The operating results of the two properties designated as being held for sale as of December 2004, the one operating  property sold in 2004, as well as the three properties sold in 2002 which are included in discontinued operations for  the years ended December 31, 2004, 2003 and 2002, are as follows:  In December 2003, Camden USA, Inc., one of our wholly-owned subsidiaries, contributed undeveloped land located  in Ashburn, Virginia to a joint venture in return for a 20% interest in the joint venture, totaling $1.5 million and  approximately $12.7 million in cash. The remaining 80% interest is owned by Westwind Equity, LLC, an unrelated  third party, which contributed $5.8 million to the joint venture. The joint venture is developing a 464 apartment home  community at a total estimated cost of $69.1 million. Concurrently with this transaction, we provided a $9.0 million  mezzanine loan to the joint venture, which had a balance of $10.4 million at December 31, 2004, and is reported as  “Notes receivable – affiliates”. We are providing development services to the joint venture, and fees earned for these  services totaled $1.1 million and $0.4 million for the years ended 2004 and 2003, respectively. At December 31, 2004,  the joint venture had total assets of $44.2 million and had third-party secured debt totaling $26.5 million.  In June 1998, we completed a transaction in which Camden USA, Inc. and TMT-Nevada, LLC, a wholly-owned  subsidiary of a private pension fund, formed Sierra-Nevada Multifamily Investments, LLC (“Sierra-Nevada”). We  entered into this transaction to reduce our market risk in the Las Vegas area. In this transaction, we transferred to  Sierra-Nevada 19 apartment communities containing 5,119 apartment homes for an aggregate of $248 million. TMT- Nevada holds an 80% interest in Sierra-Nevada and Camden USA, Inc. holds the remaining 20% interest. At December  31, 2004, Sierra-Nevada owned 16 apartment communities with 4,227 apartment homes, had total assets of $177.5  million and secured debt totaling $155.0 million. In April 1998, we acquired, through one of our wholly-owned subsidiaries, a 50% interest in Denver West Apartments,  LLC, which owns Camden Denver West, a 320 apartment home community located in Denver, Colorado. The remaining  50% interest is owned by a private investor. The joint ventures discussed above are all accounted for under the equity method. The joint ventures in which we have  an interest have been funded with secured, third-party debt. We are not committed to any additional funding on third- party debt in relation to our joint ventures. Management believes that none of the investments in joint ventures qualify  for consolidation as a variable interest entity. These joint ventures are accounted for under the equity method as we  exercise significant influence. See discussion of principles of consolidation in Note 2. At December 31, 2004, we were under contract on third-party construction projects ranging from $0.4 million to  $19.3 million. We earn fees on these projects ranging from 3% to 12% of the total contracted construction cost, which  we recognize as earned. Fees earned from third-party construction projects totaled $3.8 million, $2.7 million and  $2.7 million for the years ended December 31, 2004, 2003 and 2002, respectively, and are included in fee and asset  management revenues in our consolidated statements of operations. 80 camden transforming 7. THIRD-PARTY CONSTRUCTION SERVICES 6. INVESTMENTS IN JOINT VENTURES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS year ended december 31,  in thousands 2004 2003  2002  Total property revenues $ 11,927  $ 11,118  $ 17,812 Total property expenses  5,360 4,986 7,595 Net operating income  6,567 6,132 10,217 Depreciation 2,655 3,402 5,657 Income from discontinued operations 3,912 $ 2,730 $ 4,560