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Income Statement

CONSOLIDATED STATEMENTS OF INCOME
For the three months and years ended December 31, 2003 and 2002
(dollars in thousands, except per share amounts)

Three Months Ended
12/31/03

Three Months Ended
12/31/02

Year Ended
12/31/03

Year Ended
12/31/02

 
REVENUE
Rental $  41,607   $  35,576   $  149,279   $  133,891  
Gain on sales of real estate
     aquired for resale		 5,329   1,035   6,217   3,495  
Interest and other 293   41   618   336  
  47,229   36,652   156,114   137,722  

 
EXPENSES
Interest 7,732   6,209   26,974   23,536  
Depreciation and amortization 9,147   7,912   33,465   30,113  
General and administrative 3,090   2,405   11,182   9,454  
Property 704   615   2,581   2,504  
Income taxes 2,044   354   2,703   1,743  
  22,717   17,495   76,905   67,350  

 
Income from operations 24,512   19,157   79,209   70,372  
Gain on sales of
    investment properties		 --   --   --   340  

 
Income from
    continuing operations		 24,512   19,157   79,209   70,712  
Income from
    discontinued operations		 2,972   950   7,226   7,955  

 
Net income 27,484   20,107   86,435   78,667  
Preferred stock dividends (2,428)  (2,428)  (9,713)  (9,713) 

 
Net income available to
   common stockholders		 $  25,056   $  17,679   $  76,722   $  68,954  

 
Funds from operations
   available to common
   stockholders (FFO)		 $  31,545   $  24,954   $  104,038   $  93,748  
Per share information for
   common stockholders:		        
   FFO, basic from:        
       FFO before Crest Net
             contribution		 $     0.74   $     0.69   $     2.80   $     2.68  
       Crest Net Lease 0.11   0.02   0.13   0.08  
   Total FFO      0.85        0.72        2.93        2.76  
   FFO, diluted from:        
       FFO before Crest Net
             contribution		 $     0.74   $     0.69   $     2.79   $     2.68  
       Crest Net Lease 0.11   0.02   0.13   0.08  
   Total FFO      0.85        0.71        2.92        2.76  
   Income from operations        
       Basic $     0.59   $     0.48   $     1.95   $     1.79  
       Diluted 0.59   0.48   1.95   1.78  
   Net income        
       Basic $     0.67   $     0.51   $     2.16   $     2.03  
       Diluted 0.67   0.51   2.15   2.03  
   Cash dividends paid 0.596 0.581 2.363 2.303

 
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