PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
---------------------------
1997 1996
------------ -------------
Net income $ 42,318 $ 32,341
Add: Minority interest in income 2,447 2,339
Less: Gain on disposition of real estate - -
Less: Minority interests in income which
do not have fixed charges (2,132) (1,536)
------------ -------------
Income from continuing operations 42,633 33,144
Interest expense 1,597 2,581
------------ -------------
Total Earnings Available to Cover Fixed Charges $ 44,230 $ 35,725
============ =============
Total Fixed Charges - Interest expense $ 2,333 $ 2,775
============ =============
Total Preferred Stock dividends $19,150 $ 15,166
============ =============
Total Combined Fixed Charges and Preferred
Stock dividends $ 21,483 $ 17,941
============ =============
Ratio of Earnings to Fixed Charges 18.96 12.87
============ =============
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.06 2.00
============ =============
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
--------------------------------------------------------------------------
1996 1995 1994 1993 1992
------------- ------------- -------------- -------------- ------------
(Amounts in thousands, except ratios)
Net income $ 153,549 $ 70,386 $ 42,118 $ 28,036 $ 15,123
Add: Minority interest in income 9,363 7,137 9,481 7,291 6,895
Less: Gain on disposition of real estate - - - - (398)
Less: Minority interests in income which
do not have fixed charges (8,273) (4,700) (5,906) (737) (694)
------------- ------------- -------------- -------------- ------------
Income from continuing operations 154,639 72,823 45,693 34,590 20,926
Interest expense 8,482 8,508 6,893 6,079 9,834
------------- ------------- -------------- -------------- ------------
Total Earnings Available to Cover Fixed Charges $ 163,121 $ 81,331 $ 52,586 $ 40,669 $ 30,760
============= ============= ============== ============== ============
Total Fixed Charges - Interest expense $ 10,343 $ 8,815 $ 6,893 $ 6,079 $ 9,834
============= ============= ============== ============== ============
Total Preferred Stock dividends $ 68,599 $ 31,124 $ 16,846 $ 10,889 $ 812
============= ============= ============== ============== ============
Total Combined Fixed Charges and Preferred
Stock dividends $ 78,942 $ 39,939 $ 23,739 $ 16,968 $ 10,646
============= ============= ============== ============== ============
Ratio of Earnings to Fixed Charges 15.77 9.23 7.63 6.69 3.13
============= ============= ============== ============== ============
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.07 2.04 2.22 2.40 2.89
============= ============= ============== ============== ============
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Supplemental disclosure of Ratio of Funds from Operations ("FFO") to fixed charges:
- -----------------------------------------------------------------------------------------
Three Months Ended
March 31, For the Year Ended December 31,
--------------------------- -------------------------------
1997 1996 1996 1995
------------ ------------- ------------- -----------
FFO $ 63,372 $ 48,502 $ 224,384 $ 105,086
Interest expense 1,597 2,581 8,482 8,508
------------ ------------- ------------- -----------
Adjusted FFO available to cover fixed charges $ 64,969 $ 51,083 $ 232,866 $ 113,594
============ ============= ============= ===========
Total Fixed Charges - Interest expense $ 2,333 $ 2,775 $ 10,343 $ 8,815
============ ============= ============= ===========
Total Preferred Stock dividends $ 19,150 $ 15,166 $ 68,599 $ 31,124
============ ============= ============= ===========
Total Combined Fixed Charges and Preferred Stock dividends $ 21,483 $ 17,941 $ 78,942 $ 39,939
============ ============= ============= ===========
Ratio of FFO to Fixed Charges 27.85 18.41 22.51 12.88
============ ============= ============= ===========
Ratio of FFO to Combined Fixed Charges and Preferred Stock dividends 3.02 2.85 2.95 2.84
============ ============= ============= ===========
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Supplemental disclosure of Ratio of Funds from Operations ("FFO") to fixed charges:
- -----------------------------------------------------------------------------------------
For the Year Ended December 31,
--------------------------------------------
1994 1993 1992
------------- ------------ -------------
FFO $ 56,143 $ 35,830 $ 21,133
Interest expense 6,893 6,079 9,834
------------- ------------ -------------
Adjusted FFO available to cover fixed charges $ 63,036 $ 41,909 $ 30,967
============= ============ =============
Total Fixed Charges - Interest expense $ 6,893 $ 6,079 $ 9,834
============= ============ =============
Total Preferred Stock dividends $ 16,846 $ 10,889 $ 812
============= ============ =============
Total Combined Fixed Charges and Preferred Stock dividends $ 23,739 $ 16,968 $ 10,646
============= ============ =============
Ratio of FFO to Fixed Charges 9.15 6.89 3.15
============= ============ =============
Ratio of FFO to Combined Fixed Charges and Preferred Stock dividends 2.66 2.47 2.91
============= ============ =============
Exhibit 12