PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine months Ended
September 30,
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1999 1998 1998
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Net income................................................ $ 212,245 $ 167,849 $ 227,019
Add: Minority interest in income....................... 12,149 16,141 20,290
Less: Minority interests in income which do not have fixed
charges.............................................. (10,369) (12,282) (15,853)
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Income from continuing operations......................... 214,025 171,708 231,456
Interest expense....................................... 5,870 2,926 4,507
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Total Earnings Available to Cover Fixed Charges........... $ 219,895 $ 174,634 $ 235,963
============ ============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 9,101 $ 6,203 $ 7,988
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Total Preferred Stock dividends........................... $ 69,766 $ 59,322 $ 78,375
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Total Combined Fixed Charges and Preferred Stock dividends $ 78,867 $ 65,525 $ 86,363
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Ratio of Earnings to Fixed Charges........................ 24.17x 28.15x 29.54x
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Ratio of Earnings to Combined Fixed Charges and Preferred
Stock dividends....................................... 2.79x 2.67x 2.73x
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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)
------------ ------------ ------------ ------------ ------------
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
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Exhibit 12
Nine months Ended
September 30,
----------------------------
1999 1998
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SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM
- ------------- -----------------------------------
OPERATIONS ("FFO") TO FIXED CHARGES:
- --------------------------------------
FFO............................................................. $ 317,232 $ 247,955
Interest expense................................................ 5,870 2,926
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Adjusted FFO available to cover fixed charges................... $ 323,102 $ 250,881
============ ============
Total Fixed Charges - Interest expense (including capitalized
interest)................................................... $ 9,101 $ 6,203
============ ============
Total Preferred Stock dividends................................. $ 69,766 $ 59,322
============ ============
Total Combined Fixed Charges and Preferred Stock dividends...... $ 78,867 $ 65,525
============ ============
Ratio of FFO to Fixed Charges................................... 35.50x 40.45x
============ ============
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends................................................... 4.10x 3.83x
============ ============
For the Year Ended December 31,
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1998 1997 1996 1995 1994
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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
------------ ------------ ------------ ------------ -----------
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
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Exhibit 12