PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
-----------------------------
2000 1999
------------ ------------
(Amounts in thousands, except ratios)
<S> <C> <C>
Net income................................................ $ 222,516 $ 212,245
Add: Minority interest in income....................... 26,565 12,149
Less: Minority interests in income which do not have fixed
charges.............................................. (8,017) (10,369)
------------ ------------
Income from continuing operations......................... 241,064 214,025
Interest expense....................................... 3,293 5,870
------------ ------------
Total Earnings Available to Cover Fixed Charges........... $ 244,357 $ 219,895
============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 10,121 $ 9,101
============ ============
Preferred Stock dividends................................. $ 75,110 $ 69,766
Preferred OP unit distributions........................... 16,354 -
------------ ------------
Total Preferred Distributions............................. $ 91,464 $ 69,766
============ ============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 101,585 $ 78,867
============ ============
Ratio of Earnings to Fixed Charges........................ 24.14x 24.17x
============ ============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions......................................... 2.41x 2.79x
============ ============
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31,
--------------------------------------------------------------------
1999 1998 1997 1996 1995
------------ ------------ ------------ ------------ ------------
(Amounts in thousands, except ratios)
<S> <C> <C> <C> <C> <C>
Net income................................................ $ 287,885 $ 227,019 $ 178,649 $ 153,549 $ 70,386
Add: Minority interest in income....................... 16,006 20,290 11,684 9,363 7,137
Less: Minority interests in income which do not have fixed
charges.............................................. (13,362) (15,853) (10,375) (8,273) (4,700)
------------ ------------ ------------ ------------ ------------
Income from continuing operations......................... 290,529 231,456 179,958 154,639 72,823
Interest expense....................................... 7,971 4,507 6,792 8,482 8,508
------------ ------------ ------------ ------------ ------------
Total Earnings Available to Cover Fixed Charges........... $ 298,500 $ 235,963 $ 186,750 $ 163,121 $ 81,331
============ ============ ============ ============ ============
Total Fixed Charges - Interest expense (including capitalized
interest).............................................. $ 12,480 $ 7,988 $ 9,220 $ 10,343 $ 8,815
============ ============ ============ ============ ============
Preferred Stock dividends................................. $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
Preferred OP unit distributions........................... - - - - -
------------ ------------ ------------ ------------ ------------
Total Preferred Distributions............................. $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
============ ============ ============ ============ ============
Total Combined Fixed Charges and Preferred
distributions.......................................... $ 107,273 $ 86,363 $ 97,613 $ 78,942 $ 39,939
============ ============ ============ ============ ============
Ratio of Earnings to Fixed Charges........................ 23.92x 29.54x 20.25x 15.77x 9.23x
============ ============ ============ ============ ============
Ratio of Earnings to Combined Fixed Charges and Preferred
distributions......................................... 2.78x 2.73x 1.91x 2.07x 2.04x
============ ============ ============ ============ ============
</TABLE>
Exhibit 12
<PAGE>
PUBLIC STORAGE, INC.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
----------------------------
2000 1999
------------ ------------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS ("FFO") TO FIXED
CHARGES:
<S> <C> <C>
FFO............................................................. $ 338,922 $ 317,232
Add back minority OP unit distributions......................... 16,354 -
Interest expense................................................ 3,293 5,870
------------ ------------
Adjusted FFO available to cover fixed charges................... $ 358,569 $ 323,102
============ ============
Total Fixed Charges - Interest expense (including capitalized
interest)................................................... $ 10,121 $ 9,101
============ ============
Preferred Stock dividends....................................... $ 75,110 $ 69,766
Preferred OP unit distributions................................. 16,354 -
------------ ------------
Total Preferred Distributions................................... $ 91,464 $ 69,766
============ ============
Total Combined Fixed Charges and Preferred Distributions........ $ 101,585 $ 78,867
============ ============
Ratio of FFO to Fixed Charges................................... 35.42x 35.50x
============ ============
Ratio of FFO to Combined Fixed Charges and Preferred Distributions 3.53x 4.10x
============ ============
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31,
------------------------------------------------------------------
1999 1998 1997 1996 1995
------------ ------------ ------------ ------------ ----------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS ("FFO") TO FIXED
CHARGES:
<S> <C> <C> <C> <C> <C>
FFO............................................................. $ 428,962 $ 336,363 $ 272,234 $ 224,476 $ 105,199
Add back minority OP unit distributions......................... - - - - -
Interest expense................................................ 7,971 4,507 6,792 8,482 8,508
------------ ------------ ------------ ------------ ----------
Adjusted FFO available to cover fixed charges................... $ 436,933 $ 340,870 $ 279,026 $ 232,958 $ 113,707
============ ============ ============ ============ ==========
Total Fixed Charges - Interest expense (including capitalized
interest)................................................... $ 12,480 $ 7,988 $ 9,220 $ 10,343 $ 8,815
============ ============ ============ ============ ==========
Preferred Stock dividends....................................... $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
Preferred OP unit distributions................................. - - - - -
------------ ------------ ------------ ------------ ----------
Total Preferred Distributions................................... $ 94,793 $ 78,375 $ 88,393 $ 68,599 $ 31,124
============ ============ ============ ============ ==========
Total Combined Fixed Charges and Preferred Distributions........ $ 107,273 $ 86,363 $ 97,613 $ 78,942 $ 39,939
============ ============ ============ ============ ==========
Ratio of FFO to Fixed Charges................................... 35.01x 42.67x 30.26x 22.52x 12.90x
============ ============ ============ ============ ==========
Ratio of FFO to Combined Fixed Charges and Preferred Distributions 4.07x 3.95x 2.86x 2.95x 2.85x
============ ============ ============ ============ ==========
</TABLE>
Exhibit 12
