VORNADO REALTY TRUST 65 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Assets related to discontinued operations consist primarily of real estate, net of accumulated depreciation. The following table sets forth the balances of the assets related to discontinued operations as of December 31, 2003 and 2002: December 31, (AMOUNTS IN THOUSANDS) 2003 2002 Palisades $138,629 $142,333 Baltimore (Dundalk) 2,167 2,050 Vineland 908 978 Two Park Avenue (sold on October 10, 2003) — 123,076 Hagerstown (sold on November 3, 2003) — 1,013 Baltimore (sold on January 9, 2003) — 2,218 $141,704 $271,668 Liabilities related to discontinued operations represent the Palisades mortgage payable of $120,000,000 and $100,000,000 as of December 31, 2003 and 2002, respectively. The combined results of operations of the assets related to discontinued operations for the years ended December 31, 2003, 2002 and 2001 are as follows: For the Year Ended December 31,  (AMOUNTS IN THOUSANDS) 2003 2002 2001 Total revenues $42,694 $42,831 $33,612 Total expenses 28,621 32,947 23,270 Income from discontinued operations $14,073 $ 9,884 $10,342 See Note 3. Acquisitions and Dispositions for details of gains on sale of real estate related to discontinued operations in the year ended December 31, 2003.  The Company’ investments in partially-owned entities and income recognized from such investments are as follows: 5. Investments in Partially-Owned Entities Balance Sheet Data: 100% of These Entities Company’s  Investment Total Assets Total Liabilities Total Equity Percentage (AMOUNTS IN THOUSANDS) Ownership 2003 2002 2003 2002 2003 2002 2003 2002 Investments: Temperature Controlled  Logistics (1) 60% $436,225 $459,559 $1,264,390 $1,314,750 $ 557,017 $ 584,511 $707,373 $730,239 Alexander’s 33.1% 207,872 193,879 $ 920,996 $ 664,912 $ 870,073 $ 596,247 $ 50,923 $ 68,665 Newkirk Joint Ventures (2) 22.6% 138,762 182,465 $1,384,094 $1,472,349 $1,276,905 $1,481,026 $107,189 $ (4,403) Partially—Owned Office Buildings 34% 44,645 27,164 Monmouth Mall (3) 50% 30,612 31,416 Starwood Ceruzzi  Joint Venture 80% 23,821 24,959 Park Laurel 80% 1,206 3,481 Prime Group Realty, L.P. and  other guarantees (4) 14.9% — 23,408 Other 17,457 14,795 $900,600 $961,126 (1) On February 5, 2004, AmeriCold Realty Trust completed a $254,400 mortgage financing for 21 of its owned and 7 of its leased temperature-controlled warehouses. The loan bears interest at LIBOR plus 2.95% (with a LIBOR floor of 1.5% with respect to $54,400 of the loan) and requires principal payments of $5,000 annually The loan matures in April 2009 and is pre-payable without penalty after Februar 5, 2006. The net proceeds were approximately $225,000 after providing for usual escrows, closing costs and the repayment of $12,900 of existing mortgages on two of the warehouses, of which $135,000 was distributed to the Company and the remainder was distributed to its partner.