PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
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1998 1997
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Net income $ 167,849 $ 133,117
Add: Minority interest in income 16,141 7,777
Less: Minority interests in income which do not
have fixed charges (12,282) (6,770)
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Income from continuing operations 171,708 134,124
Interest expense 2,926 5,821
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Total Earnings Available to Cover Fixed Charges $ 174,634 $ 139,945
============== ===============
Total Fixed Charges - Interest expense $ 6,203 $ 7,242
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Total Preferred Stock dividends $ 59,322 $ 68,134
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Total Combined Fixed Charges and Preferred Stock
dividends $ 65,525 $ 75,376
============== ===============
Ratio of Earnings to Fixed Charges 28.15 19.32
============== ===============
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.67 1.86
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends (A) 2.26
===============
For the Year Ended December 31,
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1997 1996 1995 1994 1993
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(Amounts in thousands, except ratios)
(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
Nine Months Ended
September 30,
-----------------------------
1998 1997
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Supplemental disclosure of Ratio of Funds from Operations
("FFO") to fixed charges:
FFO $ 247,955 $ 200,106
Interest expense 2,926 5,821
------------ --------------
Adjusted FFO available to cover fixed charges $ 250,881 $ 205,927
============ ==============
Total Fixed Charges - Interest expense $ 6,203 $ 7,242
============ ==============
Total Preferred Stock dividends $ 59,322 $ 68,134
============ ==============
Total Combined Fixed Charges and Preferred Stock dividends $ 65,525 $ 75,376
============ ==============
Ratio of FFO to Fixed Charges 40.45 28.44
============ ==============
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends 3.83 2.73
============ ==============
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends (A) 3.32
==============
For the Year Ended December 31,
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1997 1996 1995 1994 1993
------------ ------------- ------------- ------------- -----------
(Amounts thousands, expt ratios)
Supplemental disclosure of Ratio of Funds from
Operations ("FFO") 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.