EXHIBIT 12
STORAGE EQUITIES, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the Year Ended December 31
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1994 1993 1992 1991 1990
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(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)
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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
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Total Earnings Available to Cover
Fixed Charges $52,586 $40,669 $30,760 $28,767 $30,452
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Interest expense $ 6,893 $ 6,079 $ 9,834 $10,621 $10,920
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Total Fixed Charges $ 6,893 $ 6,079 $ 9,834 $10,621 $10,920
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Preferred Stock Dividends:
Series A $ 4,563 $ 4,563 $ 812 $ - $ -
Series B 5,339 4,147 - - -
Series C 1,250 - - - -
Series D 950 - - - -
Convertible 4,744 2,179 - - -
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Total Preferred Stock Dividends $16,846 $10,889 $ 812 $ - $ -
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Total Combined Fixed Charges and
Preferred Stock Dividends $23,739 $16,968 $10,646 $10,621 $10,920
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Ratio of Earnings to Fixed Charges 7.63 6.69 3.13 2.71 2.79
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Ratio of Earnings to Combined Fixed
Charges and Preferred Stock
Dividends 2.22 2.40 2.89 2.71 2.79
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