CONSOLIDATED BALANCE SHEETS SAUL CENTERS, INC. 14 The accompanying notes are an integral part of these statements. December 31, (Dollars in thousands) 2002 2001 Assets Real estate investments Land $ 90,469 $ 67,710 Buildings and equipment 405,153 384,575 Construction in progress 8,292 2,524 503,914 454,809 Accumulated depreciation (150,286) (136,928) 353,628 317,881 Cash and cash equivalents 1,309 1,805 Accounts receivable and accrued income, net 12,505  9,217  Prepaid expenses 15,712  12,514  Deferred debt costs, net 4,125  3,563  Other assets 1,408 1,423  Total assets $ 388,687 $ 346,403  Liabilities Notes payable $ 380,743  $ 351,820  Accounts payable, accrued expenses and other liabilities 16,727 14,697  Deferred income 4,484  4,009  Total liabilities 401,954 370,526  Minority interests -- -- Stockholders’ equity (deficit) Common stock, $0.01 par value, 30,000,000 shares authorized, 15,196,582 and 14,535,803 shares  issued and outstanding, respectively 152 145  Additional paid-in capital 79,131  64,564  Accumulated deficit (92,550) (88,832) Total stockholders’ equity (deficit) (13,267) (24,123) Total liabilities and stockholders’ equity (deficit) $ 388,687 $ 346,403 