Public Storage 2003 Annual Report Download - page 82

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PUBLIC STORAGE, INC.
CONSOLIDATED STATEMENTS OF INCOME
For each of the three years in the period ended December 31, 2003
(amounts in thousands, except per share data)
See accompanying notes.
F-3
2003 2002 2001
Revenues:
Rental income:
Self-storage facilities...................................................................... $ 798,584 $ 761,446 $ 719,765
Commercial properties ................................................................... 11,442 11,781 12,070
Containerized storage facilities ...................................................... 33,953 29,723 28,474
Tenant reinsurance premiums.............................................................. 22,464 19,947 -
Interest and other income .................................................................... 8,628 8,661 14,225
875,071 831,558 774,534
Expenses:
Cost of operations:
Storage facilities............................................................................. 280,905 250,215 228,442
Commercial properties ................................................................... 4,688 4,462 3,861
Containerized storage facilities ...................................................... 20,918 23,056 24,941
Tenant reinsurance ......................................................................... 11,987 9,411 -
Depreciation and amortization ............................................................. 185,775 177,978 164,914
General and administrative .................................................................. 17,127 15,619 21,038
Interest expense.................................................................................... 1,121 3,809 3,227
522,521 484,550 446,423
Income before equity in earnings of real estate entities, minority
interest, discontinued operations and gain (loss) on disposition of real
estate and real estate investments ........................................................
352,550
347,008
328,111
Equity in earnings of real estate entities ................................................. 24,966 29,888 38,542
Minority interest in income:
Preferred partnership interests.............................................................. (26,906) (26,906) (31,737)
Other partnership interests ................................................................... (16,797) (17,181) (14,278)
Discontinued operations .......................................................................... 1,833 (11,530) (521)
Gain (loss) on disposition of real estate and real estate investments ...... 1,007 (2,541) 4,091
Net income .............................................................................................. $ 336,653 $ 318,738 $ 324,208
Net income allocation:
Allocable to preferred shareholders:
Based on distributions paid.............................................................. $ 146,196 $ 148,926 $ 117,979
Based on redemptions of preferred stock (Note 2) .......................... 7,120 6,888 14,835
Allocable to Equity Stock, Series A .................................................... 21,501 21,501 19,455
Allocable to common shareholders...................................................... 161,836 141,423 171,939
$ 336,653 $ 318,738 $ 324,208
Net income per common share  basic
Continuing operations......................................................................... $1.28 $1.24 $1.41
Discontinued operations ..................................................................... 0.01 (0.09) -
$1.29 $1.15 $1.41
Net income per common share  diluted
Continuing operations......................................................................... $1.27 $1.23 $1.39
Discontinued operations ..................................................................... 0.01 (0.09) -
$1.28 $1.14 $1.39
Net income per depositary share of Equity Stock, Series A (basic and
diluted) ...............................................................................................
$2.45
$2.45
$2.45
Basic weighted average common shares outstanding .............................. 125,181 123,005 122,310
Diluted weighted average common shares outstanding........................... 126,517 124,571 123,577
Weighted average shares of Equity Stock, Series A (basic and diluted) . 8,776 8,776 7,940