interest expense $8,035 $5,249
=========== ===========
Total Preferred Stock dividends $50,118 $21,904
=========== ===========
Total Combined Fixed Charges and Preferred Stock
dividends $58,153 $27,153
=========== ===========
Ratio of FFO to Fixed Charges 21.08 14.11
=========== ===========
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends 2.91 2.73
=========== ===========
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
---------------------------------------------------
1995 1994 1993 1992 1991
----------- ---------- --------- --------- --------
(Amounts in thousands, except ratios)
Total Fixed Charges - Interest expense $8,815 $6,893 $6,079 $9,834 $10,621
=========== ========== ========= ========= ========
Total Preferred Stock dividends $31,124 $16,846 $10,889 $ 812 $ -
=========== ========== ========= ========= ========
Total Combined Fixed Charges and Preferred Stock
dividends $39,939 $23,739 $16,968 $10,646 $10,621
=========== ========== ========= ========= ========
Ratio of FFO to Fixed Charges 12.88 9.15 6.89 3.15 2.62
=========== ========== ========= ========= ========
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends 2.84 2.66 2.47 2.91 2.62
=========== ========== ========= ========= ========
Exhibit 12