Convertible Preferred Stock 37 2003 annual report Capital expenditure commitments presented in the table above represent new developments, redevelopments or  renovation/expansions that we have committed to the completion of construction. The timing of these expenditures may  vary due to delays in construction or acceleration the opening date of a particular project. In addition, the amount includes  our share of joint venture developments.  We expect to meet our 2004 debt maturities through refinancings, the issuance of new debt securities or borrowings on  the Credit Facility. We expect to have the ability and financial resources to meet all future long term obligations. Specific financ- ing decisions will be made based upon market rates, property values, and our desired capital structure at the maturity date of  each transaction. We incurred interest expense during 2003 of $602.5 million net of capitalized interest of $10.7 million. Our off-balance sheet arrangements consist primarily of our investments in real estate joint ventures which are common  in the real estate industry and are described in Note 7 of the notes to the accompanying financial statements. Joint venture  debt is the liability of the joint venture, is typically secured by the joint venture Property, and is non-recourse to us. As of  December 31, 2003, we have guaranteed or have provided letters of credit to support $93.8 million of our total $2.7 billion  share of joint venture mortgage and other indebtedness presented in the table above. On November 13, 2003, we gave notice of redemption of the remaining 4,316,329 shares of our 6.5% Series B  Convertible Preferred Stock on December 15, 2003 at a redemption price of 105% of the liquidated value plus accrued and  unpaid distributions to the redemption date or $106.34 per share. As previously discussed, the holders of all but 18,340  shares of the preferred stock exercised their right to convert each share of preferred stock into our common stock prior to  the redemption. We issued 11,114,672 million shares of common stock to the holders who exercised their conversion rights.  We issued a new series of preferred stock, the proceeds from which were used to pay the redemption price of the remaining  shares of our 6.5% Series B Convertible Preferred Stock.  In addition, earlier in 2003 prior to the redemption, the holders of 513,728 shares of the preferred stock converted  their preferred stock and we issued 1,328,523 shares of common stock to them. (1) Represents principal maturities only and therefore, excludes net premiums and discounts and fair value swaps of $11,323. (2) Represents our pro rata share of principal maturities and excludes net premiums and discounts. (3) Represents our pro rata share of capital expenditure commitments. Contractual Obligations and Off-balance Sheet arrangements:  The following table summarizes the material aspects of  our future obligations as of December 31, 2003 (dollars in thousands): 2004  2005 – 2006  2007 – 2009  After 2009  Total Long Term Debt Consolidated (1)  $ 1,480,850  $ 2,321,085  $ 3,058,613  $ 3,394,517  $ 10,255,065 Pro rata share of Long Term Debt: Consolidated (2)  $ 1,459,433  $ 2,306,513  $ 3,014,232  $ 3,351,893  $ 10,132,071 Joint Ventures (2)  197,615  1,055,214  596,817  887,865  2,737,511 Total Pro Rata Share of Long Term Debt 1,657,048  3,361,727  3,611,049  4,239,758  12,869,582 Consolidated Capital expenditure commitments (3)  388,442  153,985  1,398  –  543,825 Joint Venture Capital expenditure commitments (3)  63,737  1,822  –  –  65,559 Consolidated Ground Lease commitments  11,180  27,127  41,763  594,886  674,956 Total $ 2,120,407  $ 3,544,661  $ 3,654,210  $ 4,834,644  $ 14,153,922