EX-12 3 psi10q0905_ex12.txt EXHIBIT 12 PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, --------------------------- 2005 2004 ------------ ------------ (amounts in thousands, except ratios) Net income........................................... $ 333,021 $ 258,942 Add: Minority interest in income............... 26,355 39,898 Less: Minority interests in income which do not have fixed charges........................... (12,575) (12,681) Less: Equity in earnings of investments...... (20,382) (11,646) Add: Cash distributions from investments.... 17,015 15,863 Less: Impact of Discontinued Operations..... (6,377) 1,518 ------------ ------------ Adjusted net income.................................. 337,057 291,894 Interest expense................................ 5,928 100 ------------ ------------ Total earnings available to cover fixed charges...... $ 342,985 $ 291,994 ============ ============ Total fixed charges - interest expense (including capitalized interest)............................. $ 7,982 $ 2,822 ============ ============ Cumulative Preferred Stock dividends................. $ 126,286 $ 117,293 Preferred partnership unit distributions............. 12,556 24,907 ------------ ------------ Total preferred distributions, prior to EITF Topic D-42 138,842 142,200 Allocations pursuant to EITF Topic D-42 2,778 8,858 ------------ ------------ Total preferred distributions, including EITF Topic D-42 $ 141,620 $ 151,058 ============ ============ Total combined fixed charges and preferred distributions, prior to EITF Topic D-42.............. $ 146,824 $ 145,022 ============ ============ Total combined fixed charges and preferred distributions, including EITF Topic D-42............. $ 149,602 $ 153,880 ============ ============ Ratio of earnings to fixed charges.................. 42.97x 103.47x ============ ============ Ratio of earnings to combined fixed charges and preferred distributions, prior to EITF Topic D-42. 2.34x 2.01x ============ ============ Ratio of earnings to combined fixed charges and preferred distributions, including EITF Topic D-42 2.29x 1.90x ============ ============
PUBLIC STORAGE, INC. EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31, ----------------------------------------------------------------------- 2004 2003 2002 2001 2000 ----------- ------------ ----------- ------------ ------------- (amounts in thousands, except ratios) Net income........................................... $ 366,213 $ 336,653 $ 318,738 $ 324,208 $ 297,088 Add: Minority interest in income............... 49,913 43,703 44,087 46,015 38,356 Less: Minority interests in income which do not have fixed charges........................... (17,099) (13,610) (14,307) (11,243) (10,549) Less: Equity in earnings of investments...... (22,564) (24,966) (29,888) (38,542) (39,319) Add: Cash distributions from investments.... 20,961 17,754 19,496 24,124 16,984 Less: Impact of Discontinued Operations..... 1,555 (3,149) 11,808 1,632 1,450 ----------- ------------ ----------- ------------ ------------- Adjusted net income.................................. 398,979 356,385 349,934 346,194 304,010 Interest expense................................ 760 1,121 3,809 3,227 3,293 ----------- ------------ ----------- ------------ ------------- Total earnings available to cover fixed charges...... $ 399,739 $ 357,506 $ 353,743 $ 349,421 $ 307,303 =========== ============ =========== ============ ============= Total fixed charges - interest expense (including capitalized interest)............................. $ 4,377 $ 7,131 $ 10,322 $ 12,219 $ 13,071 =========== ============ =========== ============ ============= Cumulative Preferred Stock dividends................. $ 157,925 $ 146,196 $ 148,926 $ 117,979 $ 100,138 Preferred partnership unit distributions............. 30,423 26,906 26,906 31,737 24,859 ----------- ------------ ----------- ------------ ------------- Total preferred distributions, prior to EITF Topic D-42 188,348 173,102 175,832 149,716 124,997 Allocations pursuant to EITF Topic D-42 10,787 7,120 6,888 14,835 - ----------- ------------ ----------- ------------ ------------- Total preferred distributions, including EITF Topic D-42 $ 199,135 $ 180,222 $ 182,720 $ 164,551 $ 124,997 =========== ============ =========== ============ ============= Total combined fixed charges and preferred distributions, prior to EITF Topic D-42.............. $ 192,725 $ 180,233 $ 186,154 $ 161,935 $ 138,068 =========== ============ =========== ============ ============= Total combined fixed charges and preferred distributions, including EITF Topic D-42............. $ 203,512 $ 187,353 $ 193,042 $ 176,770 $ 138,068 =========== ============ =========== ============ ============= Ratio of earnings to fixed charges.................. 91.33x 50.13x 34.27x 28.60x 23.51x =========== ============ =========== ============ ============= Ratio of earnings to combined fixed charges and preferred distributions, prior to EITF Topic D-42. 2.07x 1.98x 1.90x 2.16x 2.23x =========== ============ =========== ============ ============= Ratio of earnings to combined fixed charges and preferred distributions, including EITF Topic D-42 1.96x 1.91x 1.83x 1.98x 2.23x =========== ============ =========== ============ =============
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):
Nine Months Ended September 30, ------------------------- 2005 2004 ------------ ----------- (amounts in thousands, except ratios) Net income........................................................... $ 333,021 $ 258,942 Less: (Gain)/Loss on sale of real estate, impairment of real estate assets and real estate investments including discontinued operations...................................... (5,091) (1,286) Less: Our equity share of EITF D-42 charges, impairment (gain)/loss on sale of real estate........................... (7,033) 2,109 Add: Depreciation and amortization (including discontinued operations).................................................. 144,224 136,620 Less: Depreciation allocable to minority interests............. (3,146) (4,851) Add: Depreciation included in equity in earnings of real estate entities..................................................... 26,265 25,055 Add: Minority interest - preferred............................. 13,430 26,970 Add: Interest expense.......................................... 5,928 100 ------------ ----------- EBITDA available to cover fixed charges.............................. $ 507,598 $443,659 ============ =========== Total fixed charges - interest expense (including capitalized interest)......................................................... $ 7,982 $ 2,822 ============ =========== Cumulative Preferred Stock dividends................................. $ 126,286 $ 117,293 Preferred partnership unit distributions............................. 12,556 24,907 ------------ ----------- Total preferred distributions, prior to EITF Topic D-42.............. 138,842 142,200 Allocations pursuant to EITF Topic D-42......................... 2,778 8,858 ------------ ----------- Total preferred distributions, including EITF Topic D-42............. $ 141,620 $ 151,058 ============ =========== Total combined fixed charges and preferred distributions, prior to EITF Topic D-42...................................................... $ 146,824 $ 145,022 ============ =========== Total combined fixed charges and preferred distributions, including EITF Topic D-42...................................................... $ 149,602 $ 153,880 ============ =========== Ratio of earnings to fixed charges.................................. 63.59x 157.21x ============ =========== Ratio of earnings to combined fixed charges and preferred distributions, prior to EITF Topic D-42........................... 3.46x 3.06x ============ =========== Ratio of earnings to combined fixed charges and preferred distributions, including EITF Topic D-42.......................... 3.39x 2.88x ============ ===========
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, ----------------------------------------------------------- 2004 2003 2002 2001 2000 ------------ ----------- ----------- ----------- --------- (amounts in thousands, except ratios) Net income........................................................... $ 366,213 $ 336,653 $ 318,738 $ 324,208 $297,088 Less: (Gain)/Loss on sale of real estate, impairment of real estate assets and real estate investments including discontinued operations...................................... (2,288) (5,378) 2,541 (4,091) (576) Less: Our equity share of EITF D-42 charges, impairment (gain)/loss on sale of real estate........................... (4,544) (187) (3,737) - (3,210) Add: Depreciation and amortization (including discontinued operations).................................................. 184,345 188,003 181,648 168,061 148,967 Less: Depreciation allocable to minority interests............. (6,046) (6,328) (8,087) (7,847) (7,138) Add: Depreciation included in equity in earnings of real estate entities..................................................... 33,720 27,753 27,078 25,096 21,825 Add: Minority interest - preferred............................. 32,486 26,906 26,906 31,737 24,859 Add: Interest expense.......................................... 760 1,121 3,809 3,227 3,293 ------------ ----------- ----------- ----------- --------- EBITDA available to cover fixed charges.............................. $ 604,646 $ 568,543 $ 548,896 $ 540,391 $485,108 ============ =========== =========== =========== ========= Total fixed charges - interest expense (including capitalized interest)......................................................... $ 4,377 $ 7,131 $ 10,322 $ 12,219 $ 13,071 ============ =========== =========== =========== ========= Cumulative Preferred Stock dividends................................. $ 157,925 $ 146,196 $ 148,926 $ 117,979 $100,138 Preferred partnership unit distributions............................. 30,423 26,906 26,906 31,737 24,859 ------------ ----------- ----------- ----------- --------- Total preferred distributions, prior to EITF Topic D-42.............. 188,348 173,102 175,832 149,716 124,997 Allocations pursuant to EITF Topic D-42......................... 10,787 7,120 6,888 14,835 - ------------ ----------- ----------- ----------- --------- Total preferred distributions, including EITF Topic D-42............. $ 199,135 $ 180,222 $ 182,720 $ 164,551 $124,997 ============ =========== =========== =========== ========= Total combined fixed charges and preferred distributions, prior to EITF Topic D-42...................................................... $ 192,725 $ 180,233 $ 186,154 $ 161,935 $138,068 ============ =========== =========== =========== ========= Total combined fixed charges and preferred distributions, including EITF Topic D-42...................................................... $ 203,512 $ 187,353 $ 193,042 $ 176,770 $138,068 ============ =========== =========== =========== ========= Ratio of earnings to fixed charges.................................. 138.14x 79.73x 53.18x 44.23x 37.11x ============ =========== =========== =========== ========= Ratio of earnings to combined fixed charges and preferred distributions, prior to EITF Topic D-42........................... 3.14x 3.15x 2.95x 3.34x 3.51x ============ =========== =========== =========== ========= Ratio of earnings to combined fixed charges and preferred distributions, including EITF Topic D-42.......................... 2.97x 3.03x 2.84x 3.06x 3.51x ============ =========== =========== =========== =========
(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