As of December 31, 2004 and 2003, approximately 83% and 88%, respectively, of our leases (on a square footage basis) required that the lessee pay substantially all taxes, maintenance, insurance and cer- tain other operating expenses applicable to the leased properties.The decrease from 2003 to 2004 is pri- marily due to gross leases added to the portfolio from properties acquired in 2004. Gross leases are gen- erally converted to triple net leases upon renewal or rollover.  Included in rental properties, net as of December 31, 2004 and 2003 were 17 and 10 properties, respectively, in our redevelopment program.The allocated net book values of the portion of these prop- erties undergoing redevelopment as of December 31, 2004 and 2003 were approximately $150,627,000 and $65,559,000, respectively. Depreciation ceases on the portion of a property undergoing redevelop- ment during the period of redevelopment.  In accordance with SFAS 34, we capitalize interest to properties under development or redevelop- ment during the period an asset is undergoing activities to prepare it for its intended use. Capitalization of interest ceases after a project is substantially complete and ready for its intended use. In addition, should development activity cease, interest would be expensed as incurred.Total interest capitalized for the years ended December 31, 2004, 2003 and 2002 were $17,902,000, $13,941,000 and $13,519,000, respectively. Total interest incurred for the years ended December 31, 2004, 2003 and 2002 were $46,733,000, $41,571,000 and $40,294,000, respectively. Minimum lease payments to be received under the terms of the operating lease agreements, exclud- ing expense reimbursements, as of December 31, 2004, are as follows (in thousands): We hold equity investments in certain publicly-traded companies and privately held entities primarily involved in the life science industry.All of our investments in publicly-traded companies are considered “available for sale” in accordance with SFAS 115, and are recorded at fair value. Investments in private- ly held entities are generally accounted for under the cost method because we do not influence any operating or financial policies of the entities in which we invest. Certain investments are accounted for under the equity method in accordance with APB 18 and EITF Topic D-46. For all of our investments, if a decline in the fair value of an investment below its carrying value is determined to be other than temporary, such investment is written-down to its estimated fair value with a non-cash charge to cur- rent earnings.The factors that we consider in making these assessments include, but are not limited to, market prices, market conditions, prospects for favorable or unfavorable clinical trial results, new prod- uct initiatives and new collaborative agreements. For additional discussion of our accounting policies with respect to investments, see Note 2, Basis of Presentation and Summary of Significant Accounting Policies.  Year Amount 2005 $ 148,234 2006 142,641 2007 124,599 2008 116,317 2009 109,283 Thereafter 406,214 $ 1,047,288 N O T E 4 : I N V E S T M E N T S P 34