Public Storage 2002 Annual Report Download - page 80

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PUBLIC STORAGE, INC.
CONSOLIDATED STATEMENTS OF INCOME
For each of the three years in the period ended December 31, 2002
(amounts in thousands, except per share data)
See accompanying notes.
F-3
2002 2001 2000
Revenues:
Rental income:
Self-storage facilities....................................................................... $ 763,287 $ 721,662 $ 653,110
Commercial properties .................................................................... 11,781 12,070 10,849
Containerized storage facilities ....................................................... 37,776 34,212 32,091
Tenant reinsurance premiums............................................................... 19,947 - -
Interest and other income ..................................................................... 8,661 14,225 18,836
841,452 782,169 714,886
Expenses:
Cost of operations:
Storage facilities.............................................................................. 250,957 229,211 210,462
Commercial properties .................................................................... 4,462 3,861 3,701
Containerized storage facilities ....................................................... 30,687 29,916 31,102
Tenant reinsurance .......................................................................... 9,411 - -
Depreciation and amortization .............................................................. 179,634 166,178 148,195
General and administrative ................................................................... 15,619 21,038 21,306
Interest expense..................................................................................... 3,809 3,227 3,293
494,579 453,431 418,059
Income before equity in earnings of real estate entities, minority
interest, discontinued operations and gain (loss) on disposition of real
estate and real estate investments .........................................................
346,873
328,738
296,827
Equity in earnings of real estate entities (including the Company’s pro-
rata share of gain on sale of real estate investments in the amount of
$3,737,000 in 2002 and $3,210,000 in 2000) .......................................
29,888
38,542
39,319
Minority interest in income:
Preferred partnership interests .............................................................. (26,906) (31,737) (24,859)
Other partnership interests .................................................................... (17,181) (14,278) (13,497)
Net income before discontinued operations and gain (loss) on
disposition of real estate .......................................................................
332,674
321,625
297,790
Discontinued operations (Note 4)............................................................. (11,395) (1,148) (1,278)
Gain (loss) on disposition of real estate and real estate investments ....... (2,541) 4,091 576
Net income ............................................................................................... $ 318,738 $ 324,208 $ 297,088
Net income allocation:
Allocable to preferred shareholders...................................................... $ 148,926 $ 117,979 $ 100,138
Allocable to Equity Stock, Series A ..................................................... 21,501 19,455 11,042
Allocable to common shareholders....................................................... 148,311 186,774 185,908
$ 318,738 $ 324,208 $ 297,088
Net income per common share:
Basic......................................................................................................... $1.21 $1.53 $1.41
Diluted...................................................................................................... $1.19 $1.51 $1.41
Net income per common share, prior to discontinued operations:
Basic......................................................................................................... $1.30 $1.54 $1.42
Diluted...................................................................................................... $1.28 $1.52 $1.42
Basic weighted average common shares outstanding............................... 123,005 122,310 131,566
Diluted weighted average common shares outstanding............................ 124,571 123,577 131,657