Public Storage 2003 Annual Report Download - page 116

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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-37
The following table sets forth a reconciliation of each segments net income to the Companys
consolidated net income:
Year Ended December 31,
Year Ended December 31,
2003 2002 Change 2002 2001 Change
(Dollar amounts in thousands)
Reconciliation of Net Income by Segment:
Self-storage
Self-storage net operating income .................... $517,679 $511,231 $6,448 $511,231 $491,323 $19,908
Self-storage depreciation .................................. (176,929) (170,887) (6,042) (170,887) (157,953) (12,934)
Equity in earnings  storage property
operations ..................................................... 6,288 5,992
296
5,992 22,047
(16,055)
Equity in earnings  depreciation (self-
storage) ........................................................ (1,705) (1,619)
(86)
(1,619) (7,562)
5,943
Discontinued self-storage operations................ 6,014 571 5,443 571 605 (34)
Total self-storage segment net income ....... 351,347 345,288 6,059 345,288 348,460 (3,172)
Commercial properties
Commercial properties ..................................... 6,754 7,319 (565) 7,319 8,209 (890)
Depreciation and amortization  commercial
properties...................................................... (2,535) (2,544)
9
(2,544) (2,569)
25
Equity in earnings  commercial property
operations ..................................................... 64,242 65,212
(970)
65,212 52,200
13,012
Equity in earnings  depreciation
(commercial properties) ............................... (26,048) (25,459)
(589)
(25,459) (17,534)
(7,925)
Discontinued operations (Note 4) .................... - 77 (77) 77 233 (156)
Total commercial property segment net
income ..................................................... 42,413 44,605
(2,192)
44,605 40,539
4,066
Containerized storage
Containerized storage net operating income..... 13,035 6,667 6,368 6,667 3,533 3,134
Containerized storage depreciation................... (6,311) (4,547) (1,764) (4,547) (4,392) (155)
Discontinued operations (Note 4) .................... (4,181) (12,178) 7,997 (12,178) (1,359) (10,819)
Total containerized storage segment net
income/(loss) ........................................ 2,543 (10,058)
12,601
(10,058) (2,218)
(7,840)
Tenant Reinsurance
Tenant reinsurance operating income........... 10,477 10,536 (59) 10,536 - 10,536
Other items not allocated to segments
Equity in earnings  general and
administrative and other .............................. (17,811) (14,238)
(3,573)
(14,238) (10,609)
(3,629)
Interest and other income ................................. 8,628 8,661 (33) 8,661 14,225 (5,564)
General and administrative .............................. (17,127) (15,619) (1,508) (15,619) (21,038) 5,419
Interest expense ................................................ (1,121) (3,809) 2,688 (3,809) (3,227) (582)
Minority interest in income ............................. (43,703) (44,087) 384 (44,087) (46,015) 1,928
Gain/(loss) on disposition of real estate............ 1,007 (2,541) 3,548 (2,541) 4,091 (6,632)
Total other items not allocated to segments (70,127) (71,633) 1,506 (71,633) (62,573) (9,060)
Total consolidated company net income .. $336,653 $318,738 $17,915 $318,738 $324,208 $ (5,470)