EX-12 3 0003.txt STATEMENT RE: COMPUTATION OF RATIO PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, ----------------------------- 2000 1999 ------------ ------------ (Amounts in thousands, except ratios) 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 ============ ============
For the Year Ended December 31, -------------------------------------------------------------------- 1999 1998 1997 1996 1995 ------------ ------------ ------------ ------------ ------------ (Amounts in thousands, except ratios) 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 ============ ============ ============ ============ ============
Exhibit 12 PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, ---------------------------- 2000 1999 ------------ ------------ SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS ("FFO") TO FIXED CHARGES: 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 ============ ============
For the Year Ended December 31, ------------------------------------------------------------------ 1999 1998 1997 1996 1995 ------------ ------------ ------------ ------------ ---------- SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS ("FFO") TO FIXED CHARGES: 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 ============ ============ ============ ============ ==========
Exhibit 12