Public Storage 2002 Annual Report Download - page 3

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(In thousands except per share data)
For the year ended December 31, 2002(1) 2001(1) 2000(1) 1999(1) 1998(1)
Revenues:
Rental income and tenant reinsurance premiums $ 832,791 $ 767,944 $ 696,050 $ 626,086 $ 535,139
Interest and other income 8,661 14,225 18,836 16,700 18,614
841,452 782,169 714,886 642,786 553,753
Expenses:
Cost of operations 295,517 262,988 245,265 214,973 204,106
Depreciation and amortization 179,634 166,178 148,195 137,469 111,691
General and administrative 15,619 21,038 21,306 12,491 11,635
Interest Expense 3,809 3,227 3,293 7,971 4,507
494,579 453,431 418,059 372,904 331,939
Income before equity in earnings of real
estate entities, minority interest,
discontinued operations and gain (loss)
on disposition of real estate investments 346,873 328,738 296,827 269,882 221,814
Equity in earnings of real estate entities 29,888 38,542 39,319 32,183 26,602
Minority interest in income (44,087) (46,015) (38,356) (16,006) (20,290)
Net income before discontinued
operations and gain on disposition
of real estate 332,674 321,265 297,790 286,059 228,126
Discontinued operations (2) (11,395) (1,148) (1,278) (328) (1,107)
Gain (loss) on disposition of real estate investments $ (2,541) $ 4,091 $ 576 $ 2,154 $ —
Net income $ 318,738 $ 324,208 $ 297,088 $ 287,885 $ 227,019
Per Common Share:
Distributions $ 1.80 $ 1.69 $ 1.48 $ 1.52 $ 0.88
Net income – Basic $ 1.21 $ 1.53 $ 1.41 $ 1.53 $ 1.30
Net income – Diluted $ 1.19 $ 1.51 $ 1.41 $ 1.52 $ 1.30
Weighted average common shares – Basic 123,005 122,310 131,566 126,308 113,929
Weighted average common shares – Diluted 124,571 123,577 131,657 126,669 114,357
Balance Sheet Data:
Total assets $ 4,843,662 $4,625,879 $4,513,941 $4,214,385 $3,403,904
Total debt $ 115,867 $ 168,552 $ 156,003 $ 167,338 $ 81,426
Minority interest (other partnership interests) $ 154,499 $ 169,601 $ 167,918 $ 186,600 $ 139,325
Minority interest (preferred partnership interests) $ 285,000 $ 285,000 $ 365,000 — —
Shareholders’ equity $4,158,969 $3,909,583 $3,724,117 $3,689,100 $ 3,119,340
Other Data:
Net cash provided by operating activities $ 588,961 $ 538,534 $ 525,775 $ 463,292 $ 388,407
Net cash used in investing activities $ (323,464) $ (306,058) $ (465,464) $ (452,209) $ (365,506)
Net cash used in financing activities $ (211,720) $ (272,596) $ (25,969) $ (7,183) $ (13,131)
(1) During 2002, 2001, 2000, 1999 and 1998, we completed several significant business combinations and equity transactions. See
Notes 3, 9, and 10 to the Company’s consolidated financial statements.
(2) During the year ended December 31, 2002, the Company adopted a business plan that included the closure of certain non-strategic
containerized storage facilities (the "Closed Facilities."). The historical operations of the Closed Facilities are classified as discontinued
operations, with the rental income, cost of operations, and depreciation expense with respect to these facilities for current and prior
periods included in the line-item "Discontinued Operations" on the income statement. Also, during 2002, we sold one of our
commercial facilities and classified its historical operations as discontinued operations, with the rental income, cost of operations, and
depreciation expense with respect to this facility for current and prior periods included in the line-item "Discontinued Operations" on
the income statement.
SELECTED FINANCIAL HIGHLIGHTS