year ended december 31, in thousands, except property data 2004  2003 2002 2001 2000 BALANCE SHEET DATA  (at end of year) Real estate assets  $ 3,159,077  $ 3,099,856 $ 3,035,970 $ 2,823,530 $  2,719,234 Accumulated depreciation  (688,333)  (601,688) (498,776) (422,154) (326,723) Total assets  2,629,364 2,625,561 2,608,899 2,449,665 2,430,881 Notes payable  1,576,405 1,509,677 1,427,016 1,207,047 1,138,117 Minority interests  159,567 196,385 200,729 206,079 210,377 Convertible subordinated debentures  - - - - 1,950 Shareholders’ equity  738,515 $ 784,885  $ 839,453  $ 918,251  $ 974,183 Common shares outstanding  39,982 39,658 39,214 40,799 38,129 OTHER DATA Cash flows provided by (used in) Operating activities  160,037 $ 140,810  $ 184,808  $ 180,280  $ 166,436 Investing activities  (68,930)  (91,947) (220,766) (103,689) (15,751) Financing activities  (92,211)  (45,911) 33,184 (78,348) (151,266) Funds from operations - diluted $^{(a)}$  143,669 135,699  150,443 159,719 159,070 PROPERTY DATA Number of operating properties (at end of year) Included in continuing operations  142 141 140 140 140 Included in discontinued operations  2  3   3  5  5 Number of operating apartment homes (at end of year) Included in continuing operations  50,570 49,906 49,352 49,037 49,028 Included in discontinued operations  886 1,438 1,438 2,308 2,308 Number of operating apartment homes (weighted average)  (b) Included in continuing operations  45,683 44,985 44,287 43,180  44,193 Included in discontinued operations  1,208 1,397 2,464 2,308 2,308 Weighted average monthly total property revenue per apartment home  $ 748 $ 729 $ 729 $ 730 $ 708 Properties under development (at end of period)  3 2  4 2 3 transforming camden 93 (a) Management considers FFO to be an appropriate measure of performance of an equity REIT. The National Association of Real Estate Investment Trusts currently defines FFO as net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Our definition of diluted FFO also assumes conversion of all dilutive convertible securities, including minority interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a company’s real estate between periods or as compared to different companies. (b) Excludes apartment homes owned in joint ventures. CAMDEN PROPERTY TRUST COMPARATIVE SUMMARY OF SELECTED FINANCIAL AND PROPERTY DATA