EX-12 3 psi_ex12.txt PUBLIC STORAGE, INC. EXHIBIT 12 PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, ------------------------------ 2001 2000 ------------- ------------- Net income............................................ $ 74,635 $ 72,561 Add: Minority interest in income................... 11,698 4,389 Less: Minority interests in income which do not have fixed....................................... (2,464) (2,896) ------------- ------------- Income from continuing operations..................... 83,869 74,054 Interest expense................................... 971 1,406 ------------- ------------- Total Earnings Available to Cover Fixed Charges....... $ 84,840 $ 75,460 ============= ============= Total Fixed Charges - Interest expense (including capitalized interet)............................... $ 3,081 $ 3,517 ============= ============= Preferred Stock dividends............................. $ 28,036 $ 25,038 Preferred OP unit distributions....................... 8,505 925 ------------- ------------- Total Preferred Distributions......................... $ 36,541 $ 25,963 ============= ============= Total Combined Fixed Charges and Preferred distributions...................................... $ 39,622 $ 29,480 ============= ============= Ratio of Earnings to Fixed Charges.................... 27.54x 21.46x ============= ============= Ratio of Earnings to Combined Fixed Charges and Preferred distributions........................... 2.14x 2.56x ============= =============
For the Year Ended December 31, --------------------------------------------------------------------------- 2000 1999 1998 1997 1996 ------------- ------------- ------------- ------------- ------------- (Amounts in thousands, except ratios) 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 (including capitalized interest).............................. $ 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 distributions...................................... $ 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 distribution............................ 2.38x 2.78x 2.73x 1.91x 2.07x ============= ============= ============= ============= =============
Exhibit 12
Three Months Ended March 31, --------------------------- 2001 2000 ------------ ------------ Supplemental disclosure of Ratio of Earnings before Interest, Taxes, -------------------------------------------------------------------- Depreciation and Amortization ("EBITDA") to fixed charges: --------------------------------------------------------- EBITDA.................................................. $ 116,206 $ 111,838 Add back minority OP unit distributions................. 8,505 925 Interest expense........................................ 971 1,406 ------------ ------------ Adjusted EBITDA available to cover fixed charges........ $ 125,682 $ 114,169 ============ ============ Total Fixed Charges - Interest expense (including capitalized interest)............................... $ 3,081 $ 3,517 ============ ============ Preferred Stock dividends............................... $ 28,036 $ 25,038 Preferred OP unit distributions......................... 8,505 925 ------------ ------------ Total Preferred Distributions........................... $ 36,541 $ 25,963 ============ ============ Total Combined Fixed Charges and Preferred Distributions $ 39,622 $ 29,480 ============ ============ Ratio of EBITDA to Fixed Charges........................ 40.79x 32.46x ============ ============ Ratio of EBITDA to Combined Fixed Charges and Preferred Distributions....................................... 3.17x 3.87x ============ ============
For the Year Ended December 31, ----------------------------------------------------------------------- 2000 1999 1998 1997 1996 ------------ ------------ ------------ ------------ ------------ Supplemental disclosure of Ratio of Earnings before Interest, Taxes, -------------------------------------------------------------------- Depreciation and Amortization ("EBITDA") to fixed charges: --------------------------------------------------------- EBITDA.................................................. $ 456,956 $ 433,877 $ 340,680 $ 273,628 $ 224,508 Add back minority OP unit distributions................. 24,859 - - - - Interest expense........................................ 3,293 7,971 4,507 6,792 8,482 ------------ ------------ ------------ ------------ ------------ Adjusted EBITDA available to cover fixed charges........ $ 485,108 $ 441,848 $ 345,187 $ 280,420 $ 232,990 ============ ============ ============ ============ ============ Total Fixed Charges - Interest expense (including capitalized interest)............................... $ 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 Distributions $ 138,068 $ 107,273 $ 86,363 $ 97,613 $ 78,942 ============ ============ ============ ============ ============ Ratio of EBITDA to Fixed Charges........................ 37.11x 35.40x 43.21x 30.41x 22.53x ============ ============ ============ ============ ============ Ratio of EBITDA to Combined Fixed Charges and Preferred Distributions....................................... 3.51x 4.12x 4.00x 2.87x 2.95x ============ ============ ============ ============ ============