CAMDEN PROPERTY TRUST 68 camden transforming See Notes to Consolidated Financial Statements.  december 31, in thousands, except per share amounts  2004  2003 ASSETS Real estate assets, at cost  Land  $ 399,054 $  400,490 Buildings and improvements 2,511,195 2,499,214 2,910,249 2,899,704 Accumulated depreciation  (688,333) (601,688) Net operating real estate assets 2,221,916 2,298,016 Properties under development, including land 176,769 189,119 Investments in joint ventures  9,641 11,033 Properties held for sale 62,418 - Total real estate assets 2,470,744 2,498,168 Accounts receivable - affi liates  31,380 25,997 Notes receivable  Affiliates 10,367 9,017 Other 44,547 41,416 Other assets, net 66,164 40,951 Cash and cash equivalents 2,253 3,357 Restricted cash 3,909 6,655 Total assets $  2,629,364 $ 2,625,561 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Notes payable Unsecured $ 1,407,208  $ 1,277,879 Secured 169,197 231,798 Accounts payable 31,904 26,150 Accrued real estate taxes 27,324 27,407 Accrued expenses and other liabilities 65,237 50,111 Distributions payable 30,412 30,946 Total liabilities 1,731,282 1,644,291 Commitments and contingencies Minority interests Perpetual preferred units 115,060 149,815 Common units 44,507 46,570 Total minority interests 159,567 196,385 Shareholders’ equity Common shares of beneficial interest; $0.01 par value per share; 100,000 shares authorized; 50,746 and 50,060 issued; 48,601 and 48,299  outstanding at December 31, 2004 and 2003, respectively 486  483 Additional paid-in capital 1,348,848 1,330,512 Distributions in excess of net income  (361,973) (297,808) Unearned share awards  (13,023) (11,875) Treasury shares, at cost  (235,823) (236,427) Total shareholders’ equity 738,515 784,885 Total liabilities and shareholders’ equity $  2,629,364  $ 2,625,561 738,515  $ 2,629,364 $ 2,629,364 9,64 1 (688,333)  CONSOLIDATED BALANCE SHEETS