CONSOLIDATED STATEMENTS OF OPERATIONS CAMDEN PROPERTY TRUST year ended december 31, in thousands, except per share amounts  2004 2003 2002 REVENUES Rental revenues 376,148 $ 361,166  $ 357,749 Other property revenues 33,959 32,490 29,887 Total property revenues 410,107  393,656 387,636 Fee and asset management 9,187 7,276 6,264 Other revenues 11,937 5,685   8,214 Total revenues 431,231 406,617 402,114 EXPENSES Property operating and maintenance 124,040 115,996 105,990 Real estate taxes 44,747 42,957 40,359 Total property expenses 168,787 158,953 146,349 Property management 11,924 10,154 10,027 Fee and asset management 3,856 3,908 2,499 General and administrative 18,536 16,231 14,439 Other expenses - 1,389 2,790 Losses related to early retirement of debt - - 234 Interest 79,214 75,414 71,499 Depreciation 103,528 102,040 97,305 Amortization of deferred financing costs 2,697 2,634 2,165 Total expenses 388,542 370,723 347,307 Income from continuing operations before gain on sale of land,  impairment loss on land held for sale, equity in income of joint ventures and minority interests 42,689 35,894 54,807 Gain on sale of land 2,625 2,590 359 Impairment loss on land held for sale  (1,143) - - Equity in income of joint ventures 356 3,200 366 Income allocated to minority interests  Distributions on perpetual preferred units  (10,461)  (12,747) (12,872) Original issuance costs of redeemed  perpetual preferred units  (745)  - - Income allocated to common units  (2,765)  (2,096) (1,656) Income from continuing operations 30,556 26,841 41,004 Income from discontinued operations 3,912 2,730 4,560 Gain on sale of discontinued operations 8,368 - 29,199 Income from discontinued operations, including gain, allocated to common units  (1,495)  (141) (151) Net income $ 41,341 $ 29,430 $ 74,612 Earnings per share - basic Income from continuing operations $ 0.74 $ 0.68 $ 1.01 Income from discontinued operations, including gain on sale 0.26 0.07 0.83 Net income $ 1.00 $ 0.75 $ 1.84 Earnings per share - diluted Income from continuing operations $ 0.72 $ 0.65 $ 0.97 Income from discontinued operations, including gain on sale 0.26 0.06 0.76 Net income $ 0.98 $ 0.71 $ 1.73 Distributions declared per common share $ 2.54 $ 2.54 $ 2.54 Weighted average number of common shares outstanding 41,430 39,355 40,441 Weighted average number of common and common dilutive equivalent shares outstanding 42,426 41,354 44,216 See notes to consolidated fi nancial statements. transforming camden 69