EXHIBIT 12 STORAGE EQUITIES, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES For the Year Ended December 31 ---------------------------------------------------- 1994 1993 1992 1991 1990 -------- -------- -------- -------- --------- (Amount in thousands, except ratios) Net income $42,118 $28,036 $15,123 $11,954 $11,994 Add: Minority interest in income 9,481 7,291 6,895 6,693 9,154 Add: Loss on early extinguishment debt - - - - - Less: Gain on disposition of real estate - - (398) 0 (1,146) Less: Minority interests in income which do not have fixed charges (5,906) (737) (694) (501) (470) -------- -------- -------- -------- --------- Income from continuing operations 45,693 34,590 20,926 18,146 19,532 Interest expense 6,893 6,079 9,834 10,621 10,920 -------- -------- -------- -------- -------- Total Earnings Available to Cover Fixed Charges $52,586 $40,669 $30,760 $28,767 $30,452 ======== ======== ======== ======== ======== Interest expense $ 6,893 $ 6,079 $ 9,834 $10,621 $10,920 -------- -------- -------- -------- -------- Total Fixed Charges $ 6,893 $ 6,079 $ 9,834 $10,621 $10,920 ======== ======== ======== ======== ======== Preferred Stock Dividends: Series A $ 4,563 $ 4,563 $ 812 $ - $ - Series B 5,339 4,147 - - - Series C 1,250 - - - - Series D 950 - - - - Convertible 4,474 2,179 - - - -------- -------- -------- -------- -------- Total Preferred Stock Dividends $16,576 $10,889 $ 812 $ - $ - ======== ======== ======== ======== ======== Total Combined Fixed Charges and Preferred Stock Dividends $23,469 $16,968 $10,646 $10,621 $10,920 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 7.63 6.69 3.13 2.71 2.79 ======== ======== ======== ======== ======== Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 2.24 2.40 2.89 2.71 2.79 ======== ======== ======== ======== ========