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Assets related to discontinued operations consist primarily of real estate, net of accumulated depreciation. The following table sets forth the balances of the assets related to discontinued operations as of December 31, 2003 and 2002: 

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Liabilities related to discontinued operations represent the Palisades mortgage payable of $120,000,000 and $100,000,000 as of December 31, 2003 and 2002, respectively. 

The combined results of operations of the assets related to discontinued operations for the years ended December 31, 2003, 2002 and 2001 are as follows: 

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See Note 3. Acquisitions and Dispositions for details of gains on sale of real estate related to discontinued operations in the year ended December 31, 2003. 

## 5. Investments in Partially-Owned Entities 

The Company’ investments in partially-owned entities and income recognized from such investments are as follows: 

## Balance Sheet Data: 

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(1) On February 5, 2004, AmeriCold Realty Trust completed a $254,400 mortgage financing for 21 of its owned and 7 of its leased temperature-controlled warehouses. The loan bears interest at LIBOR plus 2.95% (with a LIBOR floor of 1.5% with respect to $54,400 of the loan) and requires principal payments of $5,000 annually The loan matures in April 2009 and is pre-payable without penalty after Februar 5, 2006. The net proceeds were approximately $225,000 after providing for usual escrows, closing costs and the repayment of $12,900 of existing mortgages on two of the warehouses, of which $135,000 was distributed to the Company and the remainder was distributed to its partner. 

