16 December 31, (In thousands, except per share amounts) 2004 2003 Assets Real estate investments Land $ 119,029 $ 82,256 Buildings and equipment 521,161 436,371 Construction in progress 42,618  33,488 682,808 552,115 Accumulated depreciation (181,420) (164,823) 501,388 387,292 Cash and cash equivalents 33,561 45,244  Accounts receivable and accrued income, net 20,654  14,642  Leasing costs, net 17,745  15,344  Prepaid expenses 2,421  2,609  Deferred debt costs, net 5,011  4,224  Other assets 2,616  2,261 Total assets $ 583,396  $ 471,616 Liabilities Mortgage notes payable $ 453,646  $ 357,248  Dividends and distributions payable  10,424  9,454 Accounts payable, accrued expenses and other liabilities 12,318  7,793 Deferred income 6,044  4,478 Total liabilities 482,432  378,973 Stockholders’ equity Series A Cumulative Redeemable Preferred stock,  1,000,000 shares authorized and 40,000 shares issued and outstanding 100,000  100,000 Common stock, par value $0.01 per share, 30,000,000  shares authorized, 16,399,442 and 15,861,234 shares  issued and outstanding, respectively 164 159 Additional paid-in capital 106,886 91,469 Accumulated deficit (106,086) (98,985) Total stockholders’ equity 100,964 92,643 Total liabilities and stockholders’ equity  $ 583,396 $ 471,616 The accompanying notes are an integral part of these statements. CONSOLIDATED BALANCE SHEETS