PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
--------------------------------
1998 1997
--------------- --------------
(Amounts in thousands, except ratios)
Net income 105,563 $ 86,569
Add: Minority interest in income 10,569 5,001
Less: Minority interests in income which
do not have fixed charges (7,112) (4,371)
--------------- --------------
Income from continuing operations 109,020 87,199
Interest expense 2,095 3,559
--------------- --------------
Total Earnings Available to Cover Fixed Charges $ 111,115 $ 90,758
=============== ==============
Total Fixed Charges - Interest expense $ 4,375 $ 4,648
=============== ==============
Total Preferred Stock dividends $ 40,269 $49,818
=============== ==============
Total Combined Fixed Charges and Preferred
Stock dividends $ 44,644 $ 54,466
=============== ==============
Ratio of Earnings to Fixed Charges 25.40 19.53
=============== ==============
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.49 1.67
=============== ==============
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends (A) 2.21
==============
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 fixed charges (10,375) (8,273) (4,700) (5,906) (737)
--------------- ------------ ------------- -------------- ------------
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
=============== ============ ============= ============== ============
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends (A) 2.22
===============
(A) Supplemental ratio after elimination of $13,412 of non-recurring special
dividends paid to the Series CC Convertible Preferred Stock in 1997.
Exhibit 12
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
--------------------------------
1998 1997
--------------- --------------
(Amounts in thousands, except ratios)
Supplemental disclosure of Ratio of Funds
- -------------------------------------------
from Operations ("FFO") to fixed charges:
- --------------------------------------------
FFO $ 158,586 $ 129,263
Interest expense 2,095 3,559
--------------- --------------
Adjusted FFO available to cover fixed charges $ 160,681 $ 132,822
=============== ==============
Total Fixed Charges - Interest expense $ 4,375 $ 4,648
=============== ==============
Total Preferred Stock dividends $ 40,269 $ 49,818
=============== ==============
Total Combined Fixed Charges and Preferred
Stock dividends $ 44,644 $ 54,466
=============== ==============
Ratio of FFO to Fixed Charges 36.73 28.58
=============== ==============
Ratio of FFO to Combined Fixed Charges and
Preferred Stock dividends 3.60 2.44
=============== ==============
Ratio of FFO to Combined Fixed Charges
and Preferred Stock dividends (A) 3.24
==============
For the Year Ended December 31,
------------------------------------------------------------------------------
1997 1996 1995 1994 1993
--------------- ------------ ------------- -------------- ------------
(Amounts in thousands, except ratios)
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
=============== ============ ============= ============== ============
Ratio of FFO to Combined Fixed Charges
and Preferred Stock dividends (A) 3.31
===============
(A) Supplemental ratio after elimination of $13,412 nonrecurring special
dividends paid to the Series CC Preferred Stock in 1997.
Exhibit 12