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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1998 1997 1996 1995 1994
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(Amounts in thousands, except ratios)
Net income $ 227,019 $ 178,649 $ 153,549 $ 70,386 $ 42,118
Add: Minority interest in income 20,290 11,684 9,363 7,137 9,481
Less: Minority interests in income which do
not have fixed charges (15,853) (10,375) (8,273) (4,700) (5,906)
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Income from continuing operations 231,456 179,958 154,639 72,823 45,693
Interest expense 4,507 6,792 8,482 8,508 6,893
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Total Earnings Available to Cover Fixed Charges $ 235,963 $ 186,750 $ 163,121 $ 81,331 $ 52,586
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Total Fixed Charges - interest expense (a) $ 7,988 $ 9,220 $ 10,343 $ 8,815 $ 6,893
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Total Preferred Stock dividends $ 78,375 $ 88,393 $ 68,599 $ 31,124 $ 16,846
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Total Combined Fixed Charges and Preferred
Stock dividends $ 86,363 $ 97,613 $ 78,942 $ 39,939 $ 23,739
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Ratio of Earnings to Fixed Charges 29.54 20.25 15.77 9.23 7.63
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.73 1.91 2.07 2.04 2.22
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SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS
("FFO") TO FIXED CHARGES:
FFO $ 336,363 $ 272,234 $ 224,476 $ 105,199 $ 56,143
Interest expense 4,507 6,792 8,482 8,508 6,893
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Adjusted FFO available to cover fixed charges $ 340,870 $ 279,026 $ 232,958 $ 113,707 $ 63,036
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Total Fixed Charges - interest expense (a) $ 7,988 $ 9,220 $ 10,343 $ 8,815 $ 6,893
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Total Preferred Stock dividends $ 78,375 $ 88,393 $ 68,599 $ 31,124 $ 16,846
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Total Combined Fixed Charges and Preferred
Stock dividends $ 86,363 $ 97,613 $ 78,942 $ 39,939 $ 23,739
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Ratio of FFO to Fixed Charges 42.67 30.26 22.52 12.90 9.15
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Ratio of FFO to Combined Fixed Charges and
Preferred Stock dividends 3.95 2.86 2.95 2.85 2.66
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(a) "Total fixed charges - interest" includes interest expense plus capitalized
interest.
Exhibit - 12