45 2003 annual report December 31,  2003 2002 ASSETS: Investment properties, at cost  $ 14,971,823 $ 14,249,615 Less – accumulated depreciation 2,556,578 2,222,242 12,415,245 12,027,373 Cash and cash equivalents  535,623 397,129 Tenant receivables and accrued revenue, net  305,200 311,361 Notes and advances receivable from Management Company and affiliates  — 75,105 Investment in unconsolidated entities, at equity  1,811,773 1,665,654 Deferred costs, other assets, and minority interest, net  616,880 427,880 Total assets $ 15,684,721 $ 14,904,502 LIABILITIES: Mortgages and other indebtedness  $ 10,266,388 $ 9,546,081 Accounts payable, accrued expenses, and deferred revenues  667,610 624,505 Cash distributions and losses in partnerships and joint ventures, at equity  14,412 13,898 Other liabilities, minority interest and accrued dividends  280,414 228,508 Total liabilities 11,228,824 10,412,992 COMMITMENTS AND CONTINGENCIES (NOTE 11) LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP 859,050 872,925 LIMITED PARTNERS’ PREFERRED INTEREST IN THE  OPERATING PARTNERSHIP 258,220 150,852 SHAREHOLDERS’ EQUITY:  Capital Stock (750,000,000 total shares authorized, $.0001 par value,  237,996,000 shares of excess common stock (Note 10)): All series of preferred stock, 100,000,000 shares authorized, 12,078,012 and 16,830,057 issued and outstanding, respectively. Liquidation values $376,950 and $858,006, respectively.  367,483 814,254 Common stock, $.0001 par value, 400,000,000 shares authorized, 200,876,552 and 184,438,095 issued and outstanding, respectively  20 18 Class B common stock, $.0001 par value, 12,000,000 shares authorized, 3,200,000 issued and outstanding  1 1 Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding  — — Capital in excess of par value  4,121,332 3,686,161 Accumulated deficit  (1,097,317 ) (961,338 ) Accumulated other comprehensive income  12,586 (8,109 ) Unamortized restricted stock award  (12,960 ) (10,736 ) Common stock held in treasury at cost, 2,098,555 shares  (52,518 ) (52,518 ) Total shareholders’ equity 3,338,627 3,467,733 $ 15,684,721 $ 14,904,502 The accompanying notes are an integral part of these statements. Consolidated Balance Sheets Dollars in thousands, except share amounts