Public Storage 2002 Annual Report Download - page 82

PUBLIC STORAGE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For each of the three years in the period ended December 31, 2002
(amounts in thousands)
See accompanying notes.
F-5
2002 2001 2000
Cash flows from operating activities:
Net income................................................................................................................. $ 318,738 $ 324,208 $ 297,088
Adjustments to reconcile net income to net cash provided by operating
activities:
Gain included in equity in earnings of real estate investments .............................. (3,737) - (3,210)
Loss (gain) on disposition of real estate and real estate investments ..................... 2,541 (4,091) (576)
Depreciation and amortization............................................................................... 179,634 166,178 148,195
Depreciation included in equity in earnings of real estate entities......................... 27,078 25,096 21,825
Depreciation, impairment losses, and other items associated with
discontinued operations (Note 4) ....................................................................... 10,648 1,883 772
Minority interest in income.................................................................................... 44,087 46,015 38,356
Other operating activities....................................................................................... 9,972 (20,755) 23,325
Total adjustments............................................................................................... 270,223 214,326 228,687
Net cash provided by operating activities .......................................................... 588,961 538,534 525,775
Cash flows from investing activities:
Principal payments received on mortgage notes receivable................................... 35,513 2,199 7,650
Issuance of notes receivable to affiliates................................................................ - (35,000) (11,400)
Business combinations (Note 3) ............................................................................ (139,680) 6,276 (66,776)
Capital improvements to real estate facilities ....................................................... (26,993) (35,478) (33,023)
Construction in process.......................................................................................... (101,110) (184,290) (232,918)
Acquisition of minority interests............................................................................ (27,544) (11,841) (31,271)
Acquisition of real estate facilities......................................................................... (30,117) (3,503) (62,938)
Acquisition of investments in real estate entities ................................................... (33,956) (55,468) (78,356)
Proceeds from the sale of real estate facilities and real estate investments............ 15,209 19,936 58,319
Other investing activities ....................................................................................... (14,786) (8,889) (14,751)
Net cash used in investing activities .................................................................. (323,464) (306,058) (465,464)
Cash flows from financing activities:
Net borrowings on line of credit ............................................................................ (25,000) 25,000 -
Principal payments on notes payable ..................................................................... (27,685) (12,451) (11,335)
Net proceeds from the issuance of Common Stock ............................................... 23,333 15,857 4,608
Net proceeds from the issuance of Cumulative Preferred Stock ............................ 457,016 799,073 -
Net proceeds from the issuance of Equity Stock, Series A .................................... - 74,820 68,318
Net proceeds from the issuance of preferred partnership units .............................. - - 361,250
Issuance of Put Option (Note 9)............................................................................. - 910 -
Repurchase of Common Stock............................................................................... (381) (276,861) (77,799)
Repurchase of preferred partnership units ............................................................. - (80,000) -
Redemption of Cumulative Preferred Stock .......................................................... (195,661) (441,325) -
Distributions paid to shareholders.......................................................................... (391,726) (342,030) (343,388)
Distributions paid to minority interests.................................................................. (52,174) (53,862) (45,494)
Investment by minority interests............................................................................ 558 18,273 17,871
Net cash used in financing activities.................................................................. (211,720) (272,596) (25,969)
Net increase (decrease) in cash and cash equivalents .................................................... 53,777 (40,120) 34,342
Cash and cash equivalents at the beginning of the year ................................................. 49,347 89,467 55,125
Cash and cash equivalents at the end of the year ........................................................... $ 103,124 $ 49,347 $ 89,467