CONSOLIDATED BALANCE SHEETS (In thousands, except share data) December 31, 2003 2002 ASSETS Rental Property Land $ 119,833 $ 51,274  Buildings, improvements and fixtures 958,720 571,125  1,078,553 622,399  Accumulated depreciation (192,698) (174,199) Rental property, net 885,855 448,200  Cash and cash equivalents 9,836 1,072  Deferred charges, net 68,568 10,104  Other assets 23,178 18,299  Total assets $ 987,437 $ 477,675  LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Debt Senior, unsecured notes $ 147,509 $ 150,109  Mortgages payable 370,160 174,421  Lines of credit 22,650 20,475  540,319 345,005  Construction trade payables 4,345 3,310  Accounts payable and accrued expenses 18,025 15,095  Total liabilities 562,689 363,410  Commitments and contingencies Minority interest Consolidated joint venture 218,148 —  Operating partnership 39,182 23,630  Total minority interest 257,330 23,630  Shareholders' equity Preferred shares, $.01 par value, 1,000,000 shares authorized, 0 and 80,190 shares issued and outstanding  at December 31, 2003 and 2002 — 1 Common shares, $.01 par value, 50,000,000 shares authorized, 12,960,643 and 9,061,025 shares issued and outstanding  at December 31, 2003 and 2002 130 90  Paid in capital 250,070 161,192  Distributions in excess of net income (82,737) (70,485) Accumulated other comprehensive loss (45) (163) Total shareholders' equity 167,418 90,635  Total liabilities and shareholders' equity $ 987,437 $ 477,675  The accompanying notes are an integral part of these consolidated financial statements. TANGER FACTORY OUTLET CENTERS, INC. | 37