Consolidated Balance Sheets Approved by the Board of Directors: Chaim Katzman Director Dori J. Segal Director See accompanying notes to the consolidated financial statements December 31 (thousands of dollars) 2003 2002 ASSETS Real Estate Investments Shopping centres (note 3) $ 1,201,330  $ 875,617  Land and shopping centres under development (note 4) 62,845  51,555  Investment in Equity One, Inc. (note 5) 211,412  208,972  Loans and mortgages receivable (note 6) 19,854  16,838  1,495,441  1,152,982  Other assets (note 7) 20,397  18,255  Amounts receivable 7,134  4,541  Cash and cash equivalents (note 8(b)) 79  365  Future income tax assets (note 15) 15,638  19,595  $ 1,538,689  $ 1,195,738  LIABILITIES Mortgages and credit facilities (note 8) $ 786,301  $ 587,083  Accounts payable and accrued liabilities (note 9) 54,410  38,356  Convertible debentures payable (note 10) 20,234  41,272  Debentures payable (note 11) –  15,237  Future income tax liabilities (note 15) 12,750  6,034  873,695  687,982  SHAREHOLDERS’ EQUITY (note 12) 664,994  507,756  $ 1,538,689 $ 1,195,738  48 First Capital Realty Annual Report 2003