EX-12 6 q302psi_ex12.txt COMPUTATIN FO RATIOS PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, -------------------------- 2002 2001 ----------- ----------- (amounts in thousands, except ratios) Net income........................................... $ 251,524 $ 240,012 Add: Minority interest in income 33,463 35,370 Less: Minority interests in income which do not have fixed charges........................... (11,077) (7,820) ----------- ----------- Income from continuing operations.................... 273,910 267,562 Interest expense................................ 3,284 3,023 ----------- ----------- Total earnings available to cover fixed charges...... $ 277,194 $ 270,585 =========== =========== Total fixed charges - interest expense (including capitalized interest)............................. $ 7,930 $ 9,286 =========== =========== Preferred Stock dividends............................ $ 111,704 $ 85,508 Preferred partnership units distributions............ 20,179 24,830 ----------- ----------- Total preferred distributions........................ $ 131,883 $ 110,338 =========== =========== Total combined fixed charges and preferred distributions $ 139,813 $ 119,624 =========== =========== Ratio of earnings to fixed charges.................. 34.96x 29.14x =========== =========== Ratio of earnings to combined fixed charges and preferred distributions........................... 1.98x 2.26x =========== ===========
For the Year Ended December 31, --------------------------------------------------------------------------- 2001 2000 1999 1998 1997 ----------- ----------- ----------- ----------- ----------- (amounts in thousands, except ratios) Net income........................................... $ 324,208 $ 297,088 $ 287,885 $ 227,019 $ 178,649 Add: Minority interest in income 46,015 38,356 16,006 20,290 11,684 Less: Minority interests in income which do not have fixed charges........................... (11,243) (10,549) (13,362) (15,853) (10,375) ----------- ----------- ----------- ----------- ----------- Income from continuing operations.................... 358,980 324,895 290,529 231,456 179,958 Interest expense................................ 3,227 3,293 7,971 4,507 6,792 ----------- ----------- ----------- ----------- ----------- Total earnings available to cover fixed charges...... $ 362,207 $ 328,188 $ 298,500 $ 235,963 $ 186,750 =========== =========== =========== =========== =========== Total fixed charges - interest expense (including capitalized interest)............................. $ 12,219 $ 13,071 $ 12,480 $ 7,988 $ 9,220 =========== =========== =========== =========== =========== Preferred Stock dividends............................ $ 117,979 $ 100,138 $ 94,793 $ 78,375 $ 88,393 Preferred partnership units distributions............ 31,737 24,859 - - - ----------- ----------- ----------- ----------- ----------- Total preferred distributions........................ $ 149,716 $ 124,997 $ 94,793 $ 78,375 $ 88,393 =========== =========== =========== =========== =========== Total combined fixed charges and preferred distributions $ 161,935 $ 138,068 $ 107,273 $ 86,363 $ 97,613 =========== =========== =========== =========== =========== Ratio of earnings to fixed charges.................. 29.64x 25.11x 23.92x 29.54x 20.25x =========== =========== =========== =========== =========== Ratio of earnings to combined fixed charges and preferred distributions........................... 2.24x 2.38x 2.78x 2.73x 1.91x =========== =========== =========== =========== ===========
Exhibit 12
Nine Months Ended September 30, -------------------------- 2002 2001 ----------- ----------- (amounts in thousands, except ratios) Supplemental Disclosure of Ratio of Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") to Fixed Charges: Net income........................................... $ 251,524 $ 240,012 Less: Gain on sale of real estate and real estate investments.................................. (885) (1,568) Add: Depreciation and amortization............. 135,057 123,187 Less: Depreciation allocable to minority interests (6,298) (5,734) Add: Depreciation included in equity in earnings of real estate entities...................... 19,717 17,727 Add: Depreciation and amortization included in discontinued operations...................... 543 459 Add: Minority interest - preferred............. 20,179 24,830 Add: Interest expense.......................... 3,284 3,023 ----------- ----------- EBITDA available to cover fixed charges.............. $ 423,121 $ 401,936 =========== =========== Total fixed charges - interest expense (including capitalized interest)............................. $ 7,930 $ 9,286 =========== =========== Preferred Stock dividends............................ $ 111,704 $ 85,508 Preferred partnership units distributions............ 20,179 24,830 ----------- ----------- Total preferred distributions........................ $ 131,883 $ 110,338 =========== =========== Total combined fixed charges and preferred distributions $ 139,813 $ 119,624 =========== =========== Ratio of EBITDA to fixed charges.................... 53.33x 43.28x =========== =========== Ratio of EBITDA to combined fixed charges and preferred distributions..................................... 3.03x 3.36x =========== ===========
For the Year Ended December 31, ----------------------------------------------------------------------- 2001 2000 1999 1998 1997 ----------- ----------- ----------- ----------- ----------- (amounts in thousands, except ratios) Supplemental Disclosure of Ratio of Earnings Before Interest, Depreciation and Amortization ("EBITDA") to Fixed Charges: Net income........................................... $ 324,208 $ 297,088 $ 287,885 $ 227,019 $ 178,649 Less: Gain on sale of real estate and real estate investments.................................. (4,091) (3,786) (2,154) - - Add: Depreciation and amortization............. 167,399 148,642 137,400 111,799 92,750 Less: Depreciation allocable to minority interests (7,847) (7,138) (9,294) (12,022) (9,245) Add: Depreciation included in equity in earnings of real estate entities...................... 25,096 21,825 19,721 13,884 11,474 Add: Depreciation and amortization included in discontinued operations...................... 662 325 319 - - Add: Minority interest - preferred............. 31,737 24,859 - - - Add: Interest expense.......................... 3,227 3,293 7,971 4,507 6,792 ----------- ----------- ----------- ----------- ----------- EBITDA available to cover fixed charges.............. $ 540,391 $ 485,108 $ 441,848 $ 345,187 $ 280,420 =========== =========== =========== =========== =========== Total fixed charges - interest expense (including capitalized interest)............................. $ 12,219 $ 13,071 $ 12,480 $ 7,988 $ 9,220 =========== =========== =========== =========== =========== Preferred Stock dividends............................ $ 117,979 $ 100,138 $ 94,793 $ 78,375 $ 88,393 Preferred partnerhsip units distributions............ 31,737 24,859 - - - ----------- ----------- ----------- ----------- ----------- Total preferred distributions........................ $ 149,716 $ 124,997 $ 94,793 $ 78,375 $ 88,393 =========== =========== =========== =========== =========== Total combined fixed charges and preferred distributions $ 161,935 $ 138,068 $ 107,273 $ 86,363 $ 97,613 =========== =========== =========== =========== =========== Ratio of EBITDA to fixed charges.................... 44.23x 37.11x 35.40x 43.21x 30.41x =========== =========== =========== =========== =========== Ratio of EBITDA to combined fixed charges and preferred distributions..................................... 3.34x 3.51x 4.12x 4.00x 2.87x =========== =========== =========== =========== ===========
EBITDA represents earnings prior to interest, taxes, depreciation, amortization and gains on sale of real estate assets. Exhibit 12