Public Storage 2003 Annual Report Download - page 99

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PUBLIC STORAGE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003
F-20
For the Year Ended December 31,
2003 2002
(Amount in thousands)
For the year ended December 31,
Total revenue (a)................................................................... $ 198,035 $ 192,363
Cost of operations and other expenses .................................. (62,761) (61,621)
Depreciation and amortization .............................................. (58,927) (55,183)
Discontinued operations (b) .................................................. 3,334 14,041
Minority interest.................................................................... (30,585) (32,170)
Net income........................................................................ $ 49,096 $ 57,430
At December 31,
Total assets (primarily real estate)......................................... $ 1,358,861 $ 1,156,802
Total debt (c)......................................................................... 264,694 70,279
Other liabilities...................................................................... 35,701 36,902
Preferred equity and preferred minority interests.................. 386,423 388,563
Common equity..................................................................... 672,043 661,058
(a) Included in total revenue are gains on sale of marketable securities totaling $2,043,000 and $41,000 for the
years ended December 31, 2003 and 2002, respectively.
(b) Included in discontinued operations is an impairment charge recorded on impending real estate sales totaling
$5,907,000 and $900,000 for the years ended December 31, 2003 and 2002, respectively; net gains on sale of
real estate facilities totaling $2,897,000 and $9,023,000 for the years ended December 31, 2003 and 2002,
respectively; and equity income in discontinued property operations totaling $6,344,000 and $5,918,000 for
the years ended December 31, 2003 and 2002, respectively.
(c) Total debt at December 31, 2003 includes $100,000,000 due to the Company pursuant to a loan agreement.
See Note 11, Related Party Transactions, below.
Other Investments
The Other Investments consist primarily of an average 41% common equity ownership, which we
owned throughout the three-year period ending December 31, 2003, in seven limited partnerships (collectively,
the Other Investments) owning an aggregate of 36 storage facilities. During 2003 and 2002, we acquired
additional equity interests in these entities for a total of $340,000 and $223,000, respectively.
The following table sets forth certain condensed financial information (representing 100% of these
entities balances and not our pro-rata share) with respect to Other Investments:
2003 2002
(Amount in thousands)
For the year ended December 31,
Total revenue........................................... $ 26,763 $ 25,884
Cost of operations and other expenses .... (9,109) (8,605)
Depreciation and amortization ................ (2,573) (2,535)
Net income ........................................ $ 15,081 $ 14,744
At December 31,
Total assets (primarily storage facilities). $ 56,592 $ 56,731
Total debt ................................................ 1,930 5,450
Other liabilities........................................ 1,618 1,121
Partners equity ....................................... 53,044 50,160