Notes to Financial Statements Dollars in thousands, except share and per share amounts and where indicated as in millions or billions “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the  underlying net assets of the joint ventures acquired. We generally amortize excess investment over the life of the related  Properties, typically 35 years, and the amortization is included in income from unconsolidated entities. We periodically  review our ability to recover the carrying values of our investments in the joint venture Properties. If we conclude that any  portion of our investment, including the excess investment, is not recoverable, we record an adjustment to write off the  unrecoverable amounts.  As of December 31, 2003, scheduled principal repayments on joint venture indebtedness were as follows: This debt becomes due in installments over various terms extending through 2017 with interest rates ranging from  1.49% to 9.05% and a weighted average rate of 5.83% at December 31, 2003.  simon property group, inc. 62 2004  $  453,633 2005  1,458,047 2006  1,235,064 2007  472,850 2008  652,966 Thereafter  2,366,316 Total principal maturities  6,638,876 Net unamortized debt premiums  4,176 Total mortgages and other notes payable  $ 6,643,052 December 31  2003 2002 BALANCE SHEETS Assets: Investment properties, at cost  $ 10,239,929 $ 8,160,065  Less – accumulated depreciation  1,798,564 1,327,751 8,441,365 6,832,314 Cash and cash equivalents  308,781 199,634 Tenant receivables  262,893 199,675 Investment in unconsolidated entities  94,853 6,966 Deferred costs & other assets  227,485 190,561 Total assets  $ 9,335,377 $ 7,429,150 Liabilities and Partners’ Equity: Mortgages and other notes payable  $ 6,643,052 $ 5,306,465 Accounts payable, accrued expenses, and deferred revenue  310,190 289,793 Other liabilities  74,206 66,090 Total liabilities  7,027,448 5,662,348 Preferred units  152,450 125,000 Partners’ equity  2,155,479 1,641,802 Total liabilities and partners’ equity  $ 9,335,377 $ 7,429,150 Our Share of: Total assets  $ 3,861,497 $ 3,123,011 Partners’ equity  $  885,149 $  724,511 Add: Excess Investment  912,212 831,728 Our net Investment in Joint Ventures  $ 1,797,361 $ 1,556,239 Mortgages and other notes payable  $ 2,739,630 $ 2,279,609