PUBLIC STORAGE, INC.
Three Months Ended
March 31,
----------------------------
1998 1997
----------------------------
Net income 48,364 $ 42,318
Add: Minority interest in income 6,352 2,447
Less: Minority interests in income which do not have (6,044) (2,132)
fixed charges ----------------------------
Income from continuing operations 48,672 42,633
Interest expense 1,162 1,597
----------------------------
Total Earnings Available to Cover Fixed Charges $ 49,834 $ 44,230
==============================
Total Fixed Charges - Interest expense $ 2,419 $ 2,333
==============================
Total Preferred Stock dividends $ 20,140 $19,150
==============================
Total Combined Fixed Charges and Preferred Stock
dividends $ 22,559 $ 21,483
==============================
Ratio of Earnings to Fixed Charges 20.60 18.96
==============================
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.21 2.06
==============================
PUBLIC STORAGE, INC.
For the Year Ended December 31,
--------------------------------------------------------------------------
1997 1996 1995 1994 1993
--------------------------------------------------------------------------
(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: Minority interests in income which do not have (10,375) (8,273) (4,700) (5,906) (737)
fixed charges --------------------------------------------------------------------------
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
-------------------------------------------------------------------------
Total Earnings Available to Cover Fixed Charges $ 186,750 $ 163,121 $ 81,331 $ 52,586 $ 40,669
=========================================================================
Total Fixed Charges - Interest expense $ 9,220 $ 10,343 $ 8,815 $ 6,893 $ 6,079
=========================================================================
Total Preferred Stock dividends $ 88,393 $ 68,599 $ 31,124 $ 16,846 $ 10,889
=========================================================================
Total Combined Fixed Charges and Preferred Stock
dividends $ 97,613 $ 78,942 $ 39,939 $ 23,739 $ 16,968
=========================================================================
Ratio of Earnings to Fixed Charges 20.25 15.77 9.23 7.63 6.69
=========================================================================
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 1.91 2.07 2.04 2.22 2.40
=========================================================================
Exhibit 12
Three Months Ended
March 31,
----------------------------
1998 1997
----------------------------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS ("FFO")
TO FIXED CHARGES:
- ---------------------------------------------------------------------
FFO $ 74,243 $ 63,389
Interest expense 1,162 1,597
----------------------------
Adjusted FFO available to cover fixed charges $ 75,405 $ 64,986
===============================
Total Fixed Charges - Interest expense $ 2,419 $ 2,333
===============================
Total Preferred Stock dividends $ 20,140 $ 19,150
===============================
Total Combined Fixed Charges and Preferred Stock dividends $ 22,559 $ 21,483
===============================
Ratio of FFO to Fixed Charges 31.17 27.85
===============================
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends 3.34 3.02
===============================
For the Year Ended December 31,
--------------------------------------------------------------
1997 1996 1995 1994 1993
--------------------------------------------------------------
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
---------------------------------------------------------------
Adjusted FFO available to cover fixed charges $ 279,026 $ 232,958 $ 113,707 $ 63,036 $ 41,909
===============================================================
Total Fixed Charges - Interest expense $ 9,220 $ 10,343 $ 8,815 $ 6,893 $ 6,079
===============================================================
Total Preferred Stock dividends $ 88,393 $ 68,599 $ 31,124 $ 16,846 $ 10,889
===============================================================
Total Combined Fixed Charges and Preferred Stock dividends $ 97,613 $ 78,942 $ 39,939 $ 23,739 $ 16,968
===============================================================
Ratio of FFO to Fixed Charges 30.26 22.52 12.90 9.15 6.89
===============================================================
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends 2.86 2.95 2.85 2.66 2.47
===============================================================
Exhibit 12