Public Storage 2001 Annual Report Download - page 34

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32
P
UBLIC
S
TORAGE
,I
NC
. 2001 A
NNUAL
R
EPORT
Year Ended December 31, Year Ended December 31,
(Dollar amounts in thousands)
2001 2000 Change 2000 1999 Change
Reconciliation of Net Income by Segment:
Self-storage
Storage properties $ 492,451 $ 442,648 $ 49,803 $ 442,648 $ 408,138 $ 34,510
Depreciation and amortization –
self-storage (158,476) (141,425) (17,051) (141,425) (131,118) (10,307)
Equity in earnings – storage
property operations 22,912 21,265 1,647 21,265 20,382 883
Equity in earnings –
depreciation (storage) (7,562) (7,153) (409) (7,153) (7,591) 438
Total self-storage segment
income 349,325 315,335 33,990 315,335 289,811 25,524
Containerized storage
Containerized storage 4,682 116 4,566 116 (2,481) 2,597
Depreciation (6,900) (5,251) (1,649) (5,251) (4,915) (336)
Total containerized storage
segment loss (2,218) (5,135) 2,917 (5,135) (7,396) 2,261
Commercial properties
Commercial properties 8,558 7,515 1,043 7,515 5,378 2,137
Depreciation and amortization –
commercial properties (2,685) (2,291) (394) (2,291) (1,686) (605)
Equity in earnings – commercial
property operations 51,335 42,562 8,773 42,562 35,623 6,939
Equity in earnings – depreciation
(commercial properties) (17,534) (14,672) (2,862) (14,672) (12,130) (2,542)
Total commercial property
segment income 39,674 33,114 6,560 33,114 27,185 5,929
Other items not allocated to segments
Equity in earnings – general and
administrative and other (10,609) (5,893) (4,716) (5,893) (4,101) (1,792)
Interest and other income 14,225 18,836 (4,611) 18,836 16,700 2,136
General and administrative (21,038) (21,306) 268 (21,306) (12,491) (8,815)
Interest expense (3,227) (3,293) 66 (3,293) (7,971) 4,678
Minority interest in income (46,015) (38,356) (7,659) (38,356) (16,006) (22,350)
Gain on disposition of real estate 4,091 3,786 305 3,786 2,154 1,632
Total other items not allocated
to segments (62,573) (46,226) (16,347) (46,226) (21,715) (24,511)
Total consolidated company
net income $ 324,208 $ 297,088 $ 27,120 $ 297,088 $ 287,885 $ 9,203
Note 13 — Events Subsequent to December 31, 2001 (Unaudited)
On January 16, 2002, we acquired the remaining interest in the Development Joint Venture, not previously consolidated in our
consolidated financial statements, for approximately $155 million in cash, representing the amount necessary to provide the
investor with an internal rate of return of 11.5% since inception of the partnership. The Development Joint Venture completed
and opened 47 storage facilities from April 1997 to December 2000 for a total cost of $232 million. The partnership was funded
solely with equity capital consisting of 30% from the Company and 70% from the institutional investor.