Year Ended December 31, (In thousands) 2004 2003 2002 FINANCING ACTIVITIES Proceeds from secured notes payable 198,400 64,667  44,663  Net proceeds from issuances of common stock - - 97,546  Proceeds from issuance of preferred stock 124,009 - 55,129  Redemption of Series A preferred stock (38,588) - - Proceeds from exercise of stock options 7,094 5,941  3,693  Net borrowings from unsecured line of credit and unsecured term loan 159,000 51,000  10,000 Principal reductions of secured notes payable (10,376) (6,125) (13,427) Proceeds from repayment of note receivable -  - 6,000  Dividends paid on common stock (47,333) (40,427) (33,912) Dividends paid on preferred stock (11,097) (8,898) (7,488) Net cash provided by financing activities 381,109 66,158  162,204  Net (decrease) increase in cash and cash equivalents (1,827) 1,195  1,414  Cash and cash equivalents at beginning of year 4,985 3,790  2,376  Cash and cash equivalents at end of year $ 3,158 $ 4,985  $ 3,790  SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the year for interest, net of interest capitalized $ 28,714 $ 28,143  $ 28,130  See accompanying notes. P 27