STORAGE EQUITIES, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30, For the Year Ended December 31,
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1995 1994 1994 1993 1992 1991 1990
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(Amounts in thousands, except ratios)
Net income $49,221 $29,884 $42,118 $28,036 $15,123 $11,954 $11,994
Add: Minority interest in income 5,449 7,795 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 (3,795) (4,549) (5,906) (737) (694) (501) (470)
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Income from continuing operations 50,875 33,130 45,693 34,590 20,926 18,146 19,532
Interest expense 5,249 4,455 6,893 6,079 9,834 10,621 10,920
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Total Earnings Available to Cover Fixed
Charges $56,124 $37,585 $52,586 $40,669 $30,760 $28,767 $30,452
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Total Fixed Charges - Interest expense $ 5,249 $ 4,455 $ 6,893 $ 6,079 $ 9,834 $10,621 $10,920
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Preferred Stock dividends:
Series A $ 3,422 $ 3,422 $ 4,563 $ 4,563 $ 812 $ - $ -
Series B 4,116 3,968 5,339 4,147 - - -
Series C 1,824 618 1,250 - - - -
Series D 2,138 236 950 - - - -
Series E 3,658 - - - - - -
Series F 2,321 - - - - - -
Convertible 3,558 3,558 4,744 2,179 - - -
Convertible Participating 867 - - - - - -
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Total Preferred Stock dividends $21,904 $11,802 $16,846 $10,889 $ 812 $ - $ -
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Total Combined Fixed Charges
and Preferred Stock dividends $27,153 $16,257 $23,739 $16,968 $10,646 $10,621 $10,920
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Ratio of Earnings to Fixed Charges 10.69 8.44 7.63 6.69 3.13 2.71 2.79
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Ratio of Earnings to Combined Fixed 2.07 2.31 2.22 2.40 2.89 2.71 2.79
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Exhibit 12
STORAGE EQUITIES, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30, For the Year Ended December 31,
------------------- --------------------------------------------------
1995 1994 1994 1993 1992 1991 1990
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(Amounts in thousands, except ratios)
SUPPLEMENTAL DISCLOSURE OF
RATIO OF FUNDS FROM
OPERATIONS ("FFO") TO FIXED
CHARGES:
- ----------------------------
FFO $68,825 $39,446 $56,143 $35,830 $21,133 $17,176 $11,985
Interest expense 5,249 4,455 6,893 6,079 9,834 10,621 10,920
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Adjusted FFO available to cover fixed
charges $74,074 $43,901 $63,036 $41,909 $30,967 $27,797 $22,905
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Total Fixed Charges - Interest expense $ 5,249 $ 4,455 $ 6,893 $ 6,079 $ 9,834 $10,621 $10,920
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Total Preferred Stock dividends $21,904 $11,802 $16,846 $10,889 $ 812 $ - $ -
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Total Combined Fixed Charges
and Preferred Stock dividends $27,153 $16,257 $23,739 $16,968 $10,646 $10,621 $10,920
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Ratio of Earnings to Fixed Charges 14.11 9.85 9.14 6.69 3.15 2.62 2.10
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Ratio of Earnings to Combined Fixed 3.35 2.70 2.66 2.47 2.91 2.62 2.10
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Exhibit 12