NOTE 5. BALANCE SHEET DATA NOTE 6. INVESTMENT PROPERTIES NOTE 7. INVESTMENTS IN UNCONSOLIDATED ENTITIES Summary financial information of the joint ventures and a summary of our investment in and share of income from  such joint ventures follow. This information includes Mall of America (see Note 11). We condensed into separate line items  major captions of the statements of operations for joint venture interests sold or consolidated. Consolidation occurs when we  acquire an additional interest in the joint venture and as a result, gain unilateral control of the Property. We reclassified these  line items into “Discontinued Joint Venture Interests”, so that we may present results of operations for those joint venture  interests held as of December 31, 2003. Joint ventures are common in the real estate industry. We use joint ventures to finance properties and diversify our  risk in a particular property or trade area. We may also use joint ventures in the development of new properties. We held  joint venture ownership interests in 76 Properties as of December 31, 2003 and 69 as of December 31, 2002, as well as joint  venture interests in our investments in 47 European shopping centers as of December 31, 2003 and 8 European shopping  centers as of December 31, 2002. Since we do not fully control these joint venture Properties, accounting principles generally  accepted in the United States currently require that we account for these Properties on the equity method. See Note 13 for  discussion of the impact of new accounting pronouncements on consolidation principles. Substantially all of our joint venture  Properties are subject to rights of first refusal, buy-sell provisions, or other sale rights for partners which are customary in  real estate partnership agreements and the industry. Our partners in these joint ventures may initiate these provisions at any  time, which will result in either the sale of or the use of available cash or borrowings to acquire the partnership interest. The following summarized balance sheet represents the impact of the Rodamco acquisition in 2002 and the acquisition  of the remaining two-thirds interest in Copley Place. The 2003 transactions were not material in the aggregate. 2002 Investment properties, at cost  $ 1,110,120 Cash and cash equivalents  9,272 Tenant receivables  8,786 Investment in unconsolidated entities  518,390 Deferred costs, other assets, and minority interest  25,537 Notes and advances from the Management Company and affiliates  26,433 Total assets  $ 1,698,538 Mortgages and other indebtedness  $  458,897 Accounts payable, accrued expenses, accrued environmental, severance and other expenses  108,356 Other liabilities  8,326 Total liabilities  $  575,579 Investment properties consist of the following: As of December 31,  2003 2002 Land  $ 2,068,264 $ 2,028,285 Buildings and improvements  12,766,179 12,101,454 Total land, buildings and improvements  14,834,443 14,129,739 Furniture, fixtures and equipment  137,380 119,876 Investment properties at cost  14,971,823 14,249,615 Less—accumulated depreciation  2,556,578 2,222,242 Investment properties at cost, net  $ 12,415,245 $ 12,027,373 Construction in progress included in investment properties  $  243,953 $  137,785 61 2003 annual report