EX-12 4 0004.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES PUBLIC STORGAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit - 12
For the Year Ended December 31, ----------------------------------------------------------------------- 2000 1999 1998 1997 1996 ----------- ----------- ----------- ----------- ----------- (Amounts in thousands) Net income $ 297,088 $ 287,885 $ 227,019 $ 178,649 $ 153,549 Add: Minority interest in income 38,356 16,006 20,290 11,684 9,363 Less: Minority interests in income which do not have fixed charges (10,549) (13,362) (15,853) (10,375) (8,273) ----------- ----------- ----------- ----------- ----------- Income from continuing operations 324,895 290,529 231,456 179,958 154,639 Interest expense 3,293 7,971 4,507 6,792 8,482 ----------- ----------- ----------- ----------- ----------- Total Earnings Available to Cover Fixed Charges $ 328,188 $ 298,500 $ 235,963 $ 186,750 $ 163,121 =========== =========== =========== =========== =========== Total Fixed Charges - interest expense (a) $ 13,071 $ 12,480 $ 7,988 $ 9,220 $ 10,343 =========== =========== =========== =========== =========== Preferred Stock dividends 100,138 94,793 78,375 88,393 68,599 Preferred OP Unit distributions 24,859 - - - - ----------- ----------- ----------- ----------- ----------- Total Preferred distributions $ 124,997 $ 94,793 $ 78,375 $ 88,393 $ 68,599 =========== =========== =========== =========== =========== Total Combined Fixed Charges and Preferred Stock dividends $ 138,068 $ 107,273 $ 86,363 $ 97,613 $ 78,942 =========== =========== =========== =========== =========== Ratio of Earnings to Fixed Charges 25.11x 23.92x 29.54x 20.25x 15.77x =========== =========== =========== =========== =========== Ratio of Earnings to Combined Fixed Charges and Preferred Stock dividends 2.38x 2.78x 2.73x 1.91x 2.07x =========== =========== =========== =========== =========== SUPPLEMENTAL DISCLOSURE OF RATIO OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") TO FIXED CHARGES: EBITDA (a) $ 456,956 $ 433,877 $ 340,680 $ 273,628 $ 224,476 Interest expense 3,293 7,971 4,507 6,792 8,482 ----------- ----------- ----------- ----------- ----------- Adjusted EBITDA available to cover fixed charges $ 460,249 $ 441,848 $ 345,187 $ 280,420 $ 232,958 =========== =========== =========== =========== =========== Total Fixed Charges - interest expense (b) $ 13,071 $ 12,480 $ 7,988 $ 9,220 $ 10,343 =========== =========== =========== =========== =========== Preferred Stock dividends 100,138 94,793 78,375 88,393 68,599 Preferred OP Unit distributions 24,859 - - - - ----------- ----------- ----------- ----------- ----------- Total Preferred distributions $ 124,997 $ 94,793 $ 78,375 $ 88,393 $ 68,599 =========== =========== =========== =========== =========== Total Combined Fixed Charges and Preferred Stock dividends $ 138,068 $ 107,273 $ 86,363 $ 97,613 $ 78,942 =========== =========== =========== =========== =========== Ratio of FFO to Fixed Charges 35.21x 35.40x 43.21x 30.41x 22.52x =========== =========== =========== =========== =========== Ratio of FFO to Combined Fixed Charges and Preferred Stock dividends 3.33x 4.12x 4.00x 2.87x 2.95x =========== =========== =========== =========== ===========
(a) EBITDA represents earnings prior to interest, taxes, depreciation and amortization. Amounts for 2000,1999 and 1998 are set forth in the table on page 33 "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources". It represents the line item, "Cash from operations allocable to the Company's shareholders" as presented on the aforementioned table. (b) "Total fixed charges - interest" includes interest expense plus capitalized interest. Exhibit-12