EX-12 4 psi2q04_ex12.txt PUBLIC STORAGE, INC EX 12 - 2Q'04 PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, ----------------------------- 2004 2003 ------------- ------------ Net income........................................... $ 161,427 $ 160,936 Add: Minority interest in income............... 30,377 21,438 Less: Minority interests in income which do not have fixed charges........................... (8,416) (6,444) ------------- ------------ Adjusted net income.................................. 183,388 175,930 Interest expense................................ 100 825 ------------- ------------ Total earnings available to cover fixed charges...... $ 183,488 $ 176,755 ============= ============ Total fixed charges - interest expense (including capitalized interest)............................. $ 2,137 $ 3,800 ============= ============ Cumulative Preferred Stock dividends................. $ 76,822 $ 72,721 Preferred partnership unit distributions............. 19,731 13,453 ------------- ------------ Total preferred distributions, prior to EITF Topic D-42 96,553 86,174 Allocations pursuant to EITF Topic D-42 5,786 3,397 ------------- ------------ Total preferred distributions, including EITF Topic D-42 $ 102,339 $ 89,571 ============= ============ Total combined fixed charges and preferred distributions, prior to EITF Topic D-42.............. $ 98,690 $ 89,974 ============= ============ Total combined fixed charges and preferred distributions, including EITF Topic D-42............. $ 104,476 $ 93,371 ============= ============ Ratio of earnings to fixed charges.................. 85.86x 46.51x ============= ============ Ratio of earnings to combined fixed charges and preferred distributions, prior to EITF Topic D-42. 1.86x 1.96x ============= ============ Ratio of earnings to combined fixed charges and preferred distributions, including EITF Topic D-42 1.76x 1.89x ============= ============ PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31, ------------------------------------------------------------------------ 2003 2002 2001 2000 1999 ------------ ------------ ------------- ------------ ------------ (amounts in thousands, except ratios) Net income........................................... $ 336,653 $ 318,738 $ 324,208 $ 297,088 $ 287,885 Add: Minority interest in income............... 43,703 44,087 46,015 38,356 16,006 Less: Minority interests in income which do not have fixed charges........................... (13,610) (14,307) (11,243) (10,549) (13,362) ------------ ------------ ------------- ------------ ------------ Adjusted net income.................................. 366,746 348,518 358,980 324,895 290,529 Interest expense................................ 1,121 3,809 3,227 3,293 7,971 ------------ ------------ ------------- ------------ ------------ Total earnings available to cover fixed charges...... $ 367,867 $ 352,327 $ 362,207 $ 328,188 $ 298,500 ============ ============ ============= ============ ============ Total fixed charges - interest expense (including capitalized interest)............................. $ 7,131 $ 10,322 $ 12,219 $ 13,071 $ 12,480 ============ ============ ============= ============ ============ Cumulative Preferred Stock dividends................. $ 146,196 $ 148,926 $ 117,979 $ 100,138 $ 94,793 Preferred partnership unit distributions............. 26,906 26,906 31,737 24,859 - ------------ ------------ ------------- ------------ ------------ Total preferred distributions, prior to EITF Topic D-42 173,102 175,832 149,716 124,997 94,793 Allocations pursuant to EITF Topic D-42 7,120 6,888 14,835 - - ------------ ------------ ------------- ------------ ------------ Total preferred distributions, including EITF Topic D-42 $ 180,222 $ 182,720 $ 164,551 $ 124,997 $ 94,793 ============ ============ ============= ============ ============ Total combined fixed charges and preferred distributions, prior to EITF Topic D-42.............. $ 180,233 $ 186,154 $ 161,935 $ 138,068 $ 107,273 ============ ============ ============= ============ ============ Total combined fixed charges and preferred distributions, including EITF Topic D-42............. $ 187,353 $ 193,042 $ 176,770 $ 138,068 $ 107,273 ============ ============ ============= ============ ============ Ratio of earnings to fixed charges.................. 51.59x 34.13x 29.64x 25.11x 23.92x ============ ============ ============= ============ ============ Ratio of earnings to combined fixed charges and preferred distributions, prior to EITF Topic D-42. 2.04x 1.89x 2.24x 2.38x 2.78x ============ ============ ============= ============ ============ Ratio of earnings to combined fixed charges and preferred distributions, including EITF Topic D-42 1.96x 1.83x 2.05x 2.38x 2.78x ============ ============ ============= ============ ============
Exhibit 12 PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES SUPPLEMENTAL DISCLOSURE OF RATIO OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") TO FIXED CHARGES (A):
Six Months Ended June 30, -------------------------- 2004 2003 ------------- ----------- Net income........................................................... $ 161,427 $ 160,936 Less: (Gain)/Loss on sale of real estate, impairment of real estate assets and real estate investments including discontinued operations...................................... - (10) Less: Our equity share of EITF D-42 charges, impairment (gain)/loss on sale of real estate........................... 1,017 (453) Add: Depreciation and amortization............................. 91,815 91,048 Less: Depreciation allocable to minority interests............. (3,294) (3,233) Add: Depreciation included in equity in earnings of real estate 16,534 13,138 entities..................................................... Add: Depreciation and amortization included in discontinued 99 1,428 operations................................................... Add: Minority interest - preferred............................. 21,794 13,453 Add: Interest expense.......................................... 100 825 ------------- ----------- EBITDA available to cover fixed charges.............................. $ 289,492 $ 277,132 ============= =========== Total fixed charges - interest expense (including capitalized interest)......................................................... $ 2,137 $ 3,800 Cumulative Preferred Stock dividends................................. $ 76,822 $ 72,721 Preferred partnership unit distributions............................. 19,731 13,453 ------------- ----------- Total preferred distributions, prior to EITF Topic D-42.............. 96,553 86,174 Allocations pursuant to EITF Topic D-42......................... 5,786 3,397 ------------- ----------- Total preferred distributions, including EITF Topic D-42............. $ 102,339 $ 89,571 ============= =========== Total combined fixed charges and preferred distributions, prior to EITF Topic D-42...................................................... $ 98,690 $ 89,974 ============= =========== Total combined fixed charges and preferred distributions, including EITF Topic D-42...................................................... $ 104,476 $ 93,371 ============= =========== Ratio of earnings to fixed charges.................................. 135.47x 72.93x ============= =========== Ratio of earnings to combined fixed charges and preferred distributions, prior to EITF Topic D-42........................... 2.93x 3.08x ============= =========== Ratio of earnings to combined fixed charges and preferred distributions, including EITF Topic D-42.......................... 2.77x 2.97x ============= ===========
PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES SUPPLEMENTAL DISCLOSURE OF RATIO OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") TO FIXED CHARGES (A):
For the Year Ended December 31, ------------------------------------------------------------- 2003 2002 2001 2000 1999 ----------- ---------- ---------- ---------- ---------- (amounts in thousands, except ratios) Net income........................................................... $ 336,653 $ 318,738 $ 324,208 $ 297,088 $ 287,885 Less: (Gain)/Loss on sale of real estate, impairment of real estate assets and real estate investments including discontinued operations...................................... (5,378) 2,541 (4,091) (576) (2,154) Less: Our equity share of EITF D-42 charges, impairment (gain)/loss on sale of real estate........................... (187) (3,737) - (3,210) - Add: Depreciation and amortization............................. 185,566 177,863 164,790 147,392 136,576 Less: Depreciation allocable to minority interests............. (6,328) (8,087) (7,847) (7,138) (9,294) Add: Depreciation included in equity in earnings of real estate 27,753 27,078 25,096 21,825 19,721 entities..................................................... Add: Depreciation and amortization included in discontinued 2,437 3,785 3,271 1,575 1,143 operations................................................... Add: Minority interest - preferred............................. 26,906 26,906 31,737 24,859 - Add: Interest expense.......................................... 1,121 3,809 3,227 3,293 7,971 ----------- ---------- ---------- ---------- ---------- EBITDA available to cover fixed charges.............................. $ 568,543 $ 548,896 $ 540,391 $ 485,108 $ 441,848 =========== ========== ========== ========== ========== Total fixed charges - interest expense (including capitalized interest)......................................................... $ 7,131 $ 10,322 $ 12,219 $ 13,071 $ 12,480 Cumulative Preferred Stock dividends................................. $ 146,196 $ 148,926 $ 117,979 $ 100,138 $ 94,793 Preferred partnership unit distributions............................. 26,906 26,906 31,737 24,859 - ----------- ---------- ---------- ---------- ---------- Total preferred distributions, prior to EITF Topic D-42.............. 173,102 175,832 149,716 124,997 94,793 Allocations pursuant to EITF Topic D-42......................... 7,120 6,888 14,835 - - ----------- ---------- ---------- ---------- ---------- Total preferred distributions, including EITF Topic D-42............. $ 180,222 $ 182,720 $ 164,551 $ 124,997 $ 94,793 =========== ========== ========== ========== ========== Total combined fixed charges and preferred distributions, prior to EITF Topic D-42...................................................... $ 180,233 $ 186,154 $ 161,935 $ 138,068 $ 107,273 =========== ========== ========== ========== ========== Total combined fixed charges and preferred distributions, including EITF Topic D-42...................................................... $ 187,353 $ 193,042 $ 176,770 $ 138,068 $ 107,273 =========== ========== ========== ========== ========== Ratio of earnings to fixed charges.................................. 79.73x 53.18x 44.23x 37.11x 35.40x =========== ========== ========== ========== ========== Ratio of earnings to combined fixed charges and preferred distributions, prior to EITF Topic D-42........................... 3.15x 2.95x 3.34x 3.51x 4.12x =========== ========== ========== ========== ========== Ratio of earnings to combined fixed charges and preferred distributions, including EITF Topic D-42.......................... 3.03x 2.84x 3.06x 3.51x 4.12x =========== ========== ========== ========== ==========
(a) EBITDA represents earnings prior to interest, taxes, depreciation, amortization, gains on sale of real estate assets and the impact of the application of EITF Topic D-42. This supplemental disclosure of EBITDA is included because financial analysts and other members of the investment community consider coverage ratios for real estate companies on a pre-depreciation basis. Exhibit 12