PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended June30, ----------------------------- 1999 1998 ------------ ------------ Net income................................................ $ 135,493 $ 105,563 Add: Minority interest in income....................... 7,657 10,569 Less: Minority interests in income which do not have fixed charges.............................................. (6,923) (7,112) ------------ ------------ Income from continuing operations......................... 136,227 109,020 Interest expense....................................... 3,734 2,095 ------------ ------------ Total Earnings Available to Cover Fixed Charges........... $ 139,961 $ 111,115 ============ ============ Total Fixed Charges - Interest expense (including capitalized interest).............................................. $ 5,680 $ 4,375 ============ ============ Total Preferred Stock dividends........................... $ 45,354 $ 40,269 ============ ============ Total Combined Fixed Charges and Preferred Stock dividends $ 51,034 $ 44,644 ============ ============ Ratio of Earnings to Fixed Charges........................ 24.64x 25.40x ============ ============ Ratio of Earnings to Combined Fixed Charges and Preferred Stock dividends....................................... 2.74x 2.49x ============ ============ For the Year Ended December 31, -------------------------------------------------------------------- 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 Six Months Ended June 30, ---------------------------- 1999 1998 ------------ ------------ SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS ("FFO") TO FIXED - -------------------------------------------------------------------------------- CHARGES: - -------- FFO............................................................. $ 202,745 $ 158,586 Interest expense................................................ 3,734 2,095 ------------ ------------ Adjusted FFO available to cover fixed charges................... $ 206,479 $ 160,681 ============ ============ Total Fixed Charges - Interest expense (including capitalized interest)................................................... $ 5,680 $ 4,375 ============ ============ Total Preferred Stock dividends................................. $ 45,354 $ 40,269 ============ ============ Total Combined Fixed Charges and Preferred Stock dividends...... $ 51,034 $ 44,644 ============ ============ Ratio of FFO to Fixed Charges................................... 36.35x 36.73x ============ ============ Ratio of FFO to Combined Fixed Charges and Preferred Stock dividends................................................... 4.05x 3.60x ============ ============ 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