PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
-----------------------------
1999 1998
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Net income................................................ $ 61,842 $ 48,364
Add: Minority interest in income....................... 3,353 6,352
Less: Minority interests in income which do not have
fixed charges......................................... (3,103) (6,044)
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Income from continuing operations......................... 62,092 48,672
Interest expense....................................... 1,204 1,162
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Total Earnings Available to Cover Fixed Charges........... $ 63,296 $ 49,834
============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 2,162 $ 2,419
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Total Preferred Stock dividends........................... $ 21,530 $ 20,140
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Total Combined Fixed Charges and Preferred Stock dividends $ 23,692 $ 22,559
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Ratio of Earnings to Fixed Charges........................ 29.28x 20.60x
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Ratio of Earnings to Combined Fixed Charges and Preferred
Stock dividends....................................... 2.67x 2.21x
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For the Year Ended December 31,
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1998 1997 1996 1995 1994
----------- ----------- ----------- ----------- ----------
(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)
----------- ----------- ----------- ----------- ----------
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
----------- ----------- ----------- ----------- ----------
Total Earnings Available to Cover Fixed Charges........... $ 235,963 $ 186,750 $ 163,121 $ 81,331 $ 52,586
=========== =========== =========== =========== ==========
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 7,988 $ 9,220 $ 10,343 8,815 $ 6,893
=========== =========== =========== =========== ==========
Total Preferred Stock dividends........................... $ 78,375 $ 88,393 $ 68,599 $ 31,124 $ 16,846
=========== =========== =========== =========== ==========
Total Combined Fixed Charges and Preferred Stock dividends $ 86,363 $ 97,613 $ 78,942 $ 39,939 $ 23,739
=========== =========== =========== =========== ==========
Ratio of Earnings to Fixed Charges........................ 29.54x 20.25x 15.77x 9.23x 7.63x
=========== =========== =========== =========== ==========
Ratio of Earnings to Combined Fixed Charges and Preferred
Stock dividends....................................... 2.73x 1.91x 2.07x 2.04x 2.22x
=========== =========== =========== =========== ==========
Exhibit 12
Three Months Ended
March 31,
--------------------------
1999 1998
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SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS
- -------------------------------------------------------------
("FFO") TO FIXED CHARGES:
- --------------------------
FFO............................................................. $ 92,634 $ 74,243
Interest expense................................................ 1,204 1,162
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Adjusted FFO available to cover fixed charges................... $ 93,838 $ 75,405
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Total Fixed Charges - Interest expense (including capitalized
interest)................................................... $ 2,162 $ 2,419
========== ==========
Total Preferred Stock dividends................................. $ 21,530 $ 20,140
========== ==========
Total Combined Fixed Charges and Preferred Stock dividends...... $ 23,692 $ 22,559
========== ==========
Ratio of FFO to Fixed Charges................................... 43.40x 31.17x
========== ==========
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends................................................... 3.96x 3.34x
========== ==========
For the Year Ended December 31,
---------------------------------------------------------------
1998 1997 1996 1995 1994
---------- ---------- ---------- ---------- ----------
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
---------- ---------- ---------- ---------- ----------
Adjusted FFO available to cover fixed charges................... $ 340,870 $ 279,026 $ 232,958 $ 113,707 $ 63,036
========== ========== ========== ========== ==========
Total Fixed Charges - Interest expense (including capitalized
interest)................................................... $ 7,988 $ 9,220 $ 10,343 $ 8,815 $ 6,893
========== ========== ========== ========== ==========
Total Preferred Stock dividends................................. $ 78,375 $ 88,393 $ 68,599 $ 31,124 $ 16,846
========== ========== ========== ========== ==========
Total Combined Fixed Charges and Preferred Stock dividends...... $ 86,363 $ 97,613 $ 78,942 $ 39,939 $ 23,739
========== ========== ========== ========== ==========
Ratio of FFO to Fixed Charges................................... 42.67x 30.26x 22.52x 12.90x 9.15x
========== ========== ========== ========== ==========
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends................................................... 3.95x 2.86x 2.95x 2.85x 2.66x
========== ========== ========== ========== ==========
Exhibit 12