Public Storage 2002 Annual Report Download - page 10

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Computation of Funds from Operations
(unaudited)
The following table sets forth our Funds from operations ("FFO") per common share for 2002 and
2001, FFO is a term defined by the National Association of Real Estate Investment Trusts
("NAREIT") by which real estate investment trusts ("REITs") may be compared. It is generally
defined as net income before depreciation and extraordinary items. FFO computations do not factor
out the REIT’s requirement to make either capital expenditures or principal payments on debt.
For the Year Ended
December 31,
2002 2001
(Amounts in thousands, except per share amounts)
Net income $ 318,738 $ 324,208
Depreciation and amortization 179,634 166,178
Depreciation/Amortization included in
Discontinued Operations 2,014 1,883
Less – Depreciation with respect to non-real estate assets (6,053) (5,851)
(Gain) loss on sale of real estate assets 2,541 (4,091)
Less – our share of PSB’s gain on sale of real estate (3,737) –
Depreciation from unconsolidated real estate investments 27,078 25,096
Minority interest in income 44,087 46,015
Net cash provided by operating activities 564,302 553,438
FFO to minority interests – common (25,268) (22,125)
FFO to minority interest – preferred (26,906) (31,737)
Funds from operations 512,128 499,576
Senior Preferred (148,926) (117,979)
Equity Stock, Series A (21,501) (19,455)
Less: preferred stock and equity stock dividends (170,427) (137,434)
Funds from operations to Common and Class B
Common Stock $ 341,701 $ 362,142
Weighted average shares:
Regular common shares 116,075 115,520
Class B common stock 7,000 7,000
Stock option dilution 1,566 1,267
Weighted average common shares for purposes of
computing fully-diluted FFO per common share 124,641 123,787
FFO per common share $ 2.74 $ 2.93