Public Storage 2002 Annual Report Download - page 111

Download and view the complete annual report

Please find page 111 of the 2002 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 162

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162

PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2002
F-34
The following table sets forth a reconciliation of each segment’s net income to the Company’s
consolidated net income:
Year Ended December 31, Year Ended December 31,
2002 2001 Change 2001 2000 Change
(Dollar amounts in thousands)
Reconciliation of Net Income by Segment:
Self-storage
Self-storage net operating income .................... $512,330 $492,451 $19,879 $492,451 $442,648 $49,803
Self-storage depreciation .................................. (171,415) (158,476) (12,939) (158,476) (141,425) (17,051)
Equity in earnings – storage property
operations ..................................................... 7,047 22,912
(15,865)
22,912 21,265
1,647
Equity in earnings – depreciation (self-
storage) ........................................................ (1,619) (7,562)
5,943
(7,562) (7,153)
(409)
Total self-storage segment net income........ 346,343 349,325 (2,982) 349,325 315,335 33,990
Commercial properties
Commercial properties ..................................... 7,319 8,209 (890) 8,209 7,148 1,061
Depreciation and amortization – commercial
properties...................................................... (2,544) (2,569)
25
(2,569) (2,176)
(393)
Equity in earnings – commercial property
operations ..................................................... 63,233 51,335
11,898
51,335 42,562
8,773
Equity in earnings – depreciation (commercial
properties) .................................................... (25,459) (17,534)
(7,925)
(17,534) (14,672)
(2,862)
Discontinued operations (Note 4) .................... 77 233 (156) 233 252 (19)
Total commercial property segment net
income ..................................................... 42,626 39,674
2,952
39,674 33,114
6,560
Containerized storage
Containerized storage net operating income ..... 7,089 4,296 2,793 4,296 989 3,307
Containerized storage depreciation................... (5,675) (5,133) (542) (5,133) (4,594) (539)
Discontinued operations (Note 4) .................... (11,472) (1,381) (10,091) (1,381) (1,530) 149
Total containerized storage segment net
loss........................................................ (10,058)
(2,218)
(7,840)
(2,218) (5,135)
2,917
Tenant Reinsurance
Tenant reinsurance operating income........... 10,536 - 10,536 - - -
Other items not allocated to segments
Equity in earnings – general and
administrative and other .............................. (13,314) (10,609)
(2,705)
(10,609) (2,683)
(7,926)
Interest and other income.................................. 8,661 14,225 (5,564) 14,225 18,836 (4,611)
General and administrative .............................. (15,619) (21,038) 5,419 (21,038) (21,306) 268
Interest expense ................................................ (3,809) (3,227) (582) (3,227) (3,293) 66
Minority interest in income ............................. (44,087) (46,015) 1,928 (46,015) (38,356) (7,659)
Gain/(loss) on disposition of real estate............ (2,541) 4,091 (6,632) 4,091 576 3,515
Total other items not allocated to segments (70,709) (62,573) (8,136) (62,573) (46,226) (16,347)
Total consolidated company net income .. $318,738 $324,208 $(5,470) $324,208 $297,088 $27,120
14. Events subsequent to December 31, 2002 (Unaudited)
We have called for redemption all of the outstanding shares of our 9.20% Cumulative Preferred Stock,
Series B, at $25 per share plus accrued dividends. The redemption will be completed on March 31, 2003.