Public Storage 2002 Annual Report Download - page 91

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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2002
F-14
Development
Joint Venture
STOR - Re
Partnership
Acquisitions
PS Insurance
Acquisition
Total
(Amounts in thousands)
2002 business combinations:
Real estate facilities.............. $ 269,898 $ - $ 60,528 $ - $ 330,426
Cash ...................................... - 12,647 751 - 13,398
Other assets ........................... 1,122 14,553 1,053 - 16,728
Accrued and other liabilities (2,811) (18,659) (2,421) - (23,891)
Minority interest ................... - - (14,806) - (14,806)
$ 268,209 $ 8,541 $ 45,105 $ - $ 321,855
2001 business combinations:
Goodwill ............................... $ - $ - $ - $ 26,993 $ 26,993
Other assets ........................... - - - 4,538 4,538
Accrued and other liabilities . - - - (6,993) (6,993)
$ - $ - $ - $ 24,538 $ 24,538
2000 business combinations:
Real estate facilities.............. $ - $ - $ 82,163 $ - $ 82,163
Other assets........................... - - 183 - 183
Accrued and other liabilities. - - (1,177) - (1,177)
$ - $ - $ 81,169 $ - $ 81,169
The historical operating results of the above acquisitions prior to each respective acquisition date have
not been included in the Company’s historical operating results. Pro forma data (unaudited) for each of the two
years ended December 31, 2002 as though the business combinations above had been effective at the beginning
of fiscal 2001 are as follows:
For the Years
Ended December 31,
2002 2001
(in thousands except per share data)
Revenues .......................................................................... $842,799 $852,255
Net income........................................................................ $318,503 $328,793
Net income per common share (Basic)............................. $1.20 $1.55
Net income per common share (Diluted).......................... $1.19 $1.53
The pro forma data does not purport to be indicative either of results of operations that would have
occurred had the transactions occurred at the beginning of fiscal 2001 or future results of operations of the
Company. Certain pro forma adjustments were made to the combined historical amounts to reflect (i) expected
reductions in general and administrative expense, (ii) estimated increased interest expense from bank
borrowings to finance the cash portion of the acquisition cost and (iii) estimated increase in depreciation
expense.
4. Discontinued Operations
SFAS No. 144 addresses accounting for discontinued operations. The Statement requires the
segregation of all disposed components of an entity with operations that (i) can be distinguished from the rest of
the entity and (ii) will be eliminated from the ongoing operations of the entity in a disposal transaction.