Six Months Ended For the Year
June 30, Ended December 31,
--------------------------- -----------------------------
1997 1996 1996 1995
------------- ------------- ------------- -------------
(Amounts in thousands,
except ratios)
Net income $ 86,569 $ 70,080 $ 153,549 $ 70,386
Add: Minority interest in income 5,001 4,815 9,363 7,137
Less: Gain on disposition of real estate - - - -
Less: Minority interests in income which do not have fixed charges (4,371) (3,326) (8,273) (4,700)
------------- ------------- ------------- -------------
Income from continuing operations 87,199 71,569 154,639 72,823
Interest expense 3,559 4,813 8,482 8,508
------------- ------------- ------------- -------------
Total Earnings Available to Cover Fixed Charges $ 90,758 $ 76,382 $ 163,121 $ 81,331
============= ============= ============= =============
Total Fixed Charges - Interest expense $ 4,648 $ 5,410 $ 10,343 $ 8,815
============= ============= ============= =============
Total Preferred Stock dividends (A) $ 49,818 $ 33,062 $ 68,599 $ 31,124
============= ============= ============= =============
Total Combined Fixed Charges and Preferred Stock dividends (A) $ 54,466 $ 38,472 $ 78,942 $ 39,939
============= ============= ============= =============
Ratio of Earnings to Fixed Charges 19.53 14.11 15.77 9.23
============= ============= ============= =============
Ratio of Earnings to Combined Fixed Charges and Preferred Stock
dividends 1.67 1.99 2.07 2.04
============= ============= ============= =============
Ratio of Earnings to Combined Fixed Charges and Preferred Stock
dividends (A) 2.21
=============
A) Supplemental ratio after elimination of $13,412,000 of non-recurring
special dividends paid to the Series CC Preferred Stock.
For the Year Ended December 31,
---------------------------------------------
1994 1993 1992
------------- ------------- -------------
(Amounts in thousands, except ratios)
Net income $ 42,118 $ 28,036 $ 15,123
Add: Minority interest in income 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 (5,906) (737) (694)
------------- ------------- -------------
Income from continuing operations 45,693 34,590 20,926
Interest expense 6,893 6,079 9,834
------------- ------------- -------------
Total Earnings Available to Cover Fixed Charges $ 52,586 $ 40,669 $ 30,760
============= ============= =============
Total Fixed Charges - Interest expense $ 6,893 $ 6,079 $ 9,834
============= ============= =============
Total Preferred Stock dividends (A) $ 16,846 $ 10,889 $ 812
============= ============= =============
Total Combined Fixed Charges and Preferred Stock dividends (A) $ 23,739 $ 16,968 $ 10,646
============= ============= =============
Ratio of Earnings to Fixed Charges 7.63 6.69 3.13
============= ============= =============
Ratio of Earnings to Combined Fixed Charges and Preferred Stock
dividends 2.22 2.40 2.89
============= ============= =============
Ratio of Earnings to Combined Fixed Charges and Preferred Stock
dividends (A)
A) Supplemental ratio after elimination of $13,412,000 of non-recurring
special dividends paid to the Series CC Preferred Stock.
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,
------------------------------ -------------------------------
1997 1996 1996 1995
------------- ------------- ------------- -------------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM
OPERATIONS ("FFO") TO FIXED CHARGES:
- --------------------------------------------------
FFO $ 129,263 $ 103,884 $ 224,384 $ 105,086
Interest expense 3,559 4,813 8,482 8,508
------------- ------------- ------------- -------------
Adjusted FFO available to cover fixed charges $ 132,822 $ 108,697 $ 232,866 $ 113,594
============= ============= ============= =============
Total Fixed Charges - Interest expense $ 4,648 $ 5,410 $ 10,343 $ 8,815
============= ============= ============= =============
Total Preferred Stock dividends $ 49,818 $ 33,062 $ 68,599 $ 31,124
============= ============= ============= =============
Total Combined Fixed Charges and Preferred Stock dividends $ 54,466 $ 38,472 $ 78,942 $ 39,939
============= ============= ============= =============
Ratio of FFO to Fixed Charges 28.58 20.09 22.51 12.88
============= ============= ============= =============
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends 2.44 2.83 2.95 2.84
============= ============= ============= =============
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends (A) 3.24
=============
(A) Supplemental ratio after elimination of $13,412,000 of non-recurring special
dividends paid to the Series CC Preferred Stock.
For the Year Ended December 31,
-----------------------------------------------
1994 1993 1992
------------- ------------- -------------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM
OPERATIONS ("FFO") TO FIXED CHARGES:
- --------------------------------------------------
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
============= ============= =============
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends (A)
(A) Supplemental ratio after elimination of $13,412,000 of non-recurring special
dividends paid to the Series CC Preferred Stock.
Exhibit 12