performance on an individual property level. However, as each of our apartment communities has similar economic  characteristics, residents, and products and services, our apartment communities have been aggregated into one  reportable segment. In addition to GAAP measures included in our consolidated statements of operations, our chief  operating decision makers evaluate the financial performance of each community using a financial measure entitled  net operating income. Each community’s performance is assessed based on growth of or decline in net operating  income, which is defined as total property revenues less total property expenses as presented in our consolidated  statements of operations and excludes certain revenue and expense items such as fee and asset management  revenues and expenses and other indirect operating expenses, interest, depreciation and amortization expenses. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Below is a reconciliation of net operating income from our wholly-owned communities included in continuing  operations to its most directly comparable GAAP measure, income from continuing operations before gain on sale of  land, impairment loss on land held for sale, equity in income of joint ventures and minority interests: year ended december 31, in thousands 2004 2003 2002 Total property revenues $ 410,107  $ 393,656  $ 387,636 Total property expenses 168,787 158,953 146,349 Net operating income 241,320 234,703 241,287 Less other expenses: Depreciation 103,528 102,040 97,305 Interest 79,214 75,414 71,499 General and administrative 18,536 16,231 14,439 Property management 11,924 10,154 10,027 Fee and asset management 3,856 3,908 2,499 Amortization of deferred fi nancing costs  2,697 2,634 2,165 Losses related to early retirement of debt - - 234 Other expenses - 1,389 2,790 Total other expenses 219,755 211,770 200,958 Add other revenues: Fee and asset management 9,187 7,276 6,264 Other revenues 11,937 5,685 8,214 Total other revenues 21,124 12,961 14,478 Income from continuing operations before gain on sale of land, impairment loss on land held for sale, equity in income of joint ventures and minority interests $ 42,689 $ 35,894 $ 54,807 Operating Partnership and Minority Interests Approximately 24% of our multifamily apartment homes at December 31, 2004 were held in Camden Operating, L.P.  This operating partnership has issued both common and preferred limited partnership units. As of December 31, 2004,  we held 83.2% of the common limited partnership units and the sole 1% general partnership interest of the operating  partnership. The remaining 15.8% of the common limited partnership units, comprising 1,874,620 units, are primarily  held by former officers, directors and investors of Paragon Group, Inc., which we acquired in 1997. Each common  limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common  limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited  partnership units. No member of our management owns common limited partnership units, and only two of our eight  trust managers own common limited partnership units. Our operating partnership had $100 million of 7.0% Series B Cumulative Redeemable Perpetual Preferred Units  outstanding as of December 31, 2004. Distributions on the preferred units are payable quarterly in arrears. The Series  B preferred units are redeemable beginning in 2008 by the operating partnership for cash at par plus the amount of  any accumulated and unpaid distributions. The preferred units are convertible beginning in 2013 by the holder into a  transforming camden 73