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Income Statement

CONSOLIDATED STATEMENTS OF INCOME
For the three months and years ended December 31, 2002 and 2001
(dollars in thousands, except per share amounts)

Three Months Ended
12/31/02

Three Months Ended
12/31/01

Year
Ended
12/31/02

Year
Ended
12/31/01

 
REVENUE
    Rental $  36,188   $  32,116   $ 137,138   $  119,713  
    Gain on sales of
       real estate aquired
       for resale		 1,035   1,001   3,495   3,374  
    Interest and other 41   107   347   822  
  37,264   33,224   140,980   123,909  

 
EXPENSES
    Interest 6,209   5,740   23,536   26,466  
    Depreciation and
       amortization		 8,097   7,353   30,833   28,447  
    General and
       administrative		 2,405   2,020   9,454   7,840  
    Property 699   669   2,676   2,381  
    Other 354   479   1,744   1,792  
    Provision for
       impairment losses		 --   330   --   1,380  
  17,764   16,591   68,243   68,306  

 
    Income from
       operations		 19,500   16,633   72,737   55,603  
    Gain on sales of
       investment
       properties		 --   1,556   340   10,478  

 
    Income from
       continuing
       operations		 19,500   18,189   73,077   66,081  
    Income from
       discontinued
       operations		 607   234   5,590   1,477  

 
Net Income 20,107   18,423   78,667   67,558  
Preferred stock dividends (2,428)  (2,428)  (9,713)  (9,712) 

 
Net income available to common stockholders $  17,679   $  15,995   $  68,954   $  57,846  

 
Funds from operations
   (FFO)		 $  25,294   $  22,331   $  95,068   $  77,828  
Per share information for common stockholders:        
FFO        
   Basic $     0.73   $     0.70   $     2.80   $     2.66  
   Diluted 0.72   0.70   2.80   2.66  
Income from operations        
   Basic and diluted 0.49   0.44   1.86   1.57  
Net Income        
   Basic and diluted 0.51   0.50   2.03   1.98  
Cash dividends paid 0.581 0.566 2.303 2.243

 

 
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