STORAGE EQUITIES, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended June 30, For the Year Ended December 31, ----------------------- -------------------------------------------------------------- 1995 1994 1994 1993 1992 1991 1990 ---------- ---------- --------- ---------- --------- ----------- ----------- (Amount in thousands, except ratios) Net income $29,751 $18,940 $42,118 $28,036 $15,123 $11,954 $11,994 Add: Minority interest in income 3,715 4,791 9,481 7,291 6,895 6,693 9,154 Less: Gain on disposition of real estate - - - - (398) - (1,146) Less: Minority interests in income which do not have fixed charges (2,377) (2,825) (5,906) (737) (694) (501) (470) ------- ------- ------- ------- ------- ------- ------- Income from continuing operations 31,089 20,906 45,693 34,590 20,926 18,146 19,532 Interest expense 3,715 2,844 6,893 6,079 9,834 10,621 10,920 ------- ------- ------- ------- ------- ------- ------- Total Earnings Available to Cover Fixed Charges $34,804 $23,750 $52,586 $40,669 $30,760 $28,767 $30,452 ------- ------- ------- ------- ------- ------- ------- Interest expense $ 3,715 $ 2,844 $ 6,893 $ 6,079 $ 9,834 $10,621 $10,920 ------- ------- ------- ------- ------- ------- Total Fixed Charges $ 3,715 $ 2,844 $ 6,893 $ 6,079 $ 9,834 $10,621 $10,920 ------- ------- ------- ------- ------- ------- ------- Preferred Stock dividends: Series A $ 2,282 $ 2,281 $ 4,563 $ 4,563 $ 812 $ - $ - Series B 2,744 2,645 5,339 4,147 - - - Series C 1,279 - 1,250 - - - - Series D 1,426 - 950 - - - - Series E 2,286 - - - - - - Series F 919 - - - - - - Convertible 2,372 2,372 4,744 2,179 - - - ------- ------- ------- ------- ------- ------- ------- Total Preferred Stock dividends $13,308 $ 7,298 $16,846 $10,889 $ 812 $ - $ - ------- ------- ------- ------- ------- ------- ------- Total Combined Fixed Charges and Preferred Stock dividends $17,023 $10,142 $23,739 $16,968 $10,646 $10,621 $10,920 ------- ------- ------- ------- ------- ------- ------- Ratio of Earnings to Fixed Charges 9.37 8.35 7.63 6.69 3.13 2.71 2.79 ------- ------- ------- ------- ------- ------- ------- Ratio of Earnings to Combined Fixed Charges and Preferred Stock dividends 2.05 2.34 2.22 2.40 2.89 2.71 2.79 ------- ------- ------- ------- ------- ------- ------- Exhibit 12