Consolidated Statements of Operations Year ended December 31  (thousands of dollars, except per share amounts) 2003 2002 REVENUE Property rental revenue  $ 154,656  $ 125,635  Interest and other income  2,715  2,607  157,371  128,242  EXPENSES Property operating costs  58,799  47,318  Interest expense (note 13)  43,324  40,626  Amortization (note 14)  12,574  9,931  Corporate expenses  8,575  6,833  123,272  104,708  Equity income from Equity One, Inc. (note 5)  19,095  21,606  Income before the undernoted  53,194  45,140  Dilution gain on investment in Equity One, Inc. (note 5)  17,911  3,290  Income before income and other taxes  71,105  48,430  Income and other taxes (note 15): Current 4,917  5,274  Future 22,162  13,522  27,079  18,796  Net income $ 44,026  $ 29,634  Net earnings per common share (note 16) Basic and diluted $ 0.91  $ 0.74  See accompanying notes to the consolidated  fi nancial statements 49 First Capital Realty Annual Report 2003