The accompanying notes are an integral part of these statements. 17 For the Year Ended December 31, (In thousands, except per share amounts) 2004 2003 2002 Revenue Base rent $ 91,125 $ 78,167  $  75,699  Expense recoveries 16,712 14,438  12,680 Percentage rent 1,635 1,695  1,850 Other 3,370 3,584 3,734 Total revenue 112,842 97,884  93,963  Operating expenses Property operating expenses 12,070 11,363  10,115 Provision for credit losses 488 171  421 Real estate taxes 9,789 8,580  8,021 Interest expense and amortization  of deferred debt  27,022 26,573  25,838 Depreciation and amortization 21,324  17,838  17,821 General and administrative 8,442 6,213  5,537 Total operating expenses 79,135 70,738 67,753 Operating income before minority interests and gain on sale of property 33,707  27,146 26,210 Non-operating item Gain on sale of property 572 182 1,426 Income before minority interests 34,279 27,328  27,636 Minority interests Minority share of income (6,386) (6,495) (7,130) Distributions in excess of earnings (1,719) (1,591) (940) Total minority interests (8,105) (8,086) (8,070) Net income 26,174 19,242 19,566 Preferred dividends (8,000) (1,244) --  Net income available to  common stockholders $ 18,174 $ 17,998 $ 19,566 Per share net income available  to common stockholders Basic $ 1.13 $ 1.15 $ 1.32 Diluted $ 1.12 $ 1.15 $ 1.31 Distributions declared per  common share outstanding $ 1.56 $ 1.56 $ 1.56