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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1997 1996 1995 1994 1993
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(Amounts in thousands, except ratios)
Net income $178,649 $153,549 $70,386 $42,118 $28,036
Add: Minority interest in income 11,684 9,363 7,137 9,481 7,291
Less: Gain on disposition of real estate - - - - -
Less: Minority interests in income which do
not have fixed charges (10,375) (8,273) (4,700) (5,906) (737)
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Income from continuing operations 179,958 154,639 72,823 45,693 34,590
Interest expense 6,792 8,482 8,508 6,893 6,079
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Total Earnings Available to Cover Fixed Charges $186,750 $163,121 $81,331 $52,586 $40,669
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Total Fixed Charges - interest expense (a) $9,220 $10,343 $8,815 $6,893 $6,079
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Total Preferred Stock dividends $88,393 $68,599 $31,124 $16,846 $10,889
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Total Combined Fixed Charges and Preferred
Stock dividends $97,613 $78,942 $39,939 $23,739 $16,968
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Ratio of Earnings to Fixed Charges 20.25 15.77 9.23 7.63 6.69
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 1.91 2.07 2.04 2.22 2.40
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Supplemental disclosure of Ratio of Funds from Operations ("FFO") to fixed
charges:
FFO $272,234 $224,476 $105,199 $56,143 $35,830
Interest expense 6,792 8,482 8,508 6,893 6,079
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Adjusted FFO available to cover fixed charges $279,026 $232,958 $113,707 $63,036 $41,909
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Total Fixed Charges - interest expense (a) $9,220 $10,343 $8,815 $6,893 $6,079
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Total Preferred Stock dividends $88,393 $68,599 $31,124 $16,846 $10,889
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Total Combined Fixed Charges and Preferred
Stock dividends $97,613 $78,942 $39,939 $23,739 $16,968
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Ratio of FFO to Fixed Charges 30.26 22.52 12.90 9.15 6.89
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Ratio of FFO to Combined Fixed Charges and
Preferred Stock dividends 2.86 2.95 2.85 2.66 2.47
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(a) "Total fixed charges - interest" includes interest expense plus
capitalized interest deduction.
Exhibit 12