The following table summarizes our available-for-sale securities (in thousands): Investments in available-for-sale securities with gross unrealized losses as of December 31, 2004 and 2003 have been in a continuous unrealized loss position for less than twelve months. We believe that these unrealized losses are temporary and accordingly we have not recognized other-than-temporary impairment related to available-for-sale securities as of December 31, 2004 and 2003. Our investments in privately held entities as of December 31, 2004 and 2003 totaled $48,295,000 and $45,045,000, respectively. Of these totals, $47,433,000 and $42,331,000 are accounted for under the cost method.The remainder ($862,000 and $2,714,000 for 2004 and 2003, respectively) are accounted for under the equity method in accordance with APB 18 and EITF Topic D-46.As of December 31, 2004 and 2003, there were no unrealized losses in our investments in privately held entities.  Net investment income of $2,436,000 and $536,000 was recognized in 2004 and 2003, respectively, and is included in other income in the accompanying consolidated statements of income. Net invest- ment income in 2004 consisted of equity in income of $208,000 related to investments in privately held entities accounted for under the equity method, gross realized gains of $2,508,000, and gross realized losses of $280,000. Net investment income in 2003 consisted of equity in income of $306,000 related to investments in privately held entities accounted for under the equity method, gross realized gains of $532,000, and gross realized losses of $302,000. During 2002 we recognized an aggregate non-cash impairment charge of $2,545,000 for other-than-temporary declines in the fair value of our investments in private companies. In December 2004, we amended our unsecured line of credit to increase our borrowing capacity from $440 million to $500 million. Borrowings under our unsecured line of credit, as amended, bear interest at a floating rate based on our election of either a LIBOR-based rate or the higher of the bank’s refer- ence rate and the Federal Funds rate, plus 0.5%. For each LIBOR-based advance, we must elect a LIBOR period of one, two, three or six months.The unsecured line of credit expires December 2007 and may be extended at our sole option for an additional one-year period. As of December 31, 2004, we had borrowings of $298.0 million outstanding on the unsecured line of credit with a weighted aver- age interest rate of 3.72%.  In December 2004, we amended our unsecured term loan to increase the loan from $150 million to $250 million.The unsecured term loan bears interest at a floating rate based on our election of either a LIBOR-based rate or the higher of the bank’s reference rate and the Federal Funds rate, plus 0.5%. For each LIBOR-based advance, we must elect to fix for a period of one, two three or six months.The unse- cured term loan expires in December 2009. As of December 31, 2004, we had borrowings of $250.0 million outstanding on the unsecured term loan with a weighted average interest rate of 3.72%. Our unsecured line of credit and unsecured term loan contain financial covenants, including, among other things, maintenance of minimum net worth, a leverage ratio and a fixed charge coverage ratio. In addition, the terms of the unsecured line of credit and unsecured term loan restrict, among other things, certain investments, indebtedness, distributions and mergers. Aggregate borrowings under the unsecured line of credit and unsecured term loan may be limited to an amount based on the net operating income derived from a pool of unencumbered properties. Accordingly, as we acquire or complete the development or redevelopment of additional unencumbered properties, aggregate borrowings available under the unsecured line of credit and unsecured term loan will increase up to a maximum combined amount of $750 million. Under these provisions as of December P 35 N O T E 5 : U N S E C U R E D L I N E O F C R E D I T A N D U N S E C U R E D T E R M L O A N December 31, 2004 2003 Adjusted cost of available-for-sale securities $ 3,190 $ 1,257 Gross unrealized gains 16,110 837 Gross unrealized losses (176) (13) Fair value of available-for-sale securities $ 19,124 $ 2,081