(Dollars in thousands, For the Year Ended December 31, except per share amounts) 2002 2001 2000 Revenue Base rent $ 75,699 $ 69,662 $ 63,837 Expense recoveries 12,680  11,456 11,129 Percentage rent 1,850  2,113 2,097 Other 3,734 3,077 1,966 Total revenue 93,963 86,308 79,029 Operating expenses Property operating expenses 10,115  8,503 8,271 Provision for credit losses 421 617 467 Real estate taxes 8,021 7,226 6,451 Interest expense 25,113  24,920 23,843 Amortization of deferred debt expense 725  566 458 Depreciation and amortization 17,821 14,758 13,534 General and administrative 5,537 4,335 3,891 Total operating expenses 67,753 60,925 56,915 Operating income 26,210 25,383 22,114 Non-operating item Gain on sale of property 1,426 -- -- Income before minority interests 27,636 25,383 22,114 Minority interests Minority share of income (7,130) (6,777) (6,081) Distributions in excess of earnings (940) (1,292) (1,988) Total minority interests (8,070) (8,069) (8,069) Net income $ 19,566  $ 17,314 $ 14,045 Per Share Amounts Net income (basic) $ 1.32  $ 1.22 $ 1.03 Net income (diluted) $ 1.31  $ 1.22 $ 1.03 The accompanying notes are an integral part of these statements. 15 CONSOLIDATED STATEMENTS OF OPERATIONS SAUL CENTERS, INC.