Public Storage 2003 Annual Report Download - page 37

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ITEM 6. Selected Financial Data
For the year ended December 31,
2003(1) 2002(1) 2001(1) 2000 (1) 1999 (1)
(Amounts in thousands, except per share data)
Revenues:
Rental income and tenant reinsurance premiums.... $866,443 $822,897 $760,309 $690,845 $622,299
Interest and other income........................................ 8,628 8,661 14,225 18,836 16,700
875,071 831,558 774,534 709,681 638,999
Expenses:
Cost of operations ................................................... 318,498 287,144 257,244 241,669 211,847
Depreciation and amortization ................................ 185,775 177,978 164,914 147,473 136,663
General and administrative ..................................... 17,127 15,619 21,038 21,306 12,491
Interest expense....................................................... 1,121 3,809 3,227 3,293 7,971
522,521 484,550 446,423 413,741 368,972
Income before equity in earnings of real estate
entities, minority interest, discontinued operations
and gain (loss) on disposition of real estate
investments ............................................................. 352,550 347,008 328,111 295,940 270,027
Equity in earnings of real estate entities ..................... 24,966 29,888 38,542 39,319 32,183
Minority interest in income ....................................... (43,703) (44,087) (46,015) (38,356) (16,006)
Net income before discontinued operations and gain
on disposition of real estate..................................... 333,813 332,809 320,638 296,903 286,204
Discontinued operations (2)........................................ 1,833 (11,530) (521) (391) (473)
Gain/(loss) on disposition of real estate investments.. 1,007 (2,541) 4,091 576 2,154
Net income ................................................................. $336,653 $318,738 $324,208 $297,088 $287,885
Per Common Share:
Distributions ............................................................... $1.80 $1.80 $1.69 $1.48 $1.52
Net income  Basic..................................................... $1.29 $1.15 $1.41 $1.41 $1.53
Net income  Diluted.................................................. $1.28 $1.14 $1.39 $1.41 $1.52
Weighted average common shares  Basic................. 125,181 123,005 122,310 131,566 126,308
Weighted average common shares  Diluted.............. 126,517 124,571 123,577 131,657 126,669
Balance Sheet Data:
Total assets ................................................................. $4,968,069 $4,843,662 $4,625,879 $4,513,941 $4,214,385
Total debt.................................................................... $76,030 $115,867 $168,552 $156,003 $167,338
Minority interest (other partnership interests) ............ $141,137 $154,499 $169,601 $167,918 $186,600
Minority interest (preferred partnership interests) ...... $285,000 $285,000 $285,000 $365,000 -
Shareholders equity................................................... $4,219,799 $4,158,969 $3,909,583 $3,724,117 $3,689,100
Other Data:
Net cash provided by operating activities................... $594,430 $588,961 $538,534 $525,775 $463,292
Net cash used in investing activities........................... $(228,176) $(323,464) $(306,058) $(465,464) $(452,209)
Net cash provided used in financing activities............ $(264,545) $(211,720) $(272,596) $(25,969) $(7,183)
(1) During 2003, 2002, 2001, 2000, and 1999, we completed several significant business combinations and equity transactions.
See Notes 3, 9, and 10 to the Companys consolidated financial statements.
(2) During the years ended December 31, 2002 and 2003, the Company adopted a business plan that included the closure of
certain non-strategic containerized storage facilities. Also, during 2002 we sold one of our commercial facilities and during
2003 we sold five miniwarehouse facilities. The historical operations of these facilities are classified as discontinued
operations, with the rental income, cost of operations, depreciation expense and gain or loss on disposition of these facilities
for current and prior periods included in the line-item Discontinued Operations on the consolidated income statement.