Public Storage 2003 Annual Report Download - page 84

PUBLIC STORAGE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For each of the three years in the period ended December 31, 2003
(amounts in thousands)
See accompanying notes.
F-5
2003 2002 2001
Cash flows from operating activities:
Net income................................................................................................................. $ 336,653 $ 318,738 $ 324,208
Adjustments to reconcile net income to net cash provided by operating
activities:
Gain, loss and impairment charges (net) included in equity in earnings of
real estate investments........................................................................................... (187) (3,737) -
(Gain)/loss on disposition of real estate and real estate investments...................... (1,007) 2,541 (4,091)
Depreciation and amortization............................................................................... 185,775 177,978 164,914
Depreciation included in equity in earnings of real estate entities ......................... 27,753 27,078 25,096
Depreciation, impairment losses, and other items associated with
discontinued operations (Note 4)....................................................................... 336 10,174 3,147
Minority interest in income.................................................................................... 43,703 44,087 46,015
Other operating activities....................................................................................... 1,404 12,102 (20,755)
Total adjustments............................................................................................... 257,777 270,223 214,326
Net cash provided by operating activities .......................................................... 594,430 588,961 538,534
Cash flows from investing activities:
Principal payments received on mortgage notes receivable................................... 23,814 35,513 2,199
Issuance of notes receivable to affiliates................................................................ (100,000) - (35,000)
Business combinations........................................................................................... - (139,680) 6,276
Capital improvements to real estate facilities ....................................................... (30,175) (26,993) (35,478)
Construction in process.......................................................................................... (102,428) (101,110) (184,290)
Acquisition of minority interests............................................................................ (9,867) (27,544) (11,841)
Acquisition of real estate facilities......................................................................... - (30,117) (3,503)
Acquisition of investments in real estate entities ................................................... (35,118) (33,956) (55,468)
Proceeds from the sale of real estate facilities and real estate investments............ 34,883 15,209 19,936
Other investing activities ....................................................................................... (9,285) (14,786) (8,889)
Net cash used in investing activities .................................................................. (228,176) (323,464) (306,058)
Cash flows from financing activities:
Net borrowings on line of credit ............................................................................ - (25,000) 25,000
Principal payments on notes payable ..................................................................... (39,837) (27,685) (12,451)
Net proceeds from the issuance of Common Stock ............................................... 68,618 23,333 15,857
Net proceeds from the issuance of Cumulative Preferred Stock ............................ 244,146 457,016 799,073
Net proceeds from the issuance of Equity Stock, Series A .................................... - - 74,820
Issuance of Put Option........................................................................................... - - 910
Repurchase of Common Stock............................................................................... (6,001) (381) (276,861)
Repurchase of preferred partnership units ............................................................. - - (80,000)
Redemption of Cumulative Preferred Stock .......................................................... (87,535) (195,661) (441,325)
Distributions paid to shareholders.......................................................................... (393,561) (391,726) (342,030)
Distributions paid to minority interests.................................................................. (50,031) (52,174) (53,862)
Investment by minority interests............................................................................ (344) 558 18,273
Net cash used in financing activities.................................................................. (264,545) (211,720) (272,596)
Net increase (decrease) in cash and cash equivalents .................................................... 101,709 53,777 (40,120)
Cash and cash equivalents at the beginning of the year................................................. 103,124 49,347 89,467
Cash and cash equivalents at the end of the year........................................................... $ 204,833 $ 103,124 $ 49,347