**SECURITIES AND EXCHANGE COMMISSION**Washington, D.C. 20549

**FORM 10-K****FOR ANNUAL AND TRANSITION REPORTS  PURSUANT TO SECTIONS 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934**

| [ X]                                                        | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|-------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
| **For the Fiscal Year Ended December 31, 2003  ** |
| [    ]                                       | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

**Commission File Number: 1-12590****GABLES RESIDENTIAL TRUST**(Exact name of Registrant as specified in its charter)

| **Maryland** (State or other jurisdiction of incorporation or organization) |                      | **58-2077868** (I.R.S. employer identification no.) |
|-----------------------------------------------------------------------------|----------------------|-----------------------------------------------------|
|                                                                             |
| **777 Yamato Road, Suite 510   Boca Raton,  FL  **      |                      |                                                     |
|                                                                             | **33431** (Zip Code) |
| (Address of principal executive offices)                                    |                      |

Registrant's telephone number, including area code: **(561) 997-9700**Securities registered pursuant to Section 12(b) of the Act:

| **Title of Each Class**Common Shares of Beneficial Interest, par value $0.01 per share 7.50% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share |  | **Name of Each Exchange on which Registered**New York Stock Exchange New York Stock Exchange |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------|

Securities registered pursuant to Section 12(g) of the Act: **None**

        Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

| (1) Yes [X] |   | No [   ] |
|-------------|--------|--------------------|
| (2) Yes [X] |   | No [   ] |

       Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best ofRegistrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [  ]        Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).   Yes [X]   No [  ]        As of June 30, 2003, the aggregate market value of the 24,603,114 common shares held by non-affiliates of the Registrant was $779,180,620 based upon thenet price of $31.67 on August 20, 2003 at whichthe common shares were last sold. (For this computation, the Registrant has excluded the market value of all common shares reported asbeneficially owned by executive officers and trustees of the Registrant; such exclusion shall not be deemed to constitute an admission that any such person is an affiliate of the Registrant.) As of March 5, 2004, there were 29,057,190 common sharesoutstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

        Information contained in Gables' Proxy Statement relating to its Annual Meeting of Shareholders to be held on May 21, 2004 is incorporated by reference in Part III, Items 10, 11, 12, 13and 14.

**FORM 10-K ANNUAL REPORTFISCAL YEAR ENDED DECEMBER 31, 2003TABLE OF CONTENTS**

| **Item No.** |        |                                                                                       | **Page No.** |
|--------------|--------|---------------------------------------------------------------------------------------|--------------|
| **PART I**   |   |
|         |   |
| 1.           |        | Business                                                                              | 3            |
| 2.           |        | Properties                                                                            | 15           |
| 3.           |        | Legal Proceedings                                                                     | 20           |
| 4.           |        | Submission of Matters to a Vote of Security Holders                                   | 20           |
|         |   |
|         |   |
| **PART II**  |   |
|         |   |                                                                                  |         |
|         |   |                                                                                  |         |
| 5.           |        | Market for Registrant's Common Equity and Related Shareholder Matters                 | 21           |
| 6.           |        | Selected Financial and Operating Information                                          | 21           |
| 7.           |        | Management's Discussion and Analysis of Financial Condition and Results of Operations | 25           |
| 7A.          |        | Quantitative and Qualitative Disclosures About Market Risk                            | 43           |
| 8.           |        | Financial Statements and Supplementary Data                                           | 45           |
| 9.           |        | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure  | 45           |
| 9A.          |   | Controls and Procedures                                                               | 45           |
|         |   |
| **PART III** |   |
|         |   |                                                                                  |         |
|         |   |                                                                                  |         |
| 10.          |        | Directors and Executive Officers of the Registrant                                    | 46           |
| 11.          |        | Executive Compensation                                                                | 46           |
| 12.          |        | Security Ownership of Certain Beneficial Owners and Management                        | 46           |
| 13.          |        | Certain Relationships and Related Transactions                                        | 46           |
| 14.          |        | Principal Accountant Fees and Services                                                | 46           |
|         |   |
| **PART IV**  |   |
|         |   |                                                                                  |         |
|         |   |                                                                                  |         |
| 15.          |        | Exhibits, Financial Statements and Schedule and Reports on Form 8-KSignatures         | 47 50        |

****

**PART I**

***          Unless the context otherwise requires, all references to "we," "our" or "us" in this report refer collectively to Gables Residential Trust ("Gables"),a Maryland real estate investment trust ("REIT") and its subsidiaries, including Gables Realty Limited Partnership, a Delaware limited partnership, considered as a single enterprise. Gables GP, Inc., a wholly-owned subsidiary of Gables Residential Trust, is the solegeneral partner of Gables Realty Limited Partnership.***

**ITEM 1.  BUSINESS**

***       *** We are a fully integrated real estate company engaged in the multifamily apartment community management, development, construction, acquisition anddisposition businesses. We are a REIT formed in 1993 under Maryland law to continue and expand the apartment community operations of our privately owned predecessor organization. We completed our initial public offering on January 26, 1994. Our executive offices arelocated at 777 Yamato Road, Suite 510, Boca Raton, Florida 33431. Our common shares are listed on the NYSE under the symbol GBP and our Series D Preferred Shares are listed on the NYSE under the symbol GBP PrD. Substantially all of our business is conducted throughand all of our interests in property are held by or through Gables Realty Limited Partnership (the "Operating Partnership"). We control the Operating Partnership through Gables GP, Inc. ("Gables GP"), a wholly-owned subsidiary and the sole general partner of theOperating Partnership. This structure is commonly referred to as an umbrella partnership REIT or UPREIT. At December 31, 2003, we were an 86.9% economic owner of the common equity of the Operating Partnership.

**Business Objectives and Strategies**

***      *** Our objective is to increase shareholder value by producing consistent high quality earnings to sustain dividends and annual total returns thatexceed the multifamily sector average. We use the National Association of Real Estate Investment Trusts ("NAREIT") Equity Residential REIT Total Return Index (the "NAREIT Apartment Index") as the benchmark for the multifamily sector average.   Toachieve our objective, we employ a number of business strategies which are outlined below.

***       ** Investment Strategy.* Our investment strategy is research-driven. In order to outperform the sector index, we seek to (1) invest inmarkets that have growth potential that exceeds the national average and (2) select markets that have complementary economic drivers so that our portfolio has less volatility than the national average. We believe that the success of a real estate investment ispredicated on three basic factors: (1) macro-market fundamentals, (2) specific sub-market dynamics and (3) product decisions.

          Our objective is to own a portfolio of high-quality assets in strategically selected markets that are complementary through economic diversity andcharacterized by high job growth and resiliency to national economic downturns. We believe such a portfolio will provide predictable operating cash flow performance that exceeds the national average on a sustainable basis.

         Real estate is a cyclical business and, as a long-term owner and operator of apartment communities, we believe it is important to evaluate performance potential throughout variouseconomic cycles. We also believe that job creation and household formation are key components of demand for apartment communities. Research has shown that there are markets in the United States that create more jobs and are more resilient to national economicdownturns than others. In addition, we believe that the industrial job base of various markets can provide economic diversity through portfolio allocation that, in turn, can reduce volatility in performance. These factors, along with other macro-demographiccharacteristics, have led us to identify markets in which to make real estate investments.

        We believe that within a macro-market environment, apartment communities located in different sub-markets can have different economic performance, and that specific sub-marketlocations are the primary factor in determining the potential for investment returns to exceed macro-market results. Factors that differentiate specific sub-markets within a macro-market include, among other items, proximity to employment centers, entertainment andshopping, quality of education systems, availability of land that could be used to introduce new apartment communities and the local entitlement process. We refer to our desired locations as Established Premium NeighborhoodsTM, or EPNs, as compared to suburbanlocations that lack many of these differentiating characteristics. It is our belief that apartment communities located in close proximity to these areas and areas with high barriers to entry through lack of available land and/or difficult entitlement processes shouldproduce economic performance that exceeds that of apartment communities in locations without those characteristics.  A key component used to identify EPNs is the average cost per square foot for single family housing. We believe that the single family housingmarket is very efficient in pricing the quality of housing and the proximity of neighborhoods to employment centers, entertainment, shopping, and quality education systems. By identifying these highly desirable neighborhoods where people are spending the most on aper square foot basis to live, and targeting them for investment, we believe we can achieve economic performance from our apartment communities that exceeds macro-market results.

          The third component of our investment strategy is product specific. Our target resident is the affluent renter-by-choice who desires a high quality apartmentcommunity in which to live. We perform and commission extensive market research in an effort to design apartment communities that meet the current and future desires of our target customers. In addition, we invest for the long term by acquiring and developingapartment communities with high quality construction materials and amenities. We believe that long-term maintenance and capital expenditure requirements are reduced by investing additional capital up front in apartment communities built with quality constructionmaterials. This strategy reduces the volatility associated with our cash flow streams relative to our competitors. The timeless design and high quality of the product targeted to the affluent renter-by-choice also gives us a competitive advantage over many otherapartment owners through our ability to sell assets to condominium converters at prices in excess of apartment valuations. We have received numerous local and national awards and recognition for the quality of our apartment communities.

          In order to execute our investment strategy, we believe it is important to maintain a strong local presence in each of our markets. Through our localexpertise, we stay abreast of current market conditions and can proactively adjust tactics in anticipation of changes in market fundamentals. In addition, we believe we have a competitive advantage over many other apartment community owners through the verticalintegration of our organization. We have expertise in all facets of apartment community investment, including the disciplines of development, construction, acquisition and disposition. Since 1982, we have been involved in the development and construction, acquisitionand disposition of approximately 35,000, 21,000 and 31,000 apartment homes, respectively.

          *Operating Strategy.* We adhere to a strategy of owning and operating high quality, class AA/A apartment communities under the Gables brand. We believethat such communities, when located in EPNs and supplemented with high quality service and amenities, attract the affluent renter-by-choice who is willing to pay a premium for location preference, superior service and high quality communities. The resulting portfolioshould maintain high occupancy levels and rental rates relative to overall market conditions. This, coupled with more predictable operating expenses and reduced capital expenditure requirements associated with high quality construction materials, should lead tooperating margins that exceed national averages for the apartment sector and sustainable growth in operating cash flow.

          We are continuing to pursue a long-standing strategy of brand name development by linking the "Gables" name to our communities. This strategy is intended toreinforce our reputation for excellent service and build recognition of our multifamily communities as a high quality, recognizable brand. We believe that increased consumer recognition of the "Gables" brand name in each of our markets enhances our ability to attractnew residents, increases the markets' perception of our communities as high quality residential developments and enhances our relationships with local authorities.

          We operate our communities to maximize sustainable cash flow growth and create long-term real estate value. This strategy is achieved by proactive marketingand leasing of apartment homes, providing the best possible resident service, generating economies of scale to lower expenses and maintaining our communities to the highest standards. We believe that excellent service and branding thereof will distinguish us from ourcompetitors, retain current residents and attract new prospects.

          We employ a number of operating strategies based on market fundamentals and prediction models in order to generate sustainable operating cash flow thatexceeds the macro-market and our competitors. Our innovative web-based property management system provides real-time financial and marketing information for all of our communities, and effectively summarizes operating and marketing data critical for making accuratedaily decisions. The system also compiles demographic profile information on prospective and current residents, allowing us to effectively target our customer base through our branding efforts. We also utilize the Internet extensively as a marketing tool to attractnew customers through our award-winning web site at www.gables.com. All of our communities have high-speed internet access. Capturing and analyzing macro-market and EPN sub-market data through our sophisticated operating systems allows us to perform analyses via ourproprietary prediction models. As a result of these analyses, we may choose an operating tactic for a particular market aimed at maximizing rental rate growth while increasing short-term vacancy exposure. In other scenarios, a focus on maximizing occupancy at theexpense of rental rate growth may deliver the best operating cash flow results. We may also utilize different operating tactics for assets that are targeted for disposition in order to maximize the sales price based on current market underwriting conditions. Theseand other operating tactics are employed to maximize sustainable cash flow growth and create long-term real estate value for shareholders relative to our competitors.

          *Human Resources Strategy.* Our aim is to be the employer of choice within the industry, with a mission of *Taking Care of the Way People Live*® . A cornerstone of our strategy involves innovative human resource practices that we believe will attract and retain the highest caliber associates. Because of our long-established presence as a fully integrated multifamily apartment management, development,construction, acquisition and disposition company within our markets, we have the ability to offer multi-faceted career opportunities among the various disciplines within the industry. Approximately 10% of our associates have tenure in excess of 10 years. Averagetenure for executive officers, vice presidents and regional managers, and property managers is over 12 years, 9 years and 5 years, respectively. We believe the experience, expertise and depth of our bench strength is a competitive advantage.

          We believe our success with human resource strategies is primarily due to our empowerment of associates and our career development and training. The resultsof our business operations are ultimately based on a series of local decisions.  We believe the best way to run our business is to equip the most qualified people to make the best possible decisions. By empowering associates to make decisions at a local level,we increase customer and associate satisfaction. We operate each of our apartment communities as a business unit. Property managers and other on-site associates are responsible for achieving economic goals associated with revenues, occupancy and expenses relative totheir macro-market, in addition to maintaining assets to a high standard in order to ensure long-term success potential. Empowering associates with responsibility and encouraging decision making requires hiring the highest caliber associates and allocating extensiveresources to training and career development.

          We are committed to training at all levels within our organization, from newly hired associates to senior management. This commitment is aimed at ensuringthe competitive advantage inherent in the expertise of our associates and deep bench strength, which facilitates succession planning at all levels. Our service-oriented philosophy is branded and reinforced through our college of career development, Gables University.This comprehensive training system established for our associates is overseen by a full-time national training team and offers classes at a variety of different levels.  Bronze, silver and gold certification level classes are offered to our associates. Bronze certification is required to be completed within 18 months of hire.  Specific curriculums are designed for operations and maintenance personnel while professional development courses apply to all associates.  However, all Gables associates areencouraged to attend any class of their choice.  Customer service is also reinforced with quarterly “Excellence” award ceremonies, where personal achievement by associates is recognized by senior management in each of our markets.  We believerecognition programs reinforce our company culture and branding philosophy.

          A key component to achieving our objectives is the alignment of interests between associates and shareholders. Share ownership is prevalent throughout ourorganization and includes property and maintenance managers as well as members of the board of trustees. Approximately 41% of our associates have equity ownership in Gables, and therefore have their interests aligned with all other shareholders.

          *Capital Strategy.* Real estate investments are capital intensive. As a result, capital allocation decisions significantly impact total return toshareholders. Our objective is to produce unleveraged internal rates of return ("IRRs") during our investment hold period that exceed our long-term weighted average cost of capital. An integral part of our capital strategy involves maintaining financial flexibilityvia a conservative balance sheet that is investment grade. We have investment grade, senior unsecured debt ratings from Moody's Investors Service and Standard and Poor's of Baa2 and BBB, respectively. Our Series C-1 Preferred Shares and Series D Preferred Shares arealso investment grade rated by those firms at Baa3 and BBB-, respectively. We believe our conservative credit profile provides security for shareholders and is a competitive advantage over companies without the financial flexibility associated with investment gradebalance sheets.

          Our attention to return on invested capital manifests itself through a very focused approach to managing our capital structure. We judiciously manage ourcapital and we redeploy capital through the reinvestment of asset disposition proceeds into our business. In the ordinary course of our business, we evaluate the continued ownership of our assets relative to available opportunities to acquire and develop new assetsand relative to available equity and debt capital financing.  We sell assets if we determine that such asset sales are the most attractive sources of capital for redeployment in our business, for repayment of debt, for repurchase of stock and for other uses. Wemay also capitalize on the arbitrage that exists between the private market valuation of our assets and a discounted public market valuation of our common shares by selling assets and repurchasing stock. We have access to capital through a variety of sources,including debt financing and borrowing, common equity, preferred equity and private equity via direct investment, in addition to internally generated equity through asset dispositions and retained cash flow.

          *Ancillary Business Strategy.* We are involved in ancillary business lines which include third-party property management, development and construction,corporate rental housing and asset disposition brokerage services. Our expertise in these areas stems from our core competencies. In addition, we are innovative in identifying and capitalizing on new services desired by our residents that provide for increases inearnings and high returns on invested capital. Regular feedback from residents and our clients provides avenues for enhanced service and earnings potential.

          As of December 31, 2003, we managed 102 multifamily communities for third parties and unconsolidated joint ventures, comprising approximately 30,059apartment homes. These fee management contracts are maintained with a total of approximately 50 owners. In addition to contributing to earnings, engaging in fee management allows us to create economies of scale by leveraging our management operations costs andproviding access to development and acquisition opportunities, as well as providing additional market knowledge.

          *2003 Significant Events.* Apartment fundamentals on a national basis deteriorated during most of 2003 as a result of the economic recession andassociated job losses, coupled with low mortgage rates which resulted in an increase in home purchases by apartment residents. Reduced interest rates also contributed to an increase in earnings multiples used by investors to acquire apartments. These increasedearnings multiples resulted in very attractive asset disposition prices for apartments. In 2003,we received net proceeds of $112 million from the sale of 1,673 apartment homesthat generated gains of $37.7 million or $1.20 per dilutedshare.

          Our research indicated the outlook for operating fundamentals was beginning to improve in several of our markets as job growth began to occur and near termforward supply trends began to taper off.  As a result, in 2003, we selectively acquired 820 apartment homes for $122 million andwe commenced construction of 1,323 apartment homes with total budgeted costs of $160 million.  As the national economy recovers, we believe themarkets we have selected for investment will lead job growth formation which ultimately produces apartment demand.  We intend to capitalize on these improving fundamentals by increasing our investment activity for both acquisition and development of newcommunities.  At the same time, we intend to take advantage of attractive valuations for apartment communities by continuing to sell assets that are no longer consistent with our strategy. 

          During 2003, we issued $75 million of 7.5% perpetual preferred shares and redeemed $50 million of8.625% preferred units.  In addition, we received $79 millionof net proceeds from the issuance of 2,500,000 common shares at a price of $31.67 per share, which represented a 3.47% discount from the NYSE closing price of $32.81 on August 20, 2003.  Finally, we expanded our unsecured credit facility from a committedcapacity of $225 million to $300 million.

          *Apartment Portfolio.* As of December 31, 2003, we owned 76 stabilized multifamily apartment communities comprising 20,209 apartment homes, anindirect 25% interest in one stabilized apartment community comprising 345 apartment homes, an indirect 20% interest in four stabilized apartment communities comprising 1,215 apartment homes, and an indirect 8.3% interest in three stabilized apartment communitiescomprising 1,118 apartment homes. We also owned seven multifamily apartment communities under development or in lease-up at December 31, 2003 that are expected to comprise 2,220 apartment homes upon completion and an indirect 20% interest in two apartment communitiesunder development or in lease-up at December 31, 2003 that are expected to comprise 373 apartment homes upon completion. In addition, as of December 31, 2003, we owned two parcels of land on which we intend to develop two apartment communities that we currentlyexpect will comprise an estimated 453 apartment homes.  We also have rights to acquire additional parcels of land, either through options or long-term conditional contracts, on which we believe we could develop ten communities that we currently expect wouldcomprise an estimated 2,514 apartment homes. Any future development is subject to permits and other governmental approvals, as well as our ongoing business review, and may not be undertaken or completed.

        Our apartment communities generate rental revenue and other income through the leasing of apartment homes to a diverse base of residents. We evaluate the performance ofeach of our apartment communities on an individual basis. However, because each of our apartment communities has similar economic characteristics, residents, and products and services, they have been aggregated into one reportable segment which comprises 93% of ourtotal revenues for each of the three years in the period ended December 31, 2003.

        *Management Structure.* We have been responsible for the development or acquisition of approximately 56,000 apartment homes since 1982 and our senior managementteam has, on average, in excess of 12 years experience in the multifamily industry. We provide a full range of integrated real estate services through a team of approximately 1,500 associates who have expertise in property operations, development, construction,acquisition and disposition. We maintain offices in Atlanta, Austin, Boca Raton, Dallas, Houston and Washington, D.C., each with its own fully integrated organization, including experienced in-house management, development, construction, acquisition and dispositionteams with specific knowledge of the particular markets served. We believe that our competitive strength and growth potential lie in our in-depth knowledge of the changing opportunities available in each local market and in our locally focused management structure,which empowers highly experienced development, acquisition, and disposition personnel to pursue opportunities in each market and highly experienced on-site managers to make the day-to-day decisions needed to maximize the performance of our existing properties. Ourfinance and accounting functions are controlled by a central staff located in Atlanta.

        *Competitive Advantages.* We believe that we have several competitive advantages that will assist us in achieving our objective of producing total returns thatexceed the NAREIT Apartment Index. These advantages include:
| - A fully integrated organization:  a fully integrated organization with a track record of approximately 21 years in all phases of real estate property management, development, construction,rehabilitation, acquisition, disposition, financing and marketing.                                                                                                  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| - Strategic portfolio diversification:  a research-driven strategy that has identified major markets for investment that are geographically independent, rely on diverse economic foundations, havegenerated and are projected to continue to generate job growth substantially above national averages and have shown resiliency to national economic downturns. |
| - Product focus:  a portfolio concentration of class AA/A apartment communities that are located primarily in EPNs and are targeted toward the affluent renter-by-choice, and include garden,townhome and higher density apartment communities.                                                                                                                   |
| - Local presence in multiple markets:  an established local presence in each of our markets, which we serve through an experienced team of associates with superior knowledge of local markets and aculture based on empowerment which provides incentives for outstanding performance.                                                                           |
| - Technologically savvy:  a sophisticated information technology system that is web-based and provides real-time information that leads to better decision making through extensive use of proprietaryprediction models.                                                                                                                                     |
| - Brand recognition:  a service-oriented philosophy which focuses on offering extensive resident amenities and services in high quality apartment homes to increase occupancy, rental rates and netoperating income.                                                                                                                                              |

**The Operating Partnership**

        Structured as an UPREIT, the Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or indirectlythrough subsidiaries, all of our assets. As of December 31, 2003, we held directly, or indirectly through Gables GP, 86.9% of the common equity of the Operating Partnership. Through Gables GP, our wholly-owned subsidiary that is the sole general partner of theOperating Partnership, we control the Operating Partnership. The board of directors of Gables GP, the members of which are the same as the members of our board of trustees, manages the affairs of the Operating Partnership by directing the affairs of the generalpartner of the Operating Partnership. Our limited partner and indirect general partner interests in the Operating Partnership entitle us to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to our economicinterest and entitle us to vote on all matters requiring a vote of the limited partners.

        Generally, the other limited partners of the Operating Partnership are persons who contributed their direct or indirect interests in particular real estate assets to theOperating Partnership primarily in connection with the IPO and the acquisition of Trammell Crow Residential South Florida. A unit of limited partnership interest in the Operating Partnership is referred to herein as a “unit.”  The OperatingPartnership is obligated to redeem each common unit of limited partnership interest held by a person other than us, at the request of the holder, for an amount equal to the fair market value of one of our common shares at the time of redemption, provided that we, atour option, may elect to acquire each common unit presented for redemption for one common share or cash. With each redemption, our percentage ownership interest in the Operating Partnership will increase. In addition, whenever we issue common shares or preferredshares, we are obligated to contribute any net proceeds to the Operating Partnership, and the Operating Partnership is obligated to issue an equivalent number of common or preferred units with substantially identical rights as the common or preferred shares, asapplicable, to us.

        We may cause the Operating Partnership to issue additional units to acquire land parcels for the development of apartment communities or operating apartment communitiesin transactions that may defer some or all of the sellers’ tax consequences. We believe that many potential sellers of multifamily apartment communities have a low tax basis in their properties and would be more willing to sell the properties in transactionsthat defer federal income taxes. Issuing units instead of paying cash for properties may provide potential sellers partial federal income tax deferral.

**The Management Company**

        Our fee management operations are conducted through Gables Residential Services, Inc., a wholly-owned subsidiary of the Operating Partnership. Gables ResidentialServices also provides other services to third parties, including construction, corporate rental housing and brokerage. A portion of these services are, or may also be, provided by the Operating Partnership directly, to the extent consistent with the gross incomerequirements for REITs under the Internal Revenue Code (the "Code").

**Competition**

        All of our communities are located in developed areas that include other apartment communities. The number of competitive multifamily communities in a particular areacould have a material effect on our ability to lease apartment homes at our present communities or any newly developed or acquired community, as well as on the rents charged. We may be competing for development and acquisition opportunities with others that havegreater resources than we do, including other REITs. In addition, our communities must compete for residents against new and existing homes and condominiums. The home affordability index in all of our markets is above the national average. This competitiveenvironment is partially offset by the propensity to rent for households in our markets which in all cases exceeds the national average.

        The fee management business is highly competitive, and we face competition from a variety of local, regional and national firms. We compete against these firms bystressing the quality and experience of our employees, the services provided by us, and the market presence and experience we have developed over the past 21 years. We may nevertheless lose some of our third party management business, particularly when suchproperties are sold.**Environmental and Related Matters**

        Under various federal, state and local environmental laws, ordinances and regulations, a current or previous owner or operator of real estate may be required, regardlessof knowledge or responsibility, to investigate and remediate the effects of hazardous or toxic substances or petroleum product releases at such property, and may be held liable to a governmental entity or to third parties for property damage and for investigation andremediation costs incurred by such parties as a result of the contamination.  The cost of investigation, remediation or removal of such substances may be substantial, and the presence of such substances, or the failure to properly remediate the contamination onsuch property, may adversely affect the owner's ability to borrow against, sell or rent such property. In addition, some environmental laws create a lien on the contaminated site in favor of the government for damages and costs it incurs as a result of thecontamination. Finally, the owner or operator of a site may be subject to common law claims by third parties based on damages and costs resulting from environmental contamination emanating from a site. In connection with the ownership, operation, management anddevelopment of our communities and other real estate assets, we may be potentially liable for such damages and costs.

        There exist federal, state and local laws, ordinances and regulations that govern the removal, encapsulation and disturbance of asbestos-containing materials ("ACMs")when such materials are in poor condition or in the event of reconstruction, remodeling, renovation or demolition of a building. Such laws, ordinances and regulations may impose liability for release of ACMs and may provide for third parties to seek recovery fromowners or operators of real estate assets for personal injury associated with exposure to ACMs. In connection with the ownership, operation, management and development of our communities and other real estate assets, we may be potentially liable for suchcosts.

        We believe that no ACMs were used in connection with the construction of ourcommunities or will be used in connection with future construction. Ourenvironmental assessments have revealed the presence of "potentially friable"ACMs at two of our communities. We have programs in place to maintain andmonitor ACMs. We believe our communities are in compliance in all materialrespects with all federal, state and local laws, ordinances and regulationsregarding hazardous or toxic substances or petroleum products. We have not beennotified by any governmental authority and are not otherwise aware of anymaterial non-compliance, liability or claim relating to hazardous or toxicsubstances or petroleum products in connection with any of our presentproperties that would involve substantial expenditure, and we do not believethat compliance with applicable environmental laws or regulations will have anadverse material effect on us, our financial condition or results of operations.

        In addition, studies have linked radon, a naturally-occurring substance, toincreased risks of lung cancer. While there are currently no state or federalrequirements regarding the monitoring for, presence of, or exposure to radon inindoor air, the U.S. Environmental Protection Agency ("EPA") and the SurgeonGeneral recommend testing residences for the presence of radon in indoor air,and the EPA further recommends that concentrations of radon in indoor air belimited to less than four picocuries per liter of air (the "Recommended ActionLevel").  The presence of radon in concentrations equal to or greater thanthe Recommended Action Level in a community may adversely affect our ability torent apartment homes in that community and the market value of the community.

        Federal legislation also requires owners and landlords of residential housingconstructed prior to 1978 to disclose to potential residents or purchasers anyknown lead-paint hazards and will impose treble damages for failure to sonotify. In addition, lead-based paint in any of our communities may result inlead poisoning in children residing in that community if chips or particles ofsuch lead-based paint are ingested, and we may be held liable under state lawsfor any such injuries caused by ingestion of lead-based paint by children livingat our communities.

        Mold growth may occur when excessive moisture accumulates in buildingsor on building materials, particularly if the moisture issue remainsundiscovered or is not addressed over a period of time.  Although theoccurrence of mold at multifamily and other structures, and the need toremediate such mold, is not uncommon, there has been increased awareness inrecent years that particular molds may, in some instances, lead to adversehealth effects, including allergic or other reactions.  To help limit moldgrowth, we educate residents about the importance of adequate ventilation andrequest or require that they notify us when they see mold or excessive moisture. We have established procedures for promptly addressing and remediating mold orexcessive moisture from apartment homes when we become aware of their presenceregardless of whether we or the resident believe a health risk is presented. However, no assurances can be made that mold or excessive moisture will bedetected and remediated in a timely manner.  If a significant mold problemarises at one of our communities, we could be required to undertake a costlyremediation program to contain or remove the mold from the affected communityand could be exposed to other liabilities.         Our assessments of our communities have not revealed, and we are not otherwise aware of, any environmental conditions that we believe would have a materialadverse effect on our business, assets, financial condition or results of operations. Nevertheless, it is possible that our assessments do not reveal all environmental liabilities or that there are material environmental liabilities of which we are unaware. Moreover,there can be no assurance that (1) future laws, ordinances or regulations will not impose any material environmental liability, or (2) the current environmental condition of our communities will not be affected by residents, the condition of land oroperations in the vicinity of the real estate assets, such as the presence of underground storage tanks, or the actions of third parties unrelated to us.

**Costs of Compliance with Americans with Disabilities Act and Similar Laws**

          Under the Americans with Disabilities Act of 1990 (the "ADA"), all places of public accommodation are required to meet federal requirements related to accessand use by disabled persons. These requirements became effective in 1992. We believe that our communities are substantially in compliance with present requirements of the ADA as they apply to multifamily dwellings. A number of additional federal, state and local lawsexist which also may require modifications to our communities or regulate further renovations with respect to access by disabled persons. For example, the Fair Housing Amendments Act of 1988 (the "FHAA") requires apartment communities first occupied afterMarch 13, 1990 to be accessible to the handicapped. Non-compliance with the FHAA could result in the imposition of fines or an award of damages to private litigants. We believe that our communities that are subject to the FHAA are substantially in compliancewith this law.

          Additional legislation may impose further burdens or restrictions on owners with respect to access by disabled persons. The ultimate amount of the cost ofcompliance with the ADA or related legislation is not currently ascertainable, and while these costs are not expected to have a material effect on us, they could be substantial. Limitations or restrictions on the completion of renovations may limit application of ourinvestment strategy in specific instances or reduce overall returns on our investments.

**Insurance**

          We carry comprehensive liability, fire, extended coverage and rental loss insurance with respect to all of our completed communities, with policyspecifications, insured limits and deductibles customarily carried for similar properties. We carry similar insurance with respect to our development properties, but with appropriate exceptions given the undeveloped nature of these properties. There are, however,particular types of losses, such as losses arising from acts of war,catastrophic acts of nature or terrorism that are not insured, in part or infull, because they are either uninsurable or not economically practical toinsure in management's view, given the cost of the insurance after considerationof the resulting coverage levels and related deductibles, limits and exclusions.  Should an uninsured loss or a loss in excess of insured limits occur, we could lose ourcapital invested in a particular property as well as the anticipated future revenues from the property and would continue to be obligated on any mortgage indebtedness or other obligations related to the property. Any uninsured loss or loss in excess of insured limitswould adversely affect us.

          No assurances can be made that we will have full coverage under our existing policies for property damage or liabilities to third parties arising as a result of exposure to mold or a claim of exposure to mold ata particular property.  See the discussion under "Environmental and Related Matters" above.**Employees**

        We provide a full range of real estate services through a staff of approximately 1,500 employees, including an experienced management team. There are nocollective bargaining agreements with any of our employees. We believe relations with our employees are excellent.

 **Tax Matters**

        We have elected to be taxed as a REIT under the Code. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90%of our ordinary taxable income at the REIT level to shareholders. It is our current intention to adhere to these requirements and maintain our REIT status. As a REIT, we generally will not be subject to federal income tax on distributed taxable income. Even if wequalify as a REIT, we may be subject to state and local taxes on our income and real estate assets, and to federal income and excise taxes on our undistributed taxable income.        We utilize Gables Residential Services, a taxable REIT subsidiary, to provide management and other services to third parties that a REIT may be prohibited from providing. Taxable REIT subsidiaries are subject tofederal, state and local income taxes. 

**Policies with Respect to Significant Business Activities**

          The following is a discussion of our investment, financing and other significant policies. These policies have been established by our board of trustees andmay be amended or revised from time to time by the board of trustees without a vote of our shareholders, except that (1) we cannot change our policy of holding assets and conducting business only through the Operating Partnership, Gables Residential Services andother permitted subsidiaries without the consent of the holders of Units as provided in the partnership agreement of the Operating Partnership, (2) changes in policies with respect to conflicts of interest must be consistent with legal requirements, and (3) we cannottake any action intended to terminate our qualification as a REIT without the approval of the holders of two-thirds of our common shares.

*          Investment Policies.* We conduct all of our investment activities through the Operating Partnership and its subsidiaries.  Our investment activities are aligned with our overall business objective toincrease shareholder value by producing consistent high quality earnings tosustain dividends and annual total returns that exceed the NAREIT ApartmentIndex.  Our long-term investment strategy is research-driven with theobjective of creating a portfolio of high-quality assets in strategically selected markets that are complementary through economicdiversity and characterized by high job growth and resiliency to national economic downturns. We may purchase income-producing multifamily apartments or other types of properties for long-term investment, expand and improve the communities presently owned or otherproperties purchased, or sell communities or other properties, in whole or in part, when circumstances warrant. In the ordinary course of our business, we evaluate the continued ownership of our assets relative to available opportunities to acquire and develop newassets and relative to available equity and debt capital financing.  We sell assets if we determine that such sales are the most attractive sources of capital for redeployment in our business, for repayment of debt, for repurchase of stock and for other uses. Wemay also participate with third parties in apartment community ownership through joint ventures or other types of co-ownership. Equity investments may be subject to existing mortgage financing and other indebtedness or financing or indebtedness incurred in connectionwith acquiring or refinancing these investments. Debt service on such financing or indebtedness will have a priority over common shares and any distributions thereon.

          While we emphasize equity real estate investments in multifamily apartment communities, we may, at the discretion of the board of trustees, invest in othertypes of equity real estate investments and mortgages, including participating or convertible mortgages and other real estate interests. We do not have a policy limiting our ability to make loans to third parties orentities, including joint ventures in which we may participate in the future. On three occasions in the past, we have made loans to our vendors and preferred service providers in amounts less than $1 million per transaction to facilitateour business relationship with, and in some cases provide growth capital to, these businesses. We may in the future make similar loans where appropriate to support the needs of our business.  Such loans would require the approval of senior management.

          We currently intend to invest in apartment communities in specifically identified markets. However, future development or investment activities will not belimited to any geographic area or product type or to a specified percentage of our assets. We will not have any limit on the amount or percent of our assets invested in one property. Subject to customary covenants associated with our unsecured debt financing and thepercentage of ownership limitations and gross income and asset tests necessary for REIT qualification, we may also invest in securities of other REITs, other entities engaged in real estate activities or which provide services to the real estate industry, orsecurities of other issuers, including for the purpose of exercising control over such entities. We may enter into joint ventures or partnerships for the purpose of obtaining an equity interest in a particular property in accordance with our investment policies.These investments may permit us to own interests in larger assets without unduly restricting diversification and, therefore, add flexibility in structuring our portfolio. We will not enter into a joint venture or partnership to make an investment that would nototherwise meet our investment policies. Investment in these securities is also subject to our policy to not be treated as an investment company under the Investment Company Act of 1940. We have not engaged in the trading, underwriting or agency distribution or saleof securities of other issuers, and we do not intend to do so.

          *Financing and Equity Capital Policies.* Our debt to total market capitalization ratio, defined as our total consolidated debt as a percentage ofthe December 31, 2003 market value of our outstanding common shares and units plus total consolidated debt and preferred shares at liquidation value, was 44.1% at December 31, 2003. Excluding construction-related indebtedness, this ratio was 40.5% at December 31,2003. This ratio will fluctuate with changes in the market price of our common shares and the number of outstanding common shares and units or other forms of shares or units of beneficial interest, and differs from the debt-to-book capitalization ratio, which isbased upon book values. This percentage will increase as we use financing to continue construction of our development communities and acquire additional multifamily apartment communities. As the debt-to-book capitalization ratio may not reflect the current incomepotential of a company's assets and operations, we believe that, in most circumstances, the debt to fair market value ratio may provide an alternate indication of leverage for a company whose assets are primarily income-producing real estate and should be evaluatedalong with the debt service coverage and underlying components of indebtedness. Estimates of the fair market value of our assets are not always readily available through public channels due to the inherent complexity associated with valuing each of our assets. Duringtime periods when the public valuation of equity securities is in-line with the private valuation of real estate assets, the debt to total market capitalization ratio may provide an alternative indication of leverage for a company whose assets are primarilyincome-producing real estate and could be evaluated along with the debt service coverage and underlying components of indebtedness.

          We currently have a policy of incurring debt only if the ratio of debt to total market capitalization, assuming total market capitalization and fair marketvalue of our assets are in-line, would be 60% or less. Our declaration of trust and bylaws do not, however, limit the amount or the percentage of indebtedness that we may incur. In addition, we may from time to time modify our debt policy in light of current economicconditions, relative costs of debt and equity capital, market values of our communities, general conditions in the market for debt and equity securities, fluctuations in the market price of common shares, growth opportunities and other factors. Accordingly, we mayincrease our debt to total market capitalization ratio beyond the limits described above. We are, however, subject to certain indebtedness limitations pursuant to the restrictive covenants of our existing debt agreements.  (See “Management’sDiscussion and Analysis of Financial Condition and Results of Operations” for further discussion).  To the extent that our board of trustees authorizes us to obtain additional capital, we may raise capital through asset dispositions, additional equity offerings, including the issuance of senior securities, debtfinancings or retention of cash flow as allowable under the Code in order to maintain REIT tax status, or a combination of these methods. We presently anticipate that any additional borrowings would be made through the Operating Partnership, although we might incurindebtedness, the proceeds of which would be loaned to the Operating Partnership. Borrowings may be unsecured or may be secured by any or all of our assets, the Operating Partnership or any existing or new property owning entity, and may have full or limited recourseto all or any portion of our assets, the Operating Partnership or any existing or new property owning entity. Indebtedness incurred by us may be in the form of bank borrowings, tax-exempt bonds, purchase money obligations to sellers of apartment communities or otherproperties, publicly or privately placed debt instruments or financing from institutional investors or other lenders. The proceeds from any of our borrowings may be used for working capital, to refinance existing indebtedness and to finance acquisitions, expansionsor development of new communities and other properties, and for the payment of distributions. We have not established any limit on the number or amount of mortgages that may be placed on any single property or on our portfolio as a whole. We currently have equivalentsenior unsecured debt ratings of BBB from Standard and Poor's and Baa2 from Moody's Investors Service.          Our board of trustees has the authority, without further shareholder approval, to issue additional authorized common shares and preferred shares or otherwiseraise capital, including through the issuance of senior securities, in any manner and on the terms and for the consideration it deems appropriate, including in exchange for property. We have in the past, and may in the future, issue one or more series of additionalpreferred shares that could have dividend, voting, liquidation and other rights and preferences that are senior to those of our common shares. Existing shareholders will have no preemptive right to additional shares issued in any offering, and any offering mightcause a dilution of their investment. We have in the past issued preferred shares in connection with an acquisition, and may in the future, issue common or preferred shares in connection with an acquisition. We have in the past, and may in the future, issue units ofpartnership interest in the Operating Partnership in connection with acquisitions of property. Our Series C-1 Preferred Shares and Series D Preferred Shares currently have equivalent ratings of BBB- from Standard and Poor's and Baa3 from Moody's InvestorsService.  We intend to adhere to financing policies that will allow us to maintain these investment grade credit ratings.

          *Conflict of Interest Policies.* As part of their employment agreements, each of Chris Wheeler (Chairman, President and Chief Executive Officer), MarvinBanks (Senior Vice President and Chief Financial Officer), David Fitch (Senior Vice President and Chief Investment Officer) and Mike Hefley (Senior Vice President and Chief Operating Officer) is bound by a non-competition covenant. These non-competition covenantsprovide that, during the term of employment and for a period of one year following termination of employment, under specified circumstances, each individual is prohibited from directly or indirectly competing with us with respect to any multifamily apartmentcommunity management, development, construction, acquisition or disposition activities undertaken or being considered by us. These employment agreements also contain non-solicitation covenants wherein each individual subject to the agreement is prohibited, during theterm of employment and for a period of one year following employment, from directly or indirectly (1) soliciting or inducing any of our present or future employees to accept employment with such individual or any person or entity associated with such individual, (2)employing, or causing any person or entity associated with such individual to employ, any of our present or future employees without providing us prior written notice of such proposed employment, or (3) either for himself or for any other person or entity, competingfor or soliciting the third party owners with whom we have an existing property management agreement. The employment agreements for Mr. Wheeler, Mr. Banks, Mr. Fitch and Mr. Hefley terminate on January 1, 2005.  These agreements are automatically extended foradditional one-year periods unless notice is given by us or the employee three months prior to the agreement's expiration that the agreement will not be renewed.          In addition, members of our board of trustees as well as officers ("Senior Management") are bound by a conflict of interest policy which narrowly focuses onbusiness activities of Senior Management which may compete directly with our business in the multifamily sector. Under this policy, Senior Management must refrain from engaging in activities such as serving as a director, trustee, officer, employee, partner,consultant, agent, investor, lender, or a significant financial stakeholder in an enterprise that engages, or proposes to engage in the acquisition, development, management, ownership, operation or disposition of multifamily apartment communities in any market inwhich we are currently present or contemplating entering.

          Senior Management may engage in some permissible competitive activities, although potentially competitive with us. These activities which are similar to theactivities described in the preceding paragraph, include any proposed activity that is fully disclosed to and approved by the chairman of the board of trustees, any proposed activity which involves either fewer than 30 residential units or a total value of less than$3.0 million, and relates to a property that is not located within a five mile radius of our existing or proposed properties, and any activity by a trustee, if such activity is an incidental or non-recurring part of the regular duties and responsibilities associatedwith his or her employment.

          We have adopted a policy that, without the approval of a majority of the disinterested members of the board of trustees, we will not acquire from or sell toany trustee, officer or employee or any entity in which a trustee, officer or employee of our company beneficially owns more than a 1% interest, or acquire from or sell to any affiliate of any of the foregoing, any of our assets or other property.          *Reporting Policies*. Our annual reports, including our audited financial statements, periodic reports and other information, including exhibits to suchreports, filed or furnished pursuant to the Securities Exchange Act of 1934, are available free of charge in the "SEC Filings" section of our website located at http://www.gables.com, as soon as reasonably practicable after the reports are filed with or furnished tothe Securities and Exchange Commission.

**Risk Factors**

          *Before you invest in our securities, you should be aware that there are various risks, including those described below. You should consider carefullythese risk factors together with all of the information included or incorporated by reference in this document before you decide to purchase our securities. This section includes forward-looking statements.*

*          Unfavorable changes in market and economic conditions could hurt occupancy or rental rates.* The market and economic conditions in metropolitanareas of our current markets in the United States may significantly affect apartment home occupancy or rental rates. Occupancy and rental rates in those markets, in turn, may significantly affect our profitability and our ability to satisfy our financial obligations.The risks that may affect conditions in those markets include the following:
| - the economic climate which may be adversely impacted by plant closings, industry slowdowns and other factors;                                                                                                      |
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| - real estate conditions such as an oversupply of, or a reduced demand for, apartment homes;                                                                                                                         |
| - decline in household formation that adversely affects occupancy or rental rates;                                                                                                                                   |
| - the inability or unwillingness of residents to pay rent increases;                                                                                                                                                 |
| - the potential effect of rent control or rent stabilization laws, or other laws regulating housing, on any of our communities, which could prevent us from raising rents to offset increases in operating costs;and |
| - the rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates.                                                                        |

          Any of these risks could adversely affect our ability to achieve our desired or anticipated yields our communities and to make expected distributions toshareholders.

*          Increased competition and low mortgage interest rates could limit our ability to lease apartment homes or increase or maintain rents.* Ourapartment communities in metropolitan areas compete with numerous housing alternatives in attracting residents, including other rental apartments and single-family homes that are available for rent, as well as new and existing single-family homes for sale.Competitive residential housing in a particular area or housing alternatives that are made competitive by a low mortgage interest rate environment could adversely affect our ability to lease apartment homes and to increase or maintain rents.

          *Failure to generate sufficient revenue could limit cash flow available for distributions to shareholders.* If our communities do not generate revenuessufficient to meet our operating expenses, including debt service and capital expenditures, our cash flow and ability to pay distributions to our shareholders will be adversely affected. The following factors, among others, may adversely affect the revenues generatedby our apartment communities:
| - the national and local economic climates;                                                                                                                  |
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| - local real estate market conditions, such as oversupply of apartment homes;                                                                                |
| - the perceptions by prospective residents of the safety, convenience and attractiveness of our communities and the neighborhoods in which they are located; |
| - our ability to provide adequate management, maintenance and insurance; and                                                                                 |
| - increased operating costs including real estate taxes and insurance.                                                                                       |

          Significant expenditures associated with each investment such as debt service payments, if any, real estate taxes, insurance and maintenance costs aregenerally not reduced when circumstances cause a reduction in income from a community. For example, if we mortgage a community to secure payment of debt and are unable to meet the mortgage payments, we could sustain a loss as a result of foreclosure on the communityor the exercise of other remedies by the mortgagee.

*          Development and construction risks could impact our profitability.* We intend to continue to develop and construct multifamily apartmentcommunities. Our development activities may be exposed to the following risks:
| - We may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy, and other required governmental permits and authorizations, which could result in increased costs andcould require us to abandon our activities entirely with respect to the project for which we are unable to obtain permits or authorizations; |
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| - We may abandon development opportunities that we have already begun to explore and as a result we may fail to recover expenses already incurred in connection with exploring such developmentopportunities;                                                                                                                                                 |
| - We may incur construction costs for a community which exceed our original estimates due to increased materials, labor or other costs, which could make completion of the community uneconomical and we may not beable to increase rents to compensate for the increase in construction costs;                                                               |
| - Occupancy rates and rents at a newly completed development community may fluctuate depending on a number of factors, including market and economic conditions, and may result in the community not beingprofitable;                                                                                                                                         |
| - We may not be able to obtain financing with favorable terms for the development of a community, which may make us unable to proceed with its development; and                                                                                                                                                                                               |
| - We may be unable to complete construction and lease-up of a community on schedule, resulting in increased debt service expense and construction costs.                                                                                                                                                                                                      |

          *Acquisitions may not yield anticipated results.* We intend to continue to acquire multifamily apartment communities on a select basis.Our acquisition activities and their success may be exposed to the following risks:
| - The acquired community may fail to perform as we expected in analyzing our investment; and                            |
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| - Our estimate of the costs of any necessary repositioning or redeveloping the acquired community may prove inaccurate. |

          *Insufficient cash flow could affect our debt financing and create refinancing risk.* We are subject to the risks normally associated with debtfinancing, including the risk that our cash flow will be insufficient to meet required payments of principal and interest. We anticipate that only a small portion of the principal of our debt will be repaid prior to maturity. Although we may be able to use cash flowto make future principal payments, we cannot assure you that sufficient cash flow will be available to make all required principal payments. Therefore, we are likely to need to refinance at least a portion of our outstanding debt as it matures. There is a risk thatwe may not be able to refinance existing debt or that the terms of any refinancing will not be as favorable as the terms of the existing debt.

          *Difficulty of selling apartment communities could limit flexibility.* Real estate in metropolitan areas of the United States can be hard to sell,especially if market conditions are poor. This may limit our ability to change our portfolio promptly in response to changes in economic or other conditions. In addition, federal tax laws limit our ability to sell communities that we have owned for fewer than fouryears, and this may affect our ability to sell communities without adversely affecting returns to our shareholders.

*          Policy of limiting debt level may be changed and our indebtedness may increase.* As of December 31, 2003, we had approximately $1.0 billion intotal debt outstanding and our ratio of debt to total market capitalization was 44.1%. While our current policy is not to incur debt that would make our ratio of debt to total market capitalization greater than 60%, assuming total marketcapitalization and fair market value of our assets are in-line, neither our declaration of trust and bylaws nor the Operating Partnership’s organizational documents contain any such limitations. The governing agreements for our unsecured indebtedness, includingour credit facilities and the indenture related to our senior unsecured notes, contain financial covenants that limit, but do not restrict, our total outstanding indebtedness. As a result, we may incur additional debt and thus increase our ratio of debt to totalmarket capitalization. In addition, in the event that the price of our common shares increases, we could incur additional debt without increasing the ratio of debt to total market capitalization and without a concurrent increase in our ability to service suchadditional debt. Further, the indenture governing our senior unsecured notes does not contain any provisions that would afford holders of such notes protection in the event of a highly leveraged or similar transaction involving us or any of our affiliates or areorganization, restructuring, merger, sale of all or substantially all of our assets or similar transaction involving the Operating Partnership that may adversely affect the holders of the unsecured senior notes.

         *Incurrence of additional debt and related issuance of equity may be dilutive to shareholders.* Future issuance of equity may dilute theinterest of existing shareholders. To the extent that additional equity securities are issued to finance future developments and acquisitions instead of incurring additional debt, the interests of our existing shareholders could be diluted. Our ability to execute ourbusiness strategy depends on our access to an appropriate blend of debt financing, including unsecured lines of credit and other forms of secured and unsecured debt, and equity financing, including common and preferred equity.

*          Rising interest rates would increase interest costs and could affect the market price of our securities.* We expect to incur variable-rate debtunder credit facilities and other interim financing vehicles in connection with the acquisition, construction and renovation of multifamily apartment communities in the future, as well as for other purposes. In addition, we have tax-exempt bonds, as described morefully below, that bear interest at a variable rate.  Accordingly, if interest rates increase, so will our interest costs to the extent the variable rate increase is not hedged effectively. In addition, an increase in market interest rates may lead purchasers ofour securities to demand a higher annual yield, which could adversely affect the market price of our outstanding securities.

*          Share ownership limit may prevent takeovers beneficial to shareholders. *For us to maintain our qualification as a REIT for federal income tax purposes,not more than 50% in value of our outstanding shares of beneficial interest maybe owned, directly or indirectly, by five or fewer individuals. As defined forfederal income tax purposes, the term "individuals" includes a number ofspecified entities. Our declaration of trust includes restrictions regardingtransfers of our shares of beneficial interest and ownership limits that areintended to assist us in satisfying such limitations. The ownership limit mayhave the effect of delaying, deferring or preventing someone from taking controlof us, even though such a change of control could involve a premium price forour shareholders or otherwise could be in our shareholders' best interests.

          *Limits on changes in control may discourage takeover attempts beneficial to shareholders. * Our declaration of trust, our bylaws and Maryland lawmay have the effect of discouraging a third party from attempting to acquire us which makes a change in control more unlikely. The result may be a limitation on the opportunity for shareholders to receive a premium for their common shares over then-prevailing marketprices.

          *Failure to qualify as a REIT would cause us to be taxed as a corporation which would significantly lower cash available for distributions toshareholders. * If we fail to qualify as a REIT for federal income tax purposes, we will be taxed as a corporation. We believe that we are organized and qualified as a REIT and intend to operate in a manner that will allow us to continue to qualify as a REIT.However, we cannot assure you that we are qualified as such, or that we will remain qualified as such in the future. This is because qualification as a REIT involves the application of highly technical and complex provisions of the Code as to which there are onlylimited judicial and administrative interpretations, and involves the determination of various factual matters and circumstances not entirely within our control. In addition, future legislation, new regulations, administrative interpretations or court decisions maysignificantly change the tax laws or the application of the tax laws with respect to qualification as a REIT for federal income tax purposes or the federal income tax consequences of such qualification.

          If, in any taxable year, we fail to qualify as a REIT, we will be subject to federal income tax on our taxable income at regular corporate rates, plus anyapplicable alternative minimum tax. In addition, unless we are entitled to relief under applicable statutory provisions, we would be disqualified from treatment as a REIT for the four taxable years following the year in which we lose our qualification. The additionaltax liability resulting from the failure to qualify as a REIT would significantly reduce or eliminate the amount of cash available for distributions to our shareholders. Furthermore, we would no longer be required to make distributions to our shareholders.

          *Compliance or failure to comply with Americans with Disabilities Act (“ADA”) and other similar laws could result in substantialcosts. * The ADA generally requires that public accommodations, including office buildings and hotels be made accessible to disabled persons. Noncompliance could result in imposition of fines by the federal government or the award of damages to privatelitigants. If, pursuant to the ADA, we are required to make substantial alterations and capital expenditures in one or more of our properties, including the removal of access barriers, it could adversely affect our financial condition and results of operations, aswell as the amount of cash available for distribution to our shareholders.

          A number of additional federal, state and local laws exist that impact our communities with respect to access thereto by disabled persons. For example, theFHAA requires that apartment communities first occupied after March 13, 1990 be accessible to the handicapped. Noncompliance with the FHAA could result in the imposition of fines or an award of damages to private litigants.

          We cannot predict the ultimate cost of compliance with the ADA or other similar legislation. The costs could be substantial.

          *Potential liability for environmental contamination and related matters could result in substantial costs. * We are in the business of acquiring,owning, operating and developing real estate assets. From time to time we will sell to third parties some of our assets. Under various federal, state and local environmental laws, we may be required, often regardless of our knowledge or responsibility but solelybecause of our current or previous ownership or operation of real estate, to investigate and remediate the effects of hazardous or toxic substances or petroleum product releases at those properties. We may also be held liable to a governmental entity or to thirdparties for property damage and for investigation and clean-up costs incurred by us in connection with any contamination. These costs could be substantial. The presence of such substances or the failure to properly remediate the contamination may materially andadversely affect our ability to borrow against, sell or rent the affected asset. In addition, applicable environmental laws create liens on contaminated sites in favor of the government for damages and costs it incurs in connection with the contamination.

         Mold growth may occur when excessive moisture accumulates in buildings or on building materials, particularly if the moisture issue remainsundiscovered or is not addressed over a period of time. Although the occurrence of mold at multifamily and other structures, and the need to remediate such mold, is not uncommon, there has been increased awareness in recent years that particular molds may, insome instances, lead to adverse health effects, including allergic or other reactions. As a result, the presence of mold at a community we own could require us to undertake a costly remediation program to contain or remove the mold from the affected community.Such a remediation program could necessitate the temporary relocation of some or all of the community's residents or the complete rehabilitation of the community.  In addition, the presence of mold at a community could expose us to other liabilities.

          *Potential liability for losses not covered by insurance could result in substantial costs. *We may incur casualty losses that are not covered by insurance. We carryinsurance coverage on our properties of types and in amounts that we believe arein line with coverage customarily obtained by owners of similar properties insimilar locations. Webelieve all of our properties are adequately insured.  There are, however,particular types of losses, such as losses arising from acts of war,catastrophic acts of nature or terrorism that are not insured, in part or infull, because they are either uninsurable or not economically practical toinsure in management's view, given the cost of the insurance after considerationof the resulting coverage levels and related deductibles, limits and exclusions. Should an uninsured loss or a loss in excess of insured limits occur, we couldlose our capital invested in a particular property as well as the anticipatedfuture revenues from the property and would continue to be obligated on anymortgage indebtedness or other obligations related to the property.  In theevent of an uninsured loss or a loss in excess of our insurance limits, we couldlose both the revenues generated from the affected community and the capital wehave invested in the affected community; depending on the specific circumstancesof the affected community it is possible that we could be liable for anymortgage indebtedness or other obligations related to the community. Any suchloss could materially and adversely affect our business and financial conditionand results of operations.

          *Significant new operations and acquired communities under management require integration with the existing business and, if not properly integrated, couldcreate inefficiencies.* Our ability to manage growth effectively will require us, among other things, to successfully apply our experience in managing our existing portfolio of multifamily apartment communities to a larger number of assets. In addition, we must beable to successfully manage the integration of new management and operations personnel as our organization grows in size and complexity.

          *Failure to succeed in new markets may limit growth.* We may make selected acquisitions outside of our current market areas from time to time, ifappropriate opportunities arise. Our historical experience in our current markets located in the United States does not ensure that we will be able to operate successfully in other market areas new to us. We may be exposed to a variety of risks if we choose to enterinto new markets. These risks include, among others:
| - a lack of market knowledge and understanding of the local economies;                  |
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| - an inability to obtain land for development or to identify acquisition opportunities; |
| - an inability to obtain construction tradespeople; and                                 |
| - an unfamiliarity with local governmental and permitting procedures.                   |

          *Bond compliance requirements could limit income and restrict use of communities and cause favorable financing to become unavailable.* Some of ourmultifamily apartment communities are financed with obligations issued by various local government agencies or instrumentalities, the interest on which is exempt from federal income taxation. These obligations are commonly referred to as "tax-exempt bonds." The bondcompliance requirements for our current tax-exempt bonds, and the requirements of any future tax-exempt bond financing, may have the effect of limiting our income from communities subject to such financing. Under the terms of our tax-exempt bonds, we must comply withvarious restrictions on the use of the communities financed by such bonds, including a requirement that a percentage of apartments be made available to low and middle income households. In addition, some of our tax-exempt bond financing documents require that afinancial institution guarantee payment of the principal of, and interest on, the bonds. The guarantee may take the form of a letter of credit, surety bond, guarantee agreement or other additional collateral. If the financial institution defaults in its guaranteeobligations, or we are unable to renew the applicable guarantee or otherwise post satisfactory collateral, a default will occur under the applicable tax-exempt bonds and the community could be foreclosed upon.

          *Decrease of fee management business would result in decrease in revenues.* We manage multifamily apartment communities owned by third parties for afee. Most of our management contracts are terminable upon 30-days notice. There is a risk that the management contracts will be terminated and/or that the rental revenues upon which management fees are based will decline and management fee income will decreaseaccordingly.

          *Interest rate hedging contracts may involve material charges and may not provide adequate protection.* From time to time, when we anticipate offeringsof debt securities, we may seek to decrease our exposure to fluctuations in interest rates during the period prior to the pricing of the securities by entering into interest rate hedging contracts in the form of rate locks. We may do so to increase the predictabilityof our financing costs. Also, from time to time, we rely on interest rate hedging contracts to offset our exposure to moving interest rates with respect to debt financing arrangements at variable interest rates in the form of rate caps and rate swaps. The settlementof interest rate hedging contracts in the form of rate locks has in the past and may in the future involve charges to earnings that may be material in amount. Such charges are typically driven by the extent and timing of fluctuations in interest rates. Despite ourefforts to minimize our exposure to interest rate fluctuations, there is no guarantee that we will be able to maintain our hedging contracts at their existing levels of coverage or that the amount of coverage maintained will cover all of our outstanding indebtednessat any such time. If our efforts are unsuccessful, we may not meet our objective of reducing the extent of our exposure to, and sustain losses as a result of, interest rate fluctuations. In addition, while interest rate hedging contracts may mitigate the impact ofrising interest rates on us, they also expose us to the risk that other parties to the contracts will not perform or that the agreements may be unenforceable.

** **

**ITEM 2.  PROPERTIES**          As of December 31, 2003, we owned or had an interest in 84 stabilized communities consisting of 22,887 apartment homes, and owned or had an interest innine development/lease-up communities consisting of 2,593 apartment homes. The communities, comprising a total of 25,480 apartment homes, are located in Texas, Georgia, Florida, Tennessee and Washington, D.C.   The following table shows the locations of thecommunities and the number of apartment homes in each metropolitan area:

|  | **      Number of Communities      ** | **       Number of Apartment Homes      **** Metropolitan Area**
**Stabilized****Development/     Lease-up     
**Total**
**Stabilized**
**Development/Lease-up    **

**Total**
**Percent      of Total    ApartmentHomes   **
Atlanta, GA (a)
21
1
22

5,922

233

6,155

24.2%

South FL

18
2
20

4,765

761

5,526

21.7%

Houston, TX (b)

14
1
15

4,043

312

4,355

17.1%

Austin, TX

8
1
9

1,916

458

2,374

9.3%

Dallas, TX

9
-
10

1,879

290

2,169

8.5%

Memphis, TN (c)

3
-
3

1,309

-

1,309

5.1%

Orlando, FL

4
-
4

1,274

**-**

1,274

5.0%

Nashville,  TN (d)

4
-
4

1,166

-

1,166

4.6%

Tampa, FL (e)

1
3
4

320

539

859

3.4%

Washington, D.C.

  2
1
  2

     293

        - 

     293

    1.1%

Totals

**84**
**9**
**93**

**22,887**

**2,593**

**25,480**

**100.0%**

(a)

 

Includes a stabilized community comprising 435 apartment homes and a stabilized community comprising 274 apartment homes.  The 435 apartment home community is owned by the Gables Residential ApartmentPortfolio JV LLC (“GRAP JV”), which is 80% owned by Southeast Residential Member LLC, an independent third party, and 20% owned by Gables.  The 274 apartment home community is owned by the Gables Residential Apartment Portfolio JV Two LLC(“GRAP JV Two”), which is 80% owned by Southeast Residential Member Two LLC, an independent third party, and 20% owned by Gables.

(b)

 

Includes a stabilized community comprising 186 apartment homes owned by the GRAP JV Two.

(c)

 

Includes a stabilized community comprising 345 apartment homes and a stabilized community comprising 500 apartment homes. The 345 apartment home community is owned by the Arbors of Harbor Town Joint Venture(“Harbortown JV”), which is 50% owned by The Northwestern Mutual Life Insurance Company, an independent third party, and 50% owned by Harbor Town Partners, which is 50% owned by Island Properties Associates, an independent third party, and 50% owned byGables.  The 500 apartment home community is owned by the CMS Tennessee Multifamily Joint Venture, L.P. (“CMS JV”), which is 56.91% owned by CMS Entrepreneurial II Partners, 34.83% owned by CMS Entrepreneurial III Partners, both independent thirdparties, and 8.26% owned by Gables.

(d)

 

Includes two stabilized communities comprising 618 apartment homes owned by the CMS JV.

(e)

 

Includes a stabilized community comprising 320 apartment homes and two development/lease-up communities comprising 373 apartment homes owned by the GRAP JV Two.

          *Stabilized Communities.* We have developed 39 communities consisting of 10,689 apartment homes and acquired 45 communities consisting of 12,198apartment homes. We manage and operate all of the stabilized communities, which are typically two and three-story garden apartments, townhomes and higher-density apartments. As of December 31, 2003, the communities had an average monthly market rental rate perapartment home of $993 or $0.96 per square foot and a physical occupancy rate of 94%. The average age of the communities is approximately eleven years.

          Most of our communities offer many attractive features designed to enhance their market appeal, such as vaulted ceilings, fireplaces, dishwashers, disposals,washer/dryer connections, ice-makers, patios and decks. Recreational facilities include swimming pools, fitness facilities, playgrounds, picnic areas and tennis and racquetball courts. In many communities, we make amenities and services such as aerobic classes,resident social events, dry cleaning pickup and delivery, and the use of fax, computer and copy equipment available to residents. All of our communities have high-speed internet access. In-depth market research, including periodic focus groups with residents andfeedback from on-site management personnel, is used to refine and enhance management services and community design. Additional information regarding our stabilized communities at December 31, 2003 follows:

 

**Stabilized Community Features as of December 31, 2003**

**Physical**

**No. of**

**Approx.**

**Year**

**Average**

**Occupancy**

**Market Rent at**

**Apt.**

**Rentable**

**Total**

**Constructed/**

**Year**

**Unit Size**

**at**

**12/31/03 per**

**Community (a)**

**Homes**

**Sq. Ft. (b)**

**Acreage**

**Renovated**

**Acquired**

**(Sq. Ft.)**

**12/31/03**

**Home**    

**Sq. Ft.**
**Atlanta, GA**             
Briarcliff Gables

104

128,976

5.2

1995

--

1,240

98%

$1,036

$0.84

 

Buckhead Gables

(c)

162

122,548

3.5

1994

1994

  756

94%

                757

1.00

 

Gables Cityscape

(d)

182

141,550

5.5

1989

1994

778

97%

                769

0.93

 

Gables Metropolitan I

(e)

435

487,472

15.0

2000

--

1,121

91%

             1,217

1.09

 

Gables Metropolitan II

(e)

274

304,239

5.8

2002

--

1,110

94%

             1,270

1.14

 

Gables Mill

438

406,676

36.1

1988

1997

928

91%

                768

0.83

 

Gables Montclair

183

280,701

9.9

2002

--

1,534

96%

             1,417

0.92

 

Gables Northcliff

82

127,990

12.7

1978

1997

1,561

93%

             1,160

0.74

 

Gables Paces

80

131,645

2.6

2002

--

1,646

90%

             1,900

1.15

 

Gables Rock Springs I

188

209,745

28.7

1945-92

1997

1,116

90%

                965

0.86

 

Gables Vinings

(f)

315

336,735

15.2

1997

--

1,069

94%

                945

0.88

 

Gables Walk

310

367,226

19.7

1996-97

1997

1,185

93%

                969

0.82

 

Gables Wood Arbor

(f)

140

127,540

9.9

1987

--

911

95%

                632

0.69

 

Gables Wood Crossing

(f)

268

257,012

22.3

1985-86

--

959

94%

                687

0.72

 

Gables Wood Glen

380

377,340

23.8

1983

--

993

94%

                613

0.62

 

Gables Wood Knoll

312

311,064

19.6

1984

--

997

93%

                668

0.67

 

Lakes at Indian Creek

(f)

603

552,384

49.8

1969-72

1993

916

92%

                587

0.64

 

Roswell Gables I

(f)

384

417,288

28.3

1995

--

1,087

93%

                824

0.76

 

Roswell Gables II

(f)

284

334,268

28.3

1997

--

1,177

93%

                824

0.70

 

Spalding Gables

(f)

252

249,333

11.2

1995

--

                    989

96%

                835

0.84

 

Wildwood Gables

(c), (f)

    546

    619,710

37.9

1992-93

1991

  1,135

    93%

        852

      0.75

 

**Total/Averages**

**5,922**

**  6,291,442**

**391.0**

**  1,062 **

**    93%**

**  $    871**

**  $  0.82**

 

 

**South FL**

 

Belmar

(g)

36

54,948

4.4

1982

2003

1,526

                   ----  

       $    936

$    0.61

 

Cotton Bay

(f)

444

436,460

37.6

1986

1998

983

96%

                787

0.80

 

Gables Boca Place

(f)

180

175,812

9.4

1984

1998

977

91%

             1,071

1.10

 

Gables Boynton Beach I

252

302,148

18.0

1996

1998

1,199

97%

                957

0.80

 

Gables Boynton Beach II

296

357,653

15.9

1997

1998

1,208

95%

                953

0.79

 

Gables Kings Colony

(f)

480

435,824

18.8

1986

1998

908

96%

                905

1.00

 

Gables Mizner on the Green

246

311,176

8.9

1996

1998

1,265

96%

             1,556

1.23

 

Gables Palma Vista      

189

273,606

12.0

2000

--

1,448

93%

              1,631

1.13

 

San Michele I

249

348,358

32.4

1998

1998

1,399

92%

             1,517

1.08

 

San Michele II      

343

475,506

32.4

2000

--

1,386

94%

             1,508

1.09

 

Gables San Remo

180

245,014

11.8

1995

1998

1,361

93%

             1,297

0.95

 

Gables Town Colony

(f)

172

147,724

10.0

1985

1998

859

96%

             1,006

1.17

 

Gables Town Place

(f)

312

260,192

13.0

1987

1998

  834

96%

                873

1.05

 

Gables Wellington

222

256,472

12.7

1998

1998

1,155

94%

              1,078

0.93

 

Hampton Lakes

(f)

300

317,004

11.0

1986

1998

1,057

92%

                853

0.81

 

Hampton Place

368

352,528

14.1

1985

1998

958

94%

                799

0.83

 

Mahogany Bay

(f)

328

330,459

25.4

1986

1998

1,007

96%

                 838

0.83

 

Vinings at Hampton Village

(f)

   168

       202,752

     8.6

1988

1998

   1,207

   98%

       870

   0.72

 

**Total/Averages**

**4,765**

**  5,283,636**

**296.4**

**   1,109**

**  95%**

**  $ 1,051**

**$ 0.95**

 

 

**Houston, TX**

 

Gables Austin Colony

(f)

237

231,621

11.0

1984

1998

977

93%

$   925

$  0.95

 

Gables Cityscape

252

214,824

6.8

1991

--

852

94%

913

1.07

 

Gables CityWalk/Waterford Square                     

317

255,823

8.7

1990/ 1985

--/ 1992

807

94%

874

1.08

 

Gables Edgewater

292

257,339

12.2

1990

--

881

96%

851

0.97

 

Gables Lions Head

(f)

277

233,796

10.3

1983

1998

844

95%

769

0.91

 

Gables Metropolitan Uptown 

318

290,141

8.9

1995

--

912

90%

997

1.09

 

Gables of First Colony

324

321,848

13.3

1996

1997

993

92%

987

0.99

 

Gables Piney Point

(f)

246

227,880

7.5

1994

--

926

96%

849

0.92

 

Gables Pin Oak Green

581

592,709

14.4

1990

1996

1,020

93%

1,214

1.19

 

Gables Pin Oak Park

474

483,740

11.9

1992

1996

1,021

93%

1,214

1.19

 

Gables Rivercrest I

140

118,020

5.1

1982

  1987 

843

94%

780

0.93

 

Gables Rivercrest II

(f)

140

118,020

5.0

1993

1998

843

97%

767

0.91

 

Gables Windmill Landing

(f)

259

224,689

9.8

1984

1998

868

95%

688

0.79

 

Gables White Oak  

(e)

   186

    162,552

   6.1

2002

--

     874

94%

      967

      1.11

 

**Total/Averages**

**4,043**

**  3,733,002**

**131.0**

**     923**

**94%**

**  $   962**

**$    1.04**

 
             **Austin, TX**            
Gables at the Terrace

308

292,292

18.6

1998

1998

949

96%

$1,009

$1.06

Gables Barton Creek

(f)

160

185,846

11.6

1998

2000

1,162

95%

1,312

1.13

Gables Bluffstone

256

251,909

32.7

1998

--

984

91%

949

0.96

Gables Central Park

273

257,043

6.9

1997

--

942

95%

1,369

1.45

Gables Great Hills

276

228,930

23.7

1993

--

829

93%

779

0.94

Gables Park Mesa

148

161,540

24.3

1992

1997

1,091

93%

1,116

1.02

Gables Town Lake

256

239,264

12.0

1996

--

935

96%

1,296

1.39

Gables West Avenue

    239

     205,088

     2.8

2000

2003

    858

   94%

   1,371

   1.60

**Total/Averages**

**1,916**

**1,821,912**

**132.6**

**    951**

**94%**

**$ 1,136**

**$ 1.19**

**Dallas, TX**

Gables at Pearl Street

108

117,688

3.6

1995

--

1,090

93%

$ 1,251

$ 1.15

Gables CityPlace

232

244,056

7.1

1995

1997

1,052

96%

1,350

1.28

Gables Ellis Street

245

294,351

6.5

2003

--

1,201

94%

1,581

1.32

Gables Knoxbridge

334

283,426

9.8

1994/1996

2003

849

94%

1,054

1.24

Gables Mirabella

126

114,902

1.4

1996

1997

912

90%

1,119

1.23

Gables Spring Park

188

198,178

12.3

1996

--

1,054

94%

938

0.89

Gables State Thomas     Townhomes

177

264,728

7.1

2002

--

1,496

92%

  1,760

  1.18

Gables Turtle Creek

150

150,930

3.1

1995

1996

1,006

96%

1,166

1.16

Gables Valley Ranch

(f)

   319

   325,534

     14.8

1994

--

   1,020

    96%

     877

    0.86
**Total/Averages**
**1,879**

**1,993,793**

**    65.7**

**   1,061**

**   94%**

**$ 1,209**

** $1.14**
**Memphis, TN**
Arbors of Harbortown

(h)

345

341,258

15.0

1991

--

989

97%

$ 901

$ 0.91

Gables Cordova

464

434,461

32.2

1986

--

936

91%

701

0.75

Gables Stonebridge

(i)

    500

   439,646

   34.0

1993/1996

1996

   879

   93%

     704

     0.80
**Total/Averages**
**1,309**

**1,215,365**

**   81.2**

**   928**

**  93%**

**  $ 755**

**  $  0.81**
**Orlando, FL**
Gables Celebration

231

267,417

8.8

1999

--

1,158

92%

$ 1,079

$ 0.93

Gables Chatham Square

(j)

448

503,263

29.6

2001

--

1,123

100%

--

--

Gables North Village

315

418,985

21.3

2002

--

1,330

90%

1,122

0.84

The Commons at Little Lake    Bryan

(j)

   280

      289,436

   16.5

1998

--

1,034

   100%

       --

       --
**Total/Averages**
**1,274**

**1,479,101**

**  ****76.2**

**1,161**

**    96%**

**$ 1,104**

**  $0.88**

**Nashville,  TN**
Brentwood Gables

(i)

254

287,594

14.5

1996

--

1,132

93%

$ 953

$ 0.84

Gables Hendersonville

(i)

364

342,982

21.0

1991

--

942

92%

688

0.73

Gables Hickory Hollow I

(f)

276

247,322

19.0

1988

--

896

88%

660

0.74

Gables Hickory Hollow II

(f)

    272

     259,704

18.0

1987

--

    955

   87%

    653

   0.68
**Total/Averages**
**  1,166**

**  1,137,602**

**72.5**

**    976**

**  90%**

**$  731**

**$ 0.75**
**Tampa,  FL**
Gables West Park Village I

(e)

    320

    401,314

  12.0

2002

--

1,254

   85%

$1,182

$  0.94
**Total/Averages**
**    320**

**    401,314**

**  12.0** 

**1,254**

**   85%**

**$1,182**

**  $ 0.94**

**Washington,  D.C.**

Gables Dupont Circle

82

79,895

0.5

1998

2001

974

99%

$ 2,665

$ 2.74

Gables Woodley Park

(k)

    211

    182,057

  0.9

2001

2003

   863

       --

   2,222

    2.58
**Total/Averages**
**    293**

**    261,952**

**        1.4**

**   894**

**  99%**

**$ 2,346**

**$2.62****TOTALS**
**22,887**

**23,619,119**

**1,260.0**

**1,032**

**   94%**

**  $  993**

**  $ 0.96**

 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)

Except as noted in notes (e), (h), and (i), we hold fee simple title to each of the communities. Except as noted in notes (e), (f), (h), and (i), the communities are unencumbered. In the Atlanta and Tennessee markets, rentable area is measured including any patio or balcony. In the Texas markets, rentable area is measured using only the heated area. In the Florida and Washington, D.C. markets, rentable area is measured using only the airconditioned area. These communities were originally constructed as follows: Buckhead Gables - 1964 and Wildwood Gables - 1972.  This community is not fully operational; therefore, occupancy is based on apartment homes available for lease. Gables Metropolitan is owned by the GRAP JV.  Gables Metropolitan II, Gables White Oak and Gables West Park Village I are owned by the GRAP JV Two.  We hold an indirect 20% interest in each of the GRAP JV and the GRAP JV Two.  These communities secureindebtedness totaling $75.9 million at December 31, 2003. The denoted communities secure indebtedness totaling $309.0 million as of December 31, 2003. This community was acquired in December 2003 for renovation and was 72% occupied at December 31, 2003.  This community is adjacent to a land parcel that we acquired in January 2004 for future development of an estimated 261 apartment homes. This community is owned by the Harbortown JV, in which we own an indirect 25% interest.  This community secures indebtedness of $16.4 million at December 31, 2003. These communities are owned by the CMS JV, in which we own an indirect 8.26% interest.  These communities secure indebtedness totaling $51.7 million at December 31, 2003. These communities are leased to a single user group pursuant to a triple net master lease. Accordingly, scheduled rent data is not reflected. This community was in lease-up when we acquired it in July 2003.  At December 31, 2003, the community was 87% occupied.

          *Development and Lease-up Communities.* The development communities have been designed to generally resemble the stabilized communities we developedpreviously and to offer similar amenities. The development communities and recently completed communities reflect our continuing research of consumer preferences for upscale multifamily rental housing and incorporate and emphasize garage parking, increased privacy,high quality interiors, high speed internet access, and private telephone and television systems. Additional information regarding our development and lease-up communities at December 31, 2003 follows:

** **

** **

**     Percent at December 31, 2003      ****.**

**      Actual or Estimated Quarter of       **

**Market**

**Community**

**No. of Apt.    Homes**

**Total BudgetedCost**

**Cost to Complete**

**Complete**

**Leased**

**Occupied**

**Constr- uction Start**

**Initial Occu- pancy.**

**Constr- uction End**

**Stab- ilizedOccupancy**

** **

** **

**(millions)**

**(millions)**

** **

** **

** **

** **

** **

**(a)**

**Wholly-Owned Development/Lease-up Communities:**

Atlanta, GA

Gables Rock Springs II (b)

233

$ 25

$ 3

94%

68%

61%

2 Q 2002

2 Q 2003

2 Q 2004

3 Q 2004

Austin, TX

Gables Grandview (c)

458

56

13

71%

7%

5%

1 Q 2003

4 Q 2003

4 Q 2004

2 Q 2005

Houston, TX

Gables Augusta (c)

312

33

14

46%

2%

--

1 Q 2003

1 Q 2004

4 Q 2004

2 Q 2005

South FL

Gables Floresta

311

39

13

58%

11%

9%

1 Q 2003

4 Q 2003

4 Q 2004

2 Q 2005

South FL

Gables Montecito (d)

450

56

49

3%

--

--

2 Q 2004

2 Q 2005

2 Q 2006

4 Q 2006

Tampa, FL

Gables Beach Park

   166

   22

    2

89%

5%

1%

1 Q 2003

4 Q 2003

2 Q 2004

4 Q 2004

**Wholly-Owned totals**

**1,930**

**$231**

**$94**

 

 

 

 

 

 

**Co-Investment Development/Lease-up Community:**

Tampa, FL

Gables West Park Village III (e)

   76

  $ 10

 $  8

7%

--

--

4 Q 2003

3 Q 2004

4 Q 2004

1 Q 2005

**Co-Investment totals**

**   76**

**$10**

**$  8**

(f)

**Wholly-Owned Completed Community in Lease-up:**

Dallas, TX

Gables State Thomas Ravello

290

$ 48

$    -

100%

90%

88%

4 Q 2001

1 Q 2003

3 Q 2003

2 Q 2004

**  Wholly-Owned totals**

**290**

**$48**

**$    -**

**Co-Investment Completed Community in Lease-up:**

Tampa, FL

Gables West Park Village II (e)

297

  $ 27

$    -

100%

80%

70%

2 Q 2002

1 Q 2003

4 Q 2003

2 Q 2004

**Co-Investment totals**

**297**

**$27**

**$    -**

**   Grand Total**

**2,593**

(a)   Stabilized occupancy is defined as the earlier to occur of (i) 93% occupancy or (ii) one year after completion of construction.(b)   This community represents the reconstruction of 100 apartment homes previously owned and operated by us into 233 apartment homes.(c)   These communities are secured by construction loans with an aggregate committed capacity of $43.0 million, of which $23.7 million was outstanding at December 31, 2003.(d)   We are developing single-family lots adjacent to this community and have such lots under contract for sale once development is complete.  Amounts pertaining to the single-family lots havebeen excluded from the table above. At December 31, 2003,  $8 million in costs have been incurred pertaining to the single-family lots, and the estimated cost to complete is $5 million.(e)  These communities are owned by the GRAP JV Two, in which we hold an indirect 20% interest.  These communities secure indebtednesstotaling $16.4 million as of December 31, 2003.(f)  Construction loan proceeds are expected to fund $4 million of these costs to complete at December 31, 2003. The remaining costs will be funded by capital contributions to the venture from our venture partner and us in a funding ratio of80% and 20%, respectively.*          Undeveloped Land.*   As of December 31, 2003, we owned the following two parcels of land on which we intend to develop two apartmentcommunities.  We also owned additional parcels of land at December 31, 2003; however, we do not currently intend to develop apartment communities on this land in the foreseeable future. Instead, we intend to sell these land parcels on an as-is basis. There canbe no assurance of when or if our undeveloped land will be developed or sold.

**Undeveloped Land**

**Metropolitan Area**

**Estimated Number of Apartment Homes**

Gables on Cole I (a)Gables River Oaks (a)    Total

Dallas, TX Houston, TX

309144**453**

(a) These assets are secured by construction loans with an aggregate committed capacity of $35.1 million, of which $6.1 million was outstanding at December 31, 2003.

*          Land Acquisition Rights. * As of December 31, 2003, we had rights to acquire the following ten parcels of land, either through options orlong-term conditional contracts, on which we would intend to develop ten apartment communities.  Options and long-term conditional contracts generally enable us to acquire the land shortly before the start of construction, which reduces development-relatedrisks, as well as preserves capital.

**Land Acquisition Rights**

**Metropolitan Area**

**Estimated Number of Apartment Homes**

Gables Metropolitan III Gables Bridgepoint Gables Wild Basin Gables St. Stephens Gables on Cole II Gables Republic Center Gables Marbella (a) Gables Stuart Gables Arlington Courthouse Gables Rothbury Square    Total

Atlanta, GA Austin, TX Austin, TX Austin, TX Dallas, TX Dallas, TX South Florida South Florida Washington, D.C. Washington, D.C.

485 14 60 312 309 225 261 318 327     203**  2,514**

 

                                                                      (a)  We acquiredthis parcel of land in January 2004.

          There can be no assurance of when or if our land acquisition rights will be exercised.  In addition, there can be no assurance of when or if any landacquired pursuant to such rights will be developed.

          The following is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934,as amended. The projections contained in the tables above under the captions "Development and Lease-up Communities," "Undeveloped Land" and "Land Acquisition Rights" are forward-looking statements. These forward-looking statements involve risks and uncertainties, andactual results may differ materially from those projected in the forward-looking statements. Risks associated with our development, construction and land acquisition activities, which could impact the forward-looking statements made, include: development andacquisition opportunities may be abandoned; construction costs of a community may exceed original estimates, possibly making the community uneconomical; and construction and lease-up may not be completed on schedule, resulting in increased debt service andconstruction costs. Development of the undeveloped land and land that we may acquire pursuant to our land acquisition rights is subject to permits and other governmental approvals as well as our ongoing business review of the underlying real estate fundamentals andthe impact on our capital structure. There can be no assurance that we will decide or be able to develop or sell the undeveloped land, complete development of all or any of the communities subject to the land acquisition rights, or complete the number of apartmenthomes shown above.

**ITEM 3. LEGAL PROCEEDINGS**

**         ** Neither we nor any of our communities are presently subject to any material litigation or, to our knowledge, is any litigation threatenedagainst us or any of our communities other than routine actions for negligence or other claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance and all of which collectively arenot expected to have a material adverse effect on our business or financial condition.**ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

          No matters were submitted to a vote of security holders during the fourth quarter of the fiscal year ended December 31, 2003.

 

  **PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS**

          Our common shares began trading on the NYSE on January 19, 1994 under the symbol GBP. The following table sets forth the high and low sales prices per shareof our common shares for the periods indicated, as reported by the NYSE, as well as the quarterly per share dividends declared to shareholders for the period indicated.

**Quarter Ended**

**High**

**Low**

**Dividend Declared** 

March 31, 2002  June 30, 2002 September 30, 2002 December 31, 2002 March 31, 2003 June 30, 2003 September 30, 2003 December 31, 2003 March 31, 2004 (through March 5, 2004)

$31.63 32.90 31.93 26.90 27.41 31.31 32.98 35.02 36.76

$28.00 29.45 23.50 21.25 24.02 26.46 30.00 31.16 33.46

$0.6025 0.6025 0.6025 0.6025 0.6025 0.6025 0.6025 0.6025 0.6025

 (a) (b) (b) (b) (b) (b)

(a) Declared and paid monthly at a rate of $0.200833 per share for each month. (b) Declared and paid monthly at a rate of $0.200833 per share for the first and second month of the quarter and $0.200834 per share for the third month of the quarter.

        We have determined that, for federal income tax purposes, approximately 36.1% of the distributions for each of the four quarters of 2003 represented ordinarydividend income, 12.3% represented capital gains and the remaining 51.6% represented return of capital to our common shareholders.       We currently intend to pay monthly dividends to our shareholders. Distributions on our common shares are declared at the discretion of the board of trustees and will depend on our financial liquidity from cash provided byrecurring real estate activities that include both operating activities and asset disposition activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Code and other factors the board of trustees maydeem relevant. The board of trustees may modify our distribution policy from time to time.

       Some of our debt agreements contain customary representations, covenants and events of default, including covenants which restrict the ability of the Operating Partnership tomake distributions in excess of stated amounts, which in turn restricts our discretion to declare and pay dividends. In general, during any fiscal year, the Operating Partnership may only distribute up to 100% of its consolidated income available for distribution, asdefined in the related agreements. The applicable debt agreements contain exceptions to these limitations to allow the Operating Partnership to make any distributions necessary to (1) allow us to maintain our status as a REIT or (2) distribute 100% of our taxableincome at the REIT level. We do not anticipate that this provision will adversely affect the ability of the Operating Partnership to make distributions or our ability to declare dividends under our current dividend policy.        On March 5, 2004, there were approximately 570 holders of record of our 29,057,190 outstanding common shares. This does not include beneficial owners for whom Cede & Co.or others act as nominee.         As of December 31, 2003, the Operating Partnership had 81 holders of common units, including one general partner and 80 limited partners.  During the period commencing on October 1, 2003 and ending on December 31, 2003, weissued 849,151 common shares, valued at approximately $27,524,208 at the time of issuance, to ten limited partners of the Operating Partnership in exchange for 849,151 common units. Such shares were issued in reliance on an exemption from registration under Section4(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as these were transactions by an issuer not involving a public offering.  In light of the information obtained by us from the limited partners in connectionwith these transactions, we believe we may rely on this exemption.**ITEM 6. SELECTED FINANCIAL AND OPERATING INFORMATION**

          The following table sets forth selected financial and operating information. This information should be read in conjunction with our consolidatedfinancial statements and notes thereto and “Management's Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this report.

 

**GABLES RESIDENTIAL TRUST SELECTED FINANCIAL AND OPERATING INFORMATION**

*(Amounts in Thousands, Except Property and Per Share Data)*

**2003**

**2002**

**2001**

**2000**

**1999**

**Operating Information:**

Rental revenues

$208,394

  $  198,005

  $  205,455

  $  200,819

  $  205,417

Other property revenues

    11,809

       11,118

       11,398

       11,274

       11,097

    Total property revenues

220,203

     209,123

     216,853

     212,093

     216,514

Other revenues

    17,118

       16,704

       16,066

       16,821

       19,377

    Total revenues

  237,321

     225,827

     232,919

     228,914

     235,891

Property operating and maintenance (exclusive of items shown separately below)

79,668

       74,279

       71,467

       69,127

       72,338

Depreciation and amortization

52,638

       46,279

       45,088

       41,358

       43,066

Property management (owned and third party) and ancillary services

19,424

       18,133

       16,943

       14,923

       16,961

Interest expense, credit enhancement fees andamortization of deferred financing costs 

46,663

       43,685

       43,923

       44,583

       43,440

General and administrative

8,800

        7,377

        7,209

        7,154

        5,796

Unusual items (a)

            -

       1,687

        8,847

             -  

        2,800

    Total expenses

207,193

   191,440

     193,477

  177,145

     184,401

Income from continuing operations before equity in income    of joint ventures, gain on sale and minority interest

30,128

           34,387

           39,442

           51,769

           51,490

Equity in income of joint ventures

       265

             2,900

                242

                399

                478

Gain on sale of real estate assets

       -

           20,006

           37,330

           29,467

              8,864

Minority interest of common unitholders in Operating Partnership

       (3,215

)

            (8,241

)

          (12,936

)

          (14,946

)

            (9,136

)

Minority interest of preferred unitholders in Operating Partnership

    (3,773

)

     (4,312

)

    (4,312

)

    (4,312

)

     (4,312

)

Original issuance costs associated with redemption of preferred units

  (1,327

)

              - 

              -

              -

              -

Income from continuing operations

       22,078

           44,740

           59,766

           62,377

           47,384

Operating income from discontinued operations, net of minority interest

2,189

3,830

5,079

4,973

4,988

Gain on disposition of discontinued operations, net of minority interest

   31,698

      7,919

             -

             -

             -

Income from discontinued operations, net of minority interest

   33,887

    11,749

      5,079

     4,973

      4,988

Net income

       55,965

           56,489

           64,845

           67,350

           52,372

Dividends to preferred shareholders

(6,903

)

            (6,819

)

            (9,771

)

            (9,771

)

            (9,771

)

Original issuance costs associated with redemption of preferred shares (b)

             - 

     (4,009

)

             -  

            -  

               -  

Net income available to common shareholders

**$ 49,062**

**  $ 45,661**

**$ 55,074**

**$  57,579**

**  $ 42,601**

Weighted average common shares outstanding – basic

       25,920

       24,618

       23,890

       23,694

       25,991

Weighted average common shares outstanding – diluted

       31,452

       30,684

       30,314

       30,439

       32,796

**Per Common Share Information:**

Income from continuing operations (net of preferred dividends and original     issuance costs associated with the redemption of preferred shares) – basic

  $       0.59

  $        1.38

  $     2.09

  $    2.22

  $    1.45

Income from discontinued operations, net of minority interest – basic

          1.31

               0.48

               0.21

               0.21

               0.19

Income before extraordinary item (net of preferred dividends)

          1.99

               2.02

               2.30

               2.43

               1.64

Extraordinary loss from early extinguishment of debt, net of minority interest

             -  

                   -  

                   -  

                   -  

                   -  

Net income available to common shareholders – basic

          1.89

               1.85

               2.30

               2.43

               1.64

Income from continuing operations (net of preferred dividends and original     issuance costs associated with the redemption of preferred shares) – diluted

          0.58

               1.37

               2.08

               2.22

               1.45

Income from discontinued operations – diluted

          1.28

               0.48

               0.21

               0.21

               0.19

Income before extraordinary item (net of preferred dividends)

          1.98

               1.96

               2.26

               2.40

               1.61

Extraordinary loss from early extinguishment of debt

             -  

                   -  

                   -  

                   -  

                   -  

Net income available to common shareholders – diluted

          1.87

               1.85

               2.29

                2.43

               1.64

Dividends declared and paid

          2.41

               2.41

               2.34

               2.20

               2.08

**Other Information:**

Cash flows provided by operating activities

  $ 90,404

  $  104,960

  $  100,551

  $  105,885

  $  105,029

Cash flows (used in) provided by investing activities

      (155,384

)

      (17,361

)

    (123,405

)

       18,871

       80,928

Cash flows provided by (used in) financing activities

      64,614

      (85,549

)

       22,833

    (128,467

)

    (185,048

)

Funds from operations available to common shareholders (c)

       75,048

       75,792

       84,526

       90,605

       89,775

Average monthly revenue per apartment home (d)

       925

           910

           880

           830

           810

Average physical occupancy for stabilized communities

94.0%

93.5%

94.6%

95.3%

94.3%

Gross operating margin (e)

63.8%

64.5%

67.0%

67.4%

66.6%

Completed communities at year-end

    86

             84

             85

             84

             81

Apartment homes in completed communities at year-end

     23,474

       23,495

       24,374

       25,094

       23,941

Total return to Gables shareholders (f)

51.2%

(8.3%
)
14.5%

27.1%

13.2%

NAREIT Equity Residential REIT Total Return Index (g)

25.5%

(6.1%
)
8.6%

35.5%

10.7%

**Balance Sheet Information:**

Real estate assets, before accumulated depreciation

$ 1,964,420

$ 1,794,407

  $ 1,760,803

$ 1,598,170

$ 1,601,208

Total assets

  1,725,076

  1,583,934

  1,589,206

  1,453,020

  1,471,364

Notes payable

  1,003,100

     958,574

     877,231

     765,927

     755,485

Shareholders' equity and minority interest

     653,250

     558,551

     649,976

     634,589

     655,953

**Funds From Operations Reconciliation:**

Net income available to common shareholders

  $    49,062

  $    45,661

  $   55,074

  $  57,579

  $    42,601

Minority interest of common unitholders in Operating Partnership (h)

       9,690

           11,077

       14,249

       16,359

       10,348

Real estate asset depreciation and amortization (h), (i)

       53,989

       49,400

     49,313

     45,289

       45,942

Gain on sale of previously depreciated operating real estate assets (h), (i)

      (37,693

)

          (30,346

)

      (34,110

)

      (28,622

)

       (9,116

)

Funds from operations available to common shareholders

**  $    75,048**

**  $        75,792**

**  $    84,526**

**  $    90,605**

**  $    89,775**

**NOTES TO SELECTED FINANCIAL AND OPERATING INFORMATION***(Amounts in Thousands, Except Property and Per Share Data)*

(a)   Unusual items of $1,687 in 2002 represents the write-off of unamortized deferred financing costs of $236 and a prepayment penalty of $1,451 associated with the early retirement of $48,365 of secured tax-exempt bond indebtedness.  Under accounting rules ineffect at that time, these costs were originally classified as an extraordinary item.  In connection with the adoption of SFAS No. 145 on January 1, 2003, these costs were reclassified from extraordinary items to unusual items.  In the computation of fundsfrom operations (“FFO”) pursuant to the National Association of Real Estate Investment Trusts (“NAREIT”) definition outlined below, net income is adjusted for extraordinary items but is not adjusted for unusual items.  As such, previouslyreported FFO  for the year ended December 31, 2002 has been reduced by $1,687.  The adoption of this standard had no impact on previously reported net income. Unusual items of $8,847 in 2001 are comprised of (1) a $5,006 charge associated with the write-off ofbuilding components at Gables State Thomas Ravello that were replaced in connection with a remediation program, (2) $2,200 of severance charges, (3) $920 in reserves associated with technology investments and (4) $721 of abandoned real estate pursuit costs as aresult of September 2001 events which impacted the U.S. economy. Unusual items of $2,800 in 1999 relate to severance charges.

(b)   In August 2002, we redeemed all 4,600 of our outstanding 8.3% Series A Preferred Shares for $115,000 plus accrued and unpaid dividends.  In connection with the issuance of the Series A Preferred Shares in July 1997, we incurred $4,009 in issuance costs andrecorded such costs as a reduction of shareholders’ equity.  The redemption price of the Series A Preferred Shares exceeded the related carrying value by the $4,009 of issuance costs.  The July 2003 clarification of EITF Abstracts, Topic No. D-42became effective for the third quarter 2003 and is required to be reflected retroactively by restating the financial statements of prior periods.  As a result, previously reported net income available to common shareholders and FFO available to commonshareholders for the year ended December 31, 2002 has been reduced by the $4,009 excess.

(c)   FFO is used by industry analysts and investors as a supplemental operating performance measure of an equity  REIT.  We calculate FFO in accordance with the definition that was adopted by the Board of Governors ofNAREIT.  FFO, as defined by NAREIT, represents net income (loss) determined in accordance with generally accepted accounting principles (“GAAP”), excluding extraordinary items as defined under GAAP and gains or losses from sales of previouslydepreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

       Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values instead havehistorically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.  Thus, NAREIT created FFOas a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income.  The use of FFO, combined with the required primary GAAP presentations, has improved the understanding of operatingresults of REITs among the investing public and made comparisons of REIT operating results more meaningful.  We generally consider FFO to be a useful measure for reviewing our comparative operating and financial performance (although FFO should be reviewed inconjunction with net income which remains the primary measure of performance) because by excluding gains or losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization, FFO can helpusers compare the operating performance of a company’s real estate between periods or as compared to different companies.

      FFO presented herein is not necessarily comparable to the FFO of other REITs due to the fact that not all REITs use the NAREIT definition.  However, our FFO is comparable to the FFO of REITs that use the NAREIT definition.  FFO should not be considered an alternative to net income as an indicator of our operatingperformance.  Additionally, FFO does not represent cash flows from operating, investing or financing activities as defined by GAAP.  Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations –Liquidity and Capital Resources” for a discussion of our cash needs and cash flows.

(d)   Average monthly revenue per apartment home is equal to the average monthly rental revenue collected during the year presented, divided by the average monthly number of apartment homes occupied during the year presented.

(e)   Gross operating margin represents (1) total property revenues less property operating and maintenance expenses (as reflected in the table and consolidated statements of operations) as a percentage of (2) total property revenues.

(f)   Total return to Gables shareholders is presented on an annual basis for each year presented.  Such computations assume an investment in our common shares on the first day of the year presented and the reinvestment of dividends through the end of the yearpresented.

(g)   The NAREIT Equity Residential REIT Total Return Index (the “NAREIT Apartment Index”) is an industry index of 19 equity residential apartment REITs, including us.  Total return is presented on an annual basis for each year presented.  Suchcomputations assume an investment in the index on the first day of the year presented and the reinvestment of dividends through the end of the year presented.

(h)   Includes results attributable to both continuing and discontinued operations.  On January 1, 2002, we adopted SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets."  The implementation of SFAS No. 144 requires that the gains andlosses from the disposition of specified real estate assets and the related historical operating results be included in discontinued operations in the consolidated statements of operations for all periods presented.  We redeploy capital through the reinvestmentof asset disposition proceeds into our business in order to enhance total returns to shareholders.

(i)   Includes our share of results of real estate assets owned by unconsolidated joint ventures.

 

**MANAGEMENT'S DISCUSSION AND ANALYSIS(Amounts in Thousands, Except Property and Per Share Data)**

**ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

        We are a REIT focused within the multifamily industry in demand-driven markets throughout the United States that have exhibited high job growth and resiliency toeconomic downturns. Our operating performance is based predominantly on net operating income (NOI) from our apartment communities. NOI, which represents total property revenues less property operating and maintenance expenses (as reflected in the consolidatedstatements of operations), is affected by the demand and supply dynamics within our markets. See Note 11, Segment Reporting, to the accompanying consolidated financial statements for further discussion of our use of NOI as the primary financial measure of performancefor our apartment communities.  Our performance is also affected by the general availability and cost of capital and our ability to develop and acquire additional apartment communities with returns in excess of our long-term weighted average cost ofcapital.

**Business Objective and Strategies**

**       ** Our objective is to increase shareholder value by producing consistent high quality earnings to sustain dividends and annual total returns that exceed theNAREIT Apartment Index. To achieve that objective, we employ a number of business strategies. First, our long-term investment strategy is research-driven, with the objective of creating a portfolio of high quality assets in strategically selected markets that arecomplementary through economic diversity and characterized by high job growth and resiliency to national economic downturns. We believe such a portfolio will provide predictable operating cash flow performance that exceeds the national average on a sustainable basis.Second, we adhere to a strategy of owning and operating high quality, class AA/A apartment communities under the Gables brand in Established Premium Neighborhoods,TM or EPNs. EPNs are generally characterized as areas with the highest prices for single-familyhomes on a per square foot basis. We believe that communities, when located in EPNs and supplemented with high quality service and amenities, attract the affluent renter-by-choice who is willing to pay a premium for location preference, superior service and highquality communities. The resulting portfolio should maintain high levels of occupancy and rental rates relative to overall market conditions. This, coupled with more predictable operating expenses and reduced capital expenditure requirements associated with highquality construction materials, should lead to operating margins that exceed national averages for the apartment sector and sustainable growth in operating cash flow. Third, our aim is to be recognized as the employer of choice within the industry. Our mission of*Taking Care of the Way People Live*® involves innovative human resourcepractices that we believe will attract and retain the highest caliberassociates. Because of our long-established presence as a fully integratedapartment management, development, construction, acquisition and dispositioncompany within our markets, we have the ability to offer multi-faceted careeropportunities among the various disciplines within the industry. Finally, ourcapital strategy is to generate a return on invested capital that exceeds ourlong-term weighted average cost of capital while maintaining financialflexibility through a conservative, investment grade credit profile. Wejudiciously manage our capital and we redeploy capital through the reinvestmentof asset disposition proceeds into our business.

        We believe we are well positioned to continue achieving our objectives because (1) the markets we have selected for investment are projected to continue to experiencejob growth that exceed national averages, (2) our EPN locations are expected to outperform local market results and (3) national demand for apartments is expected to increase during the next five to ten years as the demographic group referred to as the Echo Boomergeneration begins to form new households.

          In the ordinary course of our business, we evaluate the continued ownership of our assets relative to available opportunities to acquire and develop newassets and relative to available equity and debt capital financing.  We sell assets if we determine that such sales are the most attractive sources of capital for redeployment in our business, for repayment of debt, for repurchase of stock and for other uses. Wemaintain staffing levels sufficient to meet our existing development, construction, acquisition and property operating activities. When market conditions warrant, we adjust staffing levels in an attempt to mitigate a negative impact on our results ofoperations.

       We have experienced slight declines in rental revenues generated from our same-store portfolio in 2003 as compared to prior years.  This is primarily due to nationaleconomic weakness, coupled with low mortgage rates that have resulted in an increase in home purchases by apartment residents.  However, the rate of decline has been diminishing and we expect that operating fundamentals for our business will improve as we movethrough 2004 as job growth, and the balance between supply and demand, improves in our markets.  The job growth prospects for our markets are partially related to national economic conditions.  We expect job growth to continue in our markets, but it isuncertain whether, and to what extent, the national economy and related job growth will improve in 2004.

       On a same-store basis, we expect (1) total property revenues in 2004 to beconsistent with, or slightly higher than, 2003 levels and (2) property operatingand maintenance expenses for 2004 to increase over 2003 levels generally in linewith inflation.  We intend to capitalize on our expectations of improvingoperating fundamentals by increasing our investment activity for bothacquisition and development of new communities.  At the same time, weintend to take advantage of attractive valuations for apartment communities bycontinuing to sell assets that are no longer consistent with our strategy.

**Forward-Looking Statements**

**       ** This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended. Actual results or developments could differ materially from those projected in such statements as a result of the risk factors set forth in the relevant paragraphs of "Management's Discussion and Analysis of FinancialCondition and Results of Operations" and elsewhere in this report. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our accompanying consolidated financial statements and notes thereto.

**Common and Preferred Equity Activity**

*Secondary Common Share Offerings*

        Since our initial public offering in January 1994, we have issued a total of 17,331 common shares in nine offerings, generating $426.8 million in net proceeds which were generallyused (1) to reduce outstanding indebtedness under our interim financing vehicles utilized to fund our development and acquisition activities and (2) for general working capital purposes, including funding of future development and acquisition activities.  Themost recent offering, involving the issuance of 2,500 common shares that generated $79.0 million in net proceeds, closed on August 26, 2003. 

*Preferred Share Offerings*

*       * On May 8, 2003, we issued 3,000 shares of 7.5% Series D Cumulative Redeemable Preferred Shares with a liquidation preference of $25.00 per share. The net proceeds fromthis issuance of approximately $72.4 million were used to reduce outstanding indebtedness under our interim financing vehicles. The Series D Preferred Shares may be redeemed at our option at $25.00 per share plus accrued and unpaid dividends on or after May 8, 2008.The Series D Preferred Shares are not subject to any sinking fund or convertible into any other Gables securities.

        On September 27, 2002, we issued 1,600 shares of 7.875% Series C Cumulative Redeemable Preferred Shares with a liquidation preference of $25.00 per share in a private placement to aninstitutional investor.  The net proceeds from this issuance of $39.7 million, together with the net proceeds of $39.7 million from the concurrent issuance of $40 million of senior unsecured notes, were used to retire approximately $82.5 million ofunsecured indebtedness at an interest rate of 8.3% that was scheduled to mature in December 2002.  Pursuant to a registration rights agreement with the purchaser of the Series C Preferred Shares, we registered a new series of preferred shares with the Securitiesand Exchange Commission and offered to exchange those shares on a one-for-one basis for the outstanding Series C Preferred Shares.  The dividend rate, preferences and other terms for the new preferred shares, or 7.875% Series C-1 Cumulative Redeemable PreferredShares, are identical in all material respects to the Series C Preferred Shares, except that the Series C-1 Preferred Shares are freely tradable by a holder.  The exchange offer was consummated on September 5, 2003 and did not generate any cash proceeds forus.  The Series C-1 Preferred Shares may be redeemed at our option at $25.00 per share plus accrued and unpaid dividends on or after September 27, 2006.  The Series C-1 Preferred Shares are not subject to any sinking fund or convertible into any otherGables securities.

        On June 18, 1998, we issued 180 shares of 5.0% Series Z Cumulative Redeemable Preferred Shares with a liquidation preference of $25.00 per share in connection with the acquisition ofa parcel of land for future development. The Series Z Preferred Shares, which are subject to mandatory redemption on June 18, 2018, may be redeemed at our option at any time for $25.00 per share plus accrued and unpaid dividends.  Dividends on the Series ZPreferred Shares are cumulative from the issuance date, and the first dividend payment date is June 18, 2008.   Thereafter, the dividends will be paid annually in arrears.  The Series Z Preferred Shares are not subject to any sinking fund or convertibleinto any other Gables securities.

        On July 24, 1997, we issued 4,600 shares of 8.30% Series A Cumulative Redeemable Preferred Shares with a liquidation preference of $25.00 per share. The net proceeds from thisoffering of $111.0 million were used to reduce outstanding indebtedness under our interim financing vehicles. We redeemed all outstanding Series A Preferred Shares for $115 million on August 9, 2002 with proceeds from our $180 million senior unsecured note issuanceon July 8, 2002.  The redemption price of the Series A Preferred Shares exceeded the related carrying value by the $4.0 million of issuance costs that we originally incurred and classified as a reduction to shareholders' equity.  Previously reported netincome available to common shareholders for the year ended December 31, 2002 has been reduced by the $4.0 million excess in accordance with the July 2003 clarification of EITF Abstracts, Topic No. D-42, "The Effect on the Calculation of Earnings per Share for theRedemption or Induced Conversion of Preferred Stock."  See Note 4 to the accompanying consolidated financial statements.

*Issuances of Common Operating Partnership Units*

*       * Since the IPO, the Operating Partnership has issued a total of 4,421 common units in connection with the 1998 acquisition of the real estate assets and operations ofTrammell Crow Residential South Florida, the acquisition of other operating apartment communities and the acquisition of a parcel of land for future development.

*Issuance of Preferred Operating Partnership Units*

*       * On November 12, 1998, the Operating Partnership issued 2,000 of its 8.625% Series B Preferred Units to an institutional investor. The net proceeds from this issuance of$48.7 million were used to reduce outstanding indebtedness under our interim financing vehicles. On November 17, 2003, the Operating Partnership redeemed each of the 2,000 outstanding Series B Preferred Units at $25.00 per unit plus accrued and unpaiddistributions.  The redemption price of the Series B Preferred Units exceeded the related carrying value by the $1.3 million of issuance costs that the Operating Partnership originally incurred and classified as a reduction to partners' capital.  The $1.3million excess has been reflected as areduction to earnings in arriving at net income, in a manner similar to distributions on the preferred units, in accordance with the July 2003 clarification of Topic No. D-42.  See Note 4 to the accompanying consolidated financial statements.

*Common Equity Repurchase Program*

        Our board of trustees implemented a common equity repurchase program pursuant to which we are authorized to purchase up to $200 million of our outstanding common shares or units. Weview the repurchase of common equity with consideration of other investment alternatives when capital is available to be deployed.  We have repurchased shares from time to time in open market and privately negotiated transactions, depending on market prices andother prevailing conditions, using proceeds from sales of selected assets. We have also repurchased common units for cash upon their presentation for redemption by unitholders. As of December 31, 2003, we had repurchased 4,506 common shares and 300 common units for atotal of $116.0 million, including $0.2 million in related commissions.

*Shelf Registration Statement*

*       * We have an effective shelf registration statement on file with the Securities and Exchange Commission providing $500 million of equity capacity and $500 million of debtcapacity.  We believe it is prudent to maintain shelf registration capacity in order to facilitate future capital raising activities.  To date, there have been no issuances of securities under this shelf registration statement.

**Portfolio and Other Financing Activity**

*Community Dispositions Subject to Discontinued Operations*

        During 2003, we sold four apartment communities located in Houston comprising 1,373 apartment homes and an apartment community located in Dallas comprising 300 apartment homes. The net proceeds from these sales were approximately $112.1 million and were used to pay down outstanding borrowings under our interim financing vehicles. The aggregate gain from the sale of these five communities was $37.7 million, or $31.7 million, net of the $6.0million portion of the gain attributable to the minority interest of common unitholders.

        During 2002, we sold two apartment communities located in Houston comprising 660 apartment homes. The net proceeds from these sales were $43.2 million and were used to pay downoutstanding borrowings under our interim financing vehicles and purchase common shares and units under our common equity repurchase program. The aggregate gain from the sale of these two communities was $9.8 million, or $7.9 million, net of the $1.9 million portionof the gain attributable to the minority interest of common unitholders.

        Historical operating results and gains are reflected as discontinued operations in our consolidated statements of operations.  See Notes 4 and 5 to the accompanying consolidatedfinancial statements for further discussion.

*Community and Land Dispositions Not Subject to Discontinued Operations Reporting*

        During 2002, we sold a 13.3 acre parcel of land in Houston that was adjacent to an apartment community sold, an apartment community located in Houston comprising 246 apartment homesand an apartment community located in Atlanta comprising 311 apartment homes. The net proceeds from these sales were $46.8 million and were used to pay down outstanding borrowings under our interim financing vehicles and purchase common shares and units underour common equity repurchase program. The gain from the land sale was $0.8 million and the aggregate gain from the sale of the two communities was $17.9 million.  In addition, we recognized $1.3 million of deferred gain during the year ended December 31,2002 associated with prior year sale transactions.

        During 2002, the Gables Residential Apartment Portfolio JV (the "GRAP JV") sold two apartment communities located in South Florida comprising 610 apartment homes, an apartmentcommunity in Dallas comprising 222 apartment homes and an apartment community located in Houston comprising 382 apartment homes. Our share of the net sales proceeds after repayment of construction loan indebtedness of $46.7 million was $10.7 million, resulting in again of $2.6 million.

        During 2001, we sold an apartment community located in Atlanta comprising 386 apartment homes, an apartment community located in Houston comprising 776 apartment homes, an apartmentcommunity located in Dallas comprising 536 apartment homes and a 2.5 acre parcel of land adjacent to one of our development communities located in Atlanta. The net proceeds from these sales totaled $93.6 million, $9 million of which was deposited into an escrowaccount and was used to fund acquisition activities. The balance of the net proceeds was used to repay a $16 million note assumed in connection with our September 2001 acquisition of the Gables State Thomas Ravello community and to pay down outstanding borrowingsunder interim financing vehicles. The gain from the land sale was $0.9 million and the aggregate gain from the sale of previously depreciated operating real estate assets was $34.1 million, all of which was recognized in 2001. In addition, we recognized $0.7 millionof deferred gain associated with a parcel of land we sold in 2000 during the year ended December 31, 2001.

        During 2001, we contributed our interest in certain land and development rights (including sitework and building permits, architectural drawings and plans, and other related items) to the Gables Residential ApartmentPortfolio JV Two (the "GRAP JV Two") with a value of $23.1 million in return for (1) cash of $18.5 million and (2) an increase to our capital account in GRAP JV Two of $4.6 million. The $2.8 million of gain associated with this contribution was recognized when earnedusing the percentage of completion method since we serve as the developer and general contractor for the joint venture. We recognized $1.2 million and $1.6 million of this gain during the years ended December 31, 2002 and 2001, respectively.

        Historical operating results and gains are included in continuing operations in our consolidated statements of operations.  See Notes 4 and 5 to the accompanying consolidatedfinancial statements for further discussion.

*Community Acquisitions*

        On December 19, 2003, we acquired an apartment community for renovation located in South Florida, comprising 36 apartment homes for approximately $4.1 million in cash.  Thiscommunity is adjacent to a land parcel that we acquired in January 2004 for the future development of an apartment community that we currently expect will comprise 261 apartment homes.

*       * On July 15, 2003, we acquired an apartment community located in Washington, D.C. comprising 211 apartment homes for approximately $54.6 million in cash, includingapproximately $1.6 million ofclosing costs.

        On May 30, 2003, we acquired an apartment community located in Dallas comprising 334 apartment homes for approximately $33.5 million in cash.

        On February 20, 2003, we acquired an apartment community located in Austin that is subject to a long-term ground lease and is comprised of 239 apartment homes and 7,366 square feet ofretail space for approximately $30.2 million in cash.

        On September 28, 2001, we acquired the 80% membership interest of our venture partner in the GRAP JV in the Gables State Thomas Ravello apartment community located in Dallascomprising 290 apartment homes. In consideration for the interest in such community, we paid $12 million in cash and assumed a $16 million secured variable-rate note. This consideration was based on a valuation of the asset of $31 million and is net of our $3 millionshare of the venture distribution. We recorded a $5 million charge to unusual items in 2001 associated with the write-off of building components thatwere replaced in connection with a remediation program to address water infiltration issues affecting theasset.

        On August 28, 2001, we acquired an apartment community located in Washington, D.C. comprising 82 apartment homes for approximately $25 million in cash.

        On August 1, 2001, we acquired the 75% interest of our venture partner in the Gables Metropolitan Uptown apartment community located in Houston comprising 318 apartment homes withcash. The asset was valued at approximately $27 million.

        On March 30, 2001, we acquired the 80% membership interests of our venture partner in the GRAP JV in the Gables Palma Vista and Gables San Michelle II apartment communities located inSouth Florida comprising 532 apartment homes for $66 million. This cash consideration was based on a valuation of the assets of $75 million and is net of our $9 million share of the venture distribution.

        The cash portion of the consideration for each denoted acquisition was funded with advances under our interim financing vehicles.

*Other Acquisitions*

*         *On May 23, 2003, we acquired property management contracts for 10,684 apartment homes in 32 multifamily apartment communities from ArchstoneManagement Services Incorporated (the “Archstone Management Business”).  The services rendered under acquired management contracts for 9,184 apartment homes transitioned to us over the ensuing three month period.  Theservices to be rendered under the remaining management contracts for 1,500 apartment homes did not transition to us in 2003 for various reasons associated with the underlying assets, including sale prior to transition and location.  The purchase price of approximately $6.5 million was structured to be paid in three installments based on the retention of the contracts acquired.  As of December 31, 2003, we had funded $4.3 million of the purchase pricein two installments.  The amount of the third installment will be determined and paid in the second quarter of 2004.          In May 2001, we acquired a property management company based in Washington, D.C. that managed approximately 3,600 apartment homes in 24 multifamily apartment communities located inWashington, D.C. and the surrounding area (the "D.C. Management Co.").  Our total investment of approximately $1.6 million was paid in three installments based on results of the acquired business operations.*Senior Unsecured Note Issuance*

        On September 27, 2002, we issued $40 million of senior unsecured notes in two series in a private placement to an institutional investor: $30 million at an interest rate of 5.86%maturing in September 2009 and $10 million at an interest rate of 6.10% maturing in September 2010. The net proceeds of $39.7 million, together with the net proceeds of $39.7 million from the concurrent issuance of the 7.875% Series C Preferred Shares, were used toretire approximately $82.5 million of senior unsecured notes at an interest rate of 8.3% that were scheduled to mature in December 2002. We did not incur any prepayment costs in connection with the early debt retirement.  Pursuant to a registration rightsagreement with the purchaser of the $40 million of senior unsecured notes, we registered new notes with the Securities and Exchange Commission, and offered to exchange those new notes for the original notes.  The new notes, also issued in two series, areidentical in all material respects to the original 5.86% notes due 2009 and the 6.10% notes due 2010, except that the new notes are freely tradable by a holder.  The exchange offer was consummated on September 5, 2003 and did not generate any cash proceeds forus.

        On July 8, 2002, we issued $180 million of senior unsecured notes which bear interest at a rate of 5.75%, were priced to yield 5.81% and mature in July 2007. The net proceeds of$178.4 million were used to redeem all outstanding shares of our 8.3% Series A Preferred Shares totaling $115 million on August 9, 2002 and to reduce borrowings under our interim financing vehicles.

        On February 22, 2001, we issued $150 million of senior unsecured notes which bear interest at a rate of 7.25%, were priced to yield 7.29% and mature in February 2006. The net proceedsof $148.5 million were used to reduce borrowings under our unsecured credit facilities and repay our $40 million term loan, which had a November 2001 maturity date.

*Debt Refinancing*

        In May 2002, we called $48.4 million of secured tax-exempt bond indebtedness with an interest rate of 6.375% and reissued the bonds on an unsecured basis at a fixed interest rate of4.75%. In connection with the early extinguishment of the debt, we incurred a prepayment penalty of $1,451 and wrote-off unamortized deferred financing costs of $236. Such charges totaling $1,687 were originally reflected net of minority interest of $327 as anextraordinary loss in our consolidated statements of operations in accordance with accounting rules in effect at that time.  In connection with the adoption of SFAS No. 145, we reclassified the charges totaling $1,687 to “unusual items” and therelated minority interest of $327 to “minority interest of common unitholders in Operating Partnership” within continuing operations.  The called bonds required monthly principal amortization payments based on a 30-year amortization schedule thatwere retained in an escrow account and were not applied to reduce the outstanding principal balance of the loan. Such principal payments held in escrow totaling $4,121 were released in May 2002. This refinancing transaction allowed us to improve our debt constant by2.75%, unencumber six communities comprising 2,028 apartment homes and achieve a positive net present value result.  See Note 4 to the accompanying consolidated financial statements.

**Critical Accounting Policies and Recent Accounting Pronouncements**

        Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and a summary of our significant accountingpolicies is included in Notes 4 and 6 to the accompanying consolidated financial statements. Notes 4 and 5 to the accompanying consolidated financial statements include a summary of recent accounting pronouncements and their actual or expected impact on ourconsolidated financial statements. Our preparation of the financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financialstatements, and the reported amounts of revenue and expenses during the reporting period. Our actual results may differ from these estimates. As an owner, operator and developer of apartment communities, our critical accounting policies relate to revenue recognition,cost capitalization, depreciation and asset impairment evaluation and purchase price allocation for apartment community acquisitions.

*Revenue Recognition*

*        Rental: * We lease our residential properties under operating leases with terms generally equal to one year or less.  Rental income is recognized when earned,which materially approximates revenue recognition on a straight-line basis.

        *Property management:* We provide property management services to third parties and unconsolidated joint ventures.  Property management fees are recognized whenearned.

        *Ancillary services:* We provide development and construction, corporate rental housing and brokerage services to third parties and unconsolidated joint ventures.Development and construction services are typically provided under "cost plus a fee" contracts.  Because our clients are obligated to fund the costs that are incurred on their behalf pursuant to the related contract, we net the reimbursement of these costsagainst the billings for such costs. Development and construction fees are recognized when earned using the percentage of completion method. During the years ended December 31, 2003, 2002 and 2001, we recognized $2.6 million, $2.4 million and $3.1 million,respectively, in development and construction fees under related contracts with gross billings of $38.3 million, $43.9 million and $81.1 million, respectively. Corporate rental housing revenues and brokerage commissions are recognized when earned.

        *Gains on sales of real estate assets:* Gains on sales of real estate assets are recognized pursuant to the provisions of SFAS No. 66, "Accounting for Sales of Real Estate." The specific timing of the recognition of thesale and the related gain is measured against the various criteria in SFAS No. 66 related to the terms of the transactions and any continuing involvement associated with the assets sold. To the extent the sales criteria are not met, we defer gain recognition untilthe sales criteria are met.

*Cost Capitalization*

        As a vertically integrated real estate company, we have in-house investment professionals involved in the development, construction and acquisition of apartment communities. Directinternal costs associated with development and construction activities for wholly-owned assets are included in the capitalized development cost of such assets. Direct internal costs associated with development and construction activities for third parties andunconsolidated joint ventures are reflected in ancillary services expense as the related services are being rendered. As required by GAAP, we expense all internal costs associated with the acquisition of operating apartment communities to general and administrativeexpense in the period such costs are incurred.

        Our real estate development pursuits are subject to obtaining permits and other governmental approvals, as well as our ongoing business review of the underlying real estatefundamentals and the impact on our capital structure. We do not always move forward with development of our real estate pursuits, and therefore, we evaluate the viability of real estate pursuits and the recoverability of capitalized pursuit costs regularly. Based onthis periodic review, we expense any costs that are deemed unrealizable at that time to general and administrative expense.

        During the development and construction of a new apartment community, we capitalize related interest costs, as well as other carrying costs such as property taxes and insurance. Webegin to expense these items as the construction of the community becomes substantially complete and the residential apartment homes become available for initial occupancy. Accordingly, we gradually reduce the amounts we capitalize as construction is beingcompleted.

        Expenditures in excess of $1 for purchases of a new asset with a useful life in excess of one year and for replacements and repairs that extend the useful life of the asset arecapitalized and depreciated over their useful lives. Recurring value retention capital expenditures are typically incurred every year during the life of an apartment community and include such expenditures as carpet, flooring and appliances. Non-recurring capitalexpenditures are costs that are generally incurred in connection with a major project impacting an entire community, such as roof replacement, parking lot resurfacing, exterior painting and siding replacement. Value-enhancing capital expenditures are costs for whichan incremental value is expected to be achieved from increasing the NOI potential for a community or recharacterizing the quality of the income stream with an anticipated reduction in potential sales cap rate for items such as replacement of wood siding with amasonry based hardi-board product, amenity upgrades and additions, installation of security gates and additions of covered parking. Recurring value retention and non-recurring and/or value-enhancing capital expenditures do not include costs incurred in connectionwith a major renovation of an apartment community. Repairs and maintenance, such as landscaping maintenance, interior painting and cleaning and supplies used in such activities, are expensed as incurred.

*Depreciation and Asset Impairment Evaluation*

        Under GAAP, real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired.  Depreciation is computed on a straight-line basis over theestimated useful lives of 20 to 40 years for buildings and improvements and 5 years for furniture, fixtures and equipment. As required by GAAP, we periodically evaluate our real estate assets to determine if there has been any impairment in their carrying value andrecord impairment losses if there are indicators of impairment and the undiscounted cash flows estimated to be generated by those assets are less than the assets carrying amounts. No such impairment losses have been recognized to date.

*Purchase Price Allocation for Apartment Community Acquisitions*

*       * In connection with the acquisition of an apartment community, we perform a valuation and allocation to each asset and liability acquired in such transaction, based ontheir estimated fair values at the date of acquisition. The valuation of assets acquired subsequent to July 1, 2001, the effective date of SFAS No. 141, "Business Combinations," includes both tangible assets and intangible assets. Tangible asset values, consisting ofland, buildings and improvements, and furniture, fixtures and equipment, are reflected in real estate assets and depreciated over their estimated useful lives. Intangible asset values, consisting of at-market, in-place leases and resident relationships, are reflectedin other assets and amortized over the average remaining lease term of the acquired resident relationships.

*Discontinued Operations*

*       * We adopted SFAS No. 144 effective January 1, 2002 which requires, among other things, that the operating results of specified real estate assets which have been soldsubsequent to January 1, 2002, or otherwise qualify as held for disposition (as defined by SFAS No. 144), be reflected as discontinued operations in the consolidated statements of operations for all periods presented. We sold five wholly-owned operating real estateassets during 2003 and four wholly-owned operating real estate assets during 2002.  However, we retained management of two of theassets sold during 2002. Due to our continuing involvement with the operationsof the two assets sold for which we retained management, the operating resultsof these assets are included in continuing operations. The operating results forthe seven remaining wholly-owned assets sold for which we did not retainmanagement are reflected as discontinued operations in our statements ofoperations for all periods presented. Interest expense has been allocated to theresults of the discontinued operations in accordance with EITF No. 87-24. We hadno assets that qualified as held for disposition as defined by SFAS No. 144 atDecember 31, 2003 or 2002.

**Results of Operations**

*Comparison of operating results for the year ended December 31, 2003 to the year ended December 31, 2002*

        Our net income is generated primarily from the operation of our apartment communities and the disposition of assets that no longer meet our investment criteria. For purposes ofevaluating comparative operating performance, we categorize our operating communities based on the period each community reaches stabilized occupancy. A community is considered to have achieved stabilized occupancy on the earlier to occur of (1) attainment of 93%physical occupancy or (2) one year after completion of construction. The combined operating performance for all of our wholly-owned apartment communities that are included in continuing operations for the years ended December 31, 2003 and 2002 is summarized asfollows:

**                Years Ended December 31,         **

 

**Number of 2003Apt. Homes**

**2003**

**2002**

**$ Change**

**% Change**

**Rental and other property revenues:**Same-store communities (a) Triple net master lease communities Communities stabilized during 2003, but not 2002 Development and lease-up communities Communities under renovation or not fully operational Acquired stabilized communities (b) Sold communities (c)    Total property revenues

 15,790 728 540 2,076 2,199 334          - 21,667

 $171,906 7,400 8,406 11,634 18,482 2,375             - $220,203

 $175,882 7,461 6,440 3,762 14,680 -         898 $209,123

 $(3,976) (   61) 1,966 7,872 3,802 2,375(    898) $11,080

 -2.3% -0.8% 30.5% 209.3% 25.9% --100.0%     5.3%

**Property operating and maintenance expenses** (d): Same-store communities (a) Triple net master lease communities Communities stabilized during 2003, but not 2002 Development and lease-up communities Communities under renovation or not fully operational Acquired stabilized communities (b) Sold communities (c)    Total property operating and maintenance expenses

 $62,450 815 3,034 4,845 7,702 822          - $79,668

 $61,849 876 2,840 2,170 6,267 -       277 $74,279

    $ 601.   (  61) 194  2,675  1,435. 822.  (277)  $5,389.

  1.0% -7.0% 6.8% 123.3% 22.9% --100.0%      7.3%

**Property net operating income (NOI)** (e): Same-store communities (a) Triple net master lease communities Communities stabilized during 2003, but not 2002 Development and lease-up communities Communities under renovation or not fully operational Acquired stabilized communities  (b) Sold communities (c)    Total property net operating income (NOI)

$109,456 6,585 5,372 6,789 10,780 1,553           -**$140,535**

$114,033 6,585 3,600 1,592 8,413 -        621**$134,844**

$(4,577) -. 1,772. 5,197. 2,367. 1,553.          (621)**$   5,691**

-4.0% 0.0% 49.2% 326.4% 28.1% -.-100.0%      **4.2%**

Total property NOI as a percentage of total property revenues

**63.8%**

**64.5%**

**         -  **

**-0.7%**
(a)   Communities that wereowned and fully stabilized throughout both 2003 and 2002 ("same-store").(b)   Stabilized communities that were acquired subsequent to January1, 2003.(c)   Communities that were sold subsequent to January 1, 2002.(d)   Represents direct property operating and maintenance expenses asreflected in the accompanying consolidated        statements of operations and excludes certain expenses included in thedetermination of net income such as                     property management and other indirect operating expenses, interest expense anddepreciation and amortization expense.(e)  Calculated as total property revenues less property operating andmaintenance expenses (d).  See Note 11, Segment          Reporting, to the accompanying financial statements for further discussion ofour use of NOI as the primary financial                   measure of performance for our apartment communities.  In addition, NOIfrom this reportable segment is reconciledto the most directly comparable GAAP measure in Note 11.
         Total property revenues increased $11,080, or 5.3%, from $209,123 to $220,203 due to an increase in the number of apartment homes resulting from the development, lease-up and acquisition of additional communities, as well asan increase in number of available apartment homes associated with renovation activities at several of our communities.  These increases were partially offset by a 2.3% decrease in same-store performance as a result of national economic weakness and the sale oftwo apartment communities in the first quarter of 2002.

        Property operating and maintenance expenses, as reflected in our consolidated statements of operations, increased $5,389, or 7.3%, from $74,279 to $79,668 due to an increase in thenumber of apartment homes resulting from the development, lease-up and acquisition of additional communities, as well as an increase in the number of available apartment homes associated with renovation activities at several of our communities.  In addition,same-store expenses increased 1.0% due to increases in insurance costs and property taxes, partially offset by decreases in utilities and general and administrative expenses. 

        Additional information for the 59 same-store apartment communities presented in the preceding table is as follows:

**               % Change from 2002 to 2003 in      ****      **

**Market**

**Number of Apartment Homes   **

**% of2003 NOI**

**Physical Occupancyin 2003 (a)**

**Economic Occupancyin 2003 (a)**

**Economic Occupancy**

  

**Revenues**

  

**Expenses**

  

**NOI**

South Florida

4,377

31.6%

95.0%

93.5%

1.5%

0.5%

1.9%

-0.2%

Houston

3,857

23.3%

94.5%

93.2%

0.6%

-1.7%

1.2%

-3.3%

Atlanta

3,431

18.0%

93.7%

91.1%

2.7%

-5.4%

-0.8%

-7.9%

Austin

1,677

11.9%

92.6%

91.7%

-0.4%

-5.7%

-2.2%

-7.7%

Dallas

1,123

8.4%

95.2%

93.6%

-0.8%

-3.5%

3.4%

-7.1%

Washington, D.C.

82

1.8%

95.1%

94.9%

2.5%

4.6%

-10.6%

10.5%

Other

  1,243

    5.0%

90.4%

84.0%

-1.1%

-1.0%

  5.9%

-6.0%

   Totals

15,790

100.0%

94.1%

92.2%

  1.0%

-2.3%

  1.0%

-4.0%

(a)      Physical occupancy represents gross potential rent less physical vacancy loss as a percentage of gross potentialrent.  Economic occupancy represents  actual rent  revenue collected divided by gross potential rent.  Thus, economic occupancy differs from physical occupancy in that it takes into account concessions, non-revenue producing apartment homes anddelinquencies.

        Property management revenues increased $1,186, or 16.2%, from $7,309 to $8,495 due primarily to a net increase of approximately 2,700 apartment homes managed for thirdparties and unconsolidated joint ventures from an average of 23,800 in 2002 to 26,500 in 2003.  This net increase in units managed is due primarily to the May 2003 acquisition of the Archstone Management Business, offset in part by a net decrease in apartmenthomes managed for third parties due primarily to sales.

        Ancillary services revenues decreased $1,035, or 12.4%, from $8,317 to $7,282 due primarily to a decrease in corporate rental housing revenue of $954 and a decrease inthird-party brokerage services revenue of $236 due to volume declines in services rendered.  Such decreases were partially offset by an increase of $155 in development and construction fee revenue due to the recognition of $506 in incentive fees in 2003resulting from our share of the savings generated under the GRAP JV and the GRAP Two JV construction contracts, partially offset by volume declines in services rendered.

        Interest income decreased $205, or 54.2%, from $378 to $173 due to a decrease in interest-bearing deposits and a decrease in interest rates.

       Other revenues increased $468, or 66.9%, from $700 to $1,168 due primarily toincome earned during 2003 related to certain non-routine items.

        Real estate asset depreciation and amortization increased $6,035, or 13.5%, from $44,557 to $50,592 due primarily to the impact of the development and acquisition ofadditional communities and capital improvements made to existing operating communities and a non-recurring correcting adjustment recorded to depreciation in 2002 of $1.7 million.  Such increases were offset in part by the impact of the sale of two apartmentcommunities in the first quarter of 2002.

        Property management expense for communities owned by us and third-parties increased $2,272, or 17.6%, from $12,897 to $15,169 due to (1) an increase of approximately2,500 apartment homes under management from an average of 45,000 in 2002 to an average of 47,500 in 2003due primarily to the May 2003 acquisition of the Archstone Management Business, offset inpart by a net decrease in apartment homes managed for third parties dueprimarily to sales, (2) increased training, marketing, information technologyand support costs and (3) inflationary increases in expenses.  These increases were partially offset bysoftware licensing fees incurred in 2002, but not in 2003.

        Ancillary services expense decreased $981, or 18.7%, from $5,236 to $4,255 due primarily to a decrease in development and construction expenses of $764 and a decrease inbrokerage expenses of $161.  Such decreases are due to volume declines in services rendered.

        Interest expense and credit enhancement fees increased $2,483, or 5.9%, from $42,349 to $44,832.  An increase in outstanding indebtedness associated with theredemption of our Series A Preferred Shares and the Series B Preferred Units and an increase in operating debt associated with the development and acquisition of additional communities was offset in part by a decrease in interest rates for variable-rate borrowingsand a decrease in outstanding indebtedness associated with 2003 and 2002 sale activities, the May 2003 issuance of our Series D Preferred Shares and the August 2003 issuance of 2,500 common shares.  In addition, the 2002 refinancings of (1) $82.5 million ofindebtedness that bore interest at a rate of 8.3% with $40 million of Series C Preferred Shares, which were exchanged into Series C-1 Preferred Shares on a one-for-one basis in September 2003, and $40 million of senior unsecured notes that bear interest at a weightedaverage interest rate of 5.9% and (2) $48.4 million of indebtedness that bore interest at a rate of 6.4% with $48.4 million of indebtedness that bears interest at a rate of 4.75% have served to reduce interest expense.

        Amortization of deferred financing costs increased $495, or 37.1%, from $1,336 to $1,831 due primarily to increased financing costs associated with the issuances of $180million of senior unsecured notes in July 2002 and $40 million of senior unsecured notes in September 2002 and the modification of our unsecured revolving credit facility in February 2003.

        General and administrative expense increased $1,423, or 19.3%, from $7,377 to $8,800 due primarily to increases in professional fees, internal acquisition costsassociated with the acquisition of operating apartment communities in 2003, long-term compensation costs, directors’ fees, and insurance costs.  These increases were partially offset by a decrease in abandoned real estate pursuit costs.

        Corporate asset depreciation and amortization increased $324, or 18.8%, from $1,722 to $2,046 due primarily to an increase in amortization resulting from the managementcontracts acquired in connection with the May 2003 acquisition of the Archstone Management Business.

        Equity in income of joint ventures decreased $2,635, or 90.9%, from $2,900 to $265 due primarily to the sales of four apartment communities by the GRAP JV in 2002,resulting in the recognition of a $2,611 gain by us in 2002.

        Our share of the operating results for the apartment communities owned by the unconsolidated joint ventures in which we have an interest during 2003 and 2002 is asfollows:

**                                      2003                                         **

**  **

**Stabilized** (a)  

**Development        & Lease-up** (b)  

**Sales** (c)

  

**Total**

  

**Total 2002Period**

  

**Our share of joint venture results:** Rental and other property revenues Property operating and maintenance expenses (exclusive of items shown separately below)      Property net operating income (NOI) Interest expense and credit enhancement fees Amortization of deferred costs Other      Funds from operations (FFO) Gain on sale of previously depreciated operating real       estate assets Real estate asset depreciation      Equity in income of joint ventures Number of operating communities Number of apartment homes in operating communities Average percent occupied during the year

 $ 3,214    (1,409 $ 1,805 (  631 (    26   (    44 $  1,104 -    (  893 $    211 6 2,084 92%

 ) ) ) ) )

 $1,661 (    685 $  976 (   282 (     64 (       8 $  622 -    (   578 $    44 3 891 68%

 ) ) ) ) )

 $         -            9 $        9 -  -           1 $      10 -         - $      10 - - -

 $4,875   ( 2,085 $ 2,790 (   913 (     90   (     51 $ 1,736 -    (1,471 $   265 9 2,975 85%

 ) ) ) ) )

 $5,035   ( 2,184 $2,851  (   950  (     70   (     41 $1,790 2,611  ( 1,501 $2,900 12 3,892 84%

 ) ) ) ) )

(a) Communities that were owned and fully stabilized throughout 2003.(b) Communities in the development and/or lease-up phase that were not fully stabilized during all or any of  2003.(c) Reflects our share of insurance premium refunds received and recorded in 2003 for communities sold during 2002.  There were no communities sold during 2003.

        Minority interest of preferred unitholders in Operating Partnership decreased $539, or 12.5%, from $4,312 to $3,773 due to the $50 million redemption of the Series BPreferred Units in November 2003.       

          Original issuance costs associated with redemption of preferred units of $1,327 in 2003 represents the excess of the fair value of the redemption priceof the Series B Preferred Units over the related carrying amount in our balance sheet on the November 17, 2003 redemption date.  See Note 4 to the accompanying consolidated financial statements.

        Income from discontinued operations, net of minority interest, increased $22,138, or 188.4%, from $11,749 to $33,887 due primarily to the $31,698 gain on disposition ofdiscontinued operations, net of minority interest recognized in 2003, partially offset by the $7,919 gain on disposition of discontinued operations, net of minority interest recognized in 2002.

        Dividends to preferred shareholders increased $84, or 1.2%, from $6,819 to $6,903 due to the $40 million issuance of our Series C Preferred Shares in September 2002,which were exchanged into Series C-1 Preferred Shares on a one-for-one basis in September 2003, and the $75 million issuance of our Series D Preferred Shares in May 2003.  Such increases were offset in part by the $115 million redemption of our Series A Preferred Shares in August 2002.

*Comparison of operating results for the year ended December 31, 2002 to the year ended December 31, 2001*

*       * Our net income is generated primarily from the operation of our apartment communities and the disposition of assets that no longer meet our investmentcriteria.  For purposes of evaluating comparative operating performance, we categorize our operating communities based on the period each community reaches stabilized occupancy. A community is considered to have achieved stabilized occupancy on the earlier tooccur of (1) attainment of 93% physical occupancy or (2) one year after completion of construction. The combined operating performance for all of our wholly-owned apartment communities that are included in continuing operations for the years ended December 31, 2002and 2001 is summarized as follows:
   
**                    Years Ended December 31,                             **
**Number of 2002  Apt. Homes**

**2002**
 
**2001**
 
**$ Change**
 
**% Change**

**Rental and other property revenues:**Same-store communities (a) Triple net master lease communities Communities stabilized during 2002, but not 2001 Development and lease-up communities Communities under renovation or not fully operational Acquired stabilized communities (b) Sold communities (c)    Total property revenues

 15,040 728 932 1,000 1,791 -                -      19,491
 
 $162,367 7,461 15,387 8,453 14,557 -         898 $209,123
 
 $164,688 7,609 9,255 3,749 16,633 -     14,919 $216,853
 
 $  (2,321) (   148) 6,132. 4,704  (2,076) -. (14,021) $( 7,730)
 
 -1.4% -1.9% 66.3% 125.5% -12.5% -.-94.0% - 3.6%

**Property operating and maintenance expenses** (d): Same-store communities (a) Triple net master lease communities Communities stabilized during 2002, but not 2001 Development and lease-up communities Communities under renovation or not fully operational Acquired stabilized communities (b) Sold communities (c)    Total property operating and maintenance expenses
 
 $57,757 876 4,878 4,298 6,192 -      278 $74,279
 
 $54,956 886 2,795 1,427 5,737 -    5,666$71,467
 
 $2,801  (10) 2,083. 2,871  455  -.    (5,388) $  2,812 
 
 5.1%.  -1.1% 74.5%. 201.2%  7.9%  -.-95.1%    3.9%

**Property net operating income (NOI)** (e)**:** Same-store communities (a) Triple net master lease communities Communities stabilized during 2002, but not 2001 Development and lease-up communities Communities under renovation or not fully operational Acquired stabilized communities (b) Sold communities (c)    Total property net operating income (NOI)

 $104,610 6,585 10,509 4,155 8,365 -         620**$134,844**

 $109,732 6,723 6,460 2,322 10,896 -      9,253**$145,386**

 $(5,122) (138) 4,049. 1,833. (2,531) -.(8,633) $**(10,542)**

 -4.7% -2.1% 62.7% 787878.9% -23.2% -.-93.3%-**7.3%**

Total property NOI as a percentage of total property revenues

**    64.5%**

**    67.0%**

**          - **

**-2.5%**

(a)   Communities that were owned and fully stabilized throughout both 2002 and 2001 ("same-store").(b)   Stabilized communities that were acquired subsequent to January 1, 2002.(c)   Communities that were sold subsequent to January 1, 2001.(d)   Represents direct property operating and maintenance expenses as reflected in the accompanying consolidated statements of operations and excludes certain expenses included in the determination of  net income such as property management andother indirect operating expenses, interest expense and depreciation and amortization expense.(e)   Calculated as total property revenues less property operating and maintenance expenses (d).  See Note 11, Segment Reporting, to the accompanying financial statements for further discussion of our use of NOI as the primary financial measure ofperformance for our apartment communities.  In addition, NOI from this reportable segment is reconciled to the most directly comparable GAAP measure in Note 11.

        Total property revenues decreased $7,730, or 3.6%, from $216,853 to $209,123 due to the sale of one apartment community in the first quarter of 2001, two apartment communities in thefourth quarter of 2001 and two apartment communities in the first quarter of 2002; a 1.4% decrease in same-store performance as a result of national economic weakness; and a decrease in the number of available apartment homes associated with renovation activities atfive of our communities. These decreases were partially offset by an increase in the number of apartment homes resulting from the development, lease-up and acquisition of additional communities.

        Property operating and maintenance expense, as reflected in our consolidated statements of operations, increased $2,812, or 3.9%, from $71,467 to $74,279 due to an increase in the number of apartment homes resultingfrom the development, lease-up and acquisition of additional communities, as well as same-store expenses increasing 5.1%. The same-store expense increase is at a rate ahead of inflation due to a significant increase in insurance costs, along with higher turnover andmarketing costs associated with national economic conditions. These increases were offset in part by the 2001 and 2002 sales activity.

        Additional information for the 56 same-store apartment communities presented in the preceding table is as follows:

**             % Change from 2001 to 2002 in            .**

**Market**

**Number of Apartment Homes    **

**% of      2002 NOI**

**Physical Occupancyin 2002 (a)**

**Economic Occupancyin 2002 (a)**

**EconomicOccupancy**

**Revenues**

**Expenses**

**NOI**

South Florida

3,845

26.9%

94.6%

92.6%

0.1%

1.4%

7.4%

-1.5%

Houston

3,539

23.0%

94.3%

92.8%

-1.2%

3.5%

4.5%

2.9%

Atlanta

3,613

21.5%

92.3%

88.6%

-2.6%

-6.1%

12.5%

-13.9%

Austin

1,677

13.6%

93.3%

92.1%

0.2%

-5.4%

-2.8%

-6.8%

Dallas

1,123

9.5%

95.9%

94.3%

-0.6%

-1.3%

0.8%

-2.3%

Other

  1,243

    5.5%

90.7%

85.1%

-3.5%

-4.0%

  0.4%

-7.0%

   Totals

15,040

100.0%

93.7%

91.3%

-1.1%

-1.4%

  5.1%

-4.7%

(a)  Physical occupancy represents gross potential rent less physical vacancy loss as a percentage of gross potential rent.  Economic occupancy represents actual rent revenue collected divided by gross potential rent.  Thus, economic occupancydiffers from physical occupancy in that it takes into account concessions, non-revenue producing apartment homes and delinquencies.

        Property management revenues increased $992, or 15.7%, from $6,317 to $7,309 due primarily to a net increase of approximately 3,800 units managed for third parties andunconsolidated joint ventures from an average of 20,000 in 2001 to 23,800 in 2002.  This net increase in units managed is due primarily to the May 2001 acquisition of the D.C. Management Co. and an increase in business in our existing markets and is offset inpart by a decrease in business with our unconsolidated joint ventures resulting from sale transactions.

        Ancillary services revenues decreased $116, or 1.4%, from $8,433 to $8,317 due primarily to a decrease in development and construction fee revenue of $736 offset in partby an increase in corporate rental housing revenue of $695.  The decrease in development and construction fee revenue is comprised of $515 in revenue from unconsolidated joint ventures and $221 in revenue from third parties.  This decrease is due primarilyto a portion of our projects nearing completion, coupled with fewer new project starts.  In addition, a $425 reduction in the estimated development revenues from the GRAP JV was recorded in 2001.

        Interest income decreased $369, or 49.4%, from $747 to $378 due to a decrease in interest-bearing deposits and a decrease in interest rates.

        Real estate asset depreciation and amortization increased $289, or 0.7%, from $44,268 to $44,557 due primarily to the impact of the development and acquisition ofadditional communities and capital improvements made to existing operating communities, offset in part by the impact of the 2001 and 2002 sales activity and a non-recurring correcting adjustment recorded to depreciation in 2002 of $1.7 million.

        Property management expense for owned communities and third-party properties increased $1,760, or 15.8%, from $11,137 to $12,897 due to (1) an increase of approximately2,900 apartment homes under management from an average of 42,100 in 2001 to an average of 45,000 in 2002, (2) software licensing fees incurred in 2002 but not in 2001, (3) increased information technology and related support costs associated with the January 2002implementation of our new general ledger and web-based property management system, eGables and (4) inflationary increases in expenses.

        Ancillary services expense decreased $570, or 9.8%, from $5,806 to $5,236 due primarily to a decrease in development and construction expenses of $682 offset in part byan increase in corporate rental housing expenses of $127.  The decrease in development and construction expenses is related to a decrease in services rendered as the related projects near construction completion, coupled with fewer new project starts.

        Interest expense and credit enhancement fees decreased $536, or 1.2%, from $42,885 to $42,349. An increase in outstanding indebtedness associated with the August 2002redemption of our Series A Preferred Shares and an increase in operating debt associated with the development and acquisition of additional communities was offset by a decrease in interest rates for variable-rate borrowings and a decrease in outstanding indebtednessassociated with 2002 and 2001 sale activities.  In addition, the 2002 refinancings of (1) $82.5 million of indebtedness that bore interest at a rate of 8.3% with $40 million of Series C Preferred Shares and $40 million of senior unsecured notes that bearinterest at a weighted average interest rate of 5.9% and (2) $48.4 million of indebtedness that bore interest at a rate of 6.4% with $48.4 million of indebtedness that bears interest at a rate of 4.75% have served to reduce interest expense.

        Amortization of deferred financing costs increased $298, or 28.7%, from $1,038 to $1,336 due primarily to increased financing costs associated with the issuances of $180million of senior unsecured notes in July 2002 and $40 million of senior unsecured notes in September 2002.

        General and administrative expense increased $168, or 2.3%, from $7,209 to $7,377 due primarily to an increase in abandoned real estate pursuit costs offset in part by adecrease in internal acquisition costs associated with the 2001 acquisitions of operating apartment communities and the D.C. Management Co.        Corporate asset depreciation and amortization increased $902, or 110.0%, from $820 to $1,722 due primarily to an increase in amortization resulting from the depreciationof our new general ledger and web-based property management system, eGables, beginning in January 2002, and an increase in amortization resulting from the management contracts acquired in connection with the May 2001 acquisition of the D.C. Management Co.

        Unusual items of $1,687 in 2002 represents the write-off of unamortized deferred financing costs totaling $236 and a prepayment penalty of $1,451 associated with theearly retirement of $48.4 million of secured tax-exempt bond indebtedness.  These bonds had an interest rate of 6.375% which we were able to re-issue on an unsecured basis at a rate of 4.75% resulting in a positive net present value.

        Unusual items of $8,847 in 2001 are comprised of (1) a $5,006 charge associated with the write-off of building components at Gables State Thomas Ravello thatwerereplaced in connection with a remediation program, (2) $2,200 of severance charges associated with organizational changes adopted in the fourth quarter of 2001, (3) $920 in reserves associated with certain technology investments and (4) $721 of abandoned real estatepursuit costs as a result of September 2001 events that impacted the U.S. economy.

        Equity in income of joint ventures increased $2,658, or 1,098.3%, from $242 to $2,900 due primarily to the 2002 sales of four apartment communities by the GRAP JV,which resulted in the recognition of a $2,611 gain by us in 2002.

        Our share of the operating results for the apartment communities owned by the unconsolidated joint ventures in which we have an interest during 2002 and 2001 is asfollows:

**                                        2002                                         ****.**

**Stabilized**

(a)

**Development & Lease-up**

(b)

**Sales**

(c)

**Total**

**Total2001**

**Our share of joint venture results:** Rental and other revenues Property operating and maintenance expenses (exclusive of items shown separately below)     Property net operating income (NOI) Interest expense and credit enhancement fees Amortization of deferred costs Other      Funds from operations (FFO) Gain on sale of  previously depreciated     operating real estate assets Real estate asset depreciation      Equity in income of joint ventures Number of operating communities Number of units in operating communities Average percent occupied during the year

 $2,729   ( 1,181 1,548 (    611  (      17 (      25   895 -   (   733 $   162 5 1,898 92

 ) ) ) ) ) %

 $ 1,071   (  467   604 (  184 (    34   (      8   378 -     ( 408 $ (   30 3 780 47

 ) ) ) ) ) ) %

 $1,235  (  536  699 (  155   (    19  (     8    517 2,611  (   360 $2,768 4 1,214 94

 ) ) ) ) ) %

 $5,035  ( 2,184 2,851(    950  (      70  (      41 1,790 2,611  ( 1,501 $2,90012 3,892 84

 ) ) ) ) ) %

 $6,312    (  2,602  3,710 ( 1,708  (      72         20 1,950 -     (  1,708 $    242 15 4,758 76

 ) ) ) ) %

(a) Communities that were owned and fully stabilized throughout 2002. (b) Communities in the development and/or lease-up phase that were not fully stabilized during all or any of 2002. (c) Communities that were sold subsequent to January 1, 2002.

        Gain on sale of previously depreciated operating real estate assets of $17,906 in 2002 relates to the sale of two wholly-owned communities comprising 557 apartment homeslocated in Houston and Atlanta.

        Gain on sale of land and development rights of $2,100 in 2002 is comprised of (1) $763 associated with the 2002 sale of 13.3 acres of land in Houston, (2) recognition of$1,252 in deferred gain associated with the 2001 contribution of land and development rights into the GRAP JV Two and (3) recognition of $85 of deferred gain associated with a land sale in 2000.

        Gain on sale of previously depreciated operating real estate assets of $34,110 in 2001 relates to the sale of an apartment community in Atlanta comprising 386 apartmenthomes, an apartment community in Houston comprising 776 apartment homes and an apartment community in Dallas comprising 536 apartment homes.

        Gain on sale of land and development rights of $3,220 in 2001 is comprised of (1) $934 associated with the 2001 sale of 2.5 acres of land in Atlanta, (2) $1,590 associated with the 2001 contribution of land and developmentrights into the GRAP JV Two and (3) recognition of $696 of deferred gain associated with a land sale in 2000.

        Income from discontinued operations, net of minority interest, increased $6,670, or 131.3%, from $5,079 to $11,749 due primarily to the $7,919 gain on disposition ofdiscontinued operations, net of minority interest, recognized in 2002.

        Dividends to preferred shareholders decreased $2,952, or 30.2%, from $9,771 to $6,819 due to the $115 million redemption of our Series A Preferred Shares in August 2002,offset in part by the $40 million issuance of our Series C Preferred Shares in September 2002.

        Original issuance costs associated with redemption of preferred shares of $4,009 in 2002 represents the excess of  the fair value of the redemption price of theSeries A Preferred Shares over the related carrying amount in our balance sheet on the August 9, 2002 redemption date.  See Note 4 to the accompanying consolidated financial statements.

**Liquidity and Capital Resources**

*Cash Flows from Operating, Investing and Financing Activities*

        Net cash provided by operating activities from continuing operations decreased from $96,862 for the year ended December 31, 2002 to $85,809 for the year ended December31, 2003 due to a change in other liabilities between periods of $12,767 and a change in other assets between periods of $744.  Such decreases were offset in part by an increase of $1,067 in income from continuing operations (a) before specified non-cash ornon-operating items, including depreciation, amortization, equity in income of joint ventures, minority interest of unitholders in Operating Partnership, original issuance costs associated with redemption of preferred units, gain on sale of real estate assets,long-term compensation expense and unusual items and (b) after operating distributions received from joint ventures and a change in restricted cash between periods of $1,391. Net cash provided by operating activities from discontinued operations decreased from $8,098to $4,595 due to the disposition of discontinued operations in 2002 and 2003.

        We used $17,361 of net cash in investing activities for the year ended December 31, 2002 compared to $155,384 for the year ended December 31, 2003. During the year endedDecember 31, 2003, we expended (1) $242,015 related to acquisition, development, construction and renovation expenditures, (2) $10,498 related to recurring value retention capital expenditures for operating apartment communities, (3) $9,449 related to non-recurringand/or value-enhancing capital expenditures for operating apartment communities, (4) $1,401 related to our investment in joint ventures and (5) $4,968 related to other investments. During the year ended December 31, 2003, we received cash of  $112,059 inconnection with the disposition of discontinued operations and $888 from the refinance of joint venture real estate assets. During the year ended December 31, 2002, we expended (1) $91,281 related to acquisition, development, construction and renovation expenditures,(2) $13,077 related to recurring value retention capital expenditures for operating apartment communities, (3) $11,910 related to non-recurring and/or value-enhancing capital expenditures for operating apartment communities, (4) $1,093 related to our investment injoint ventures and (5) $1,059 related to other investments. During the year ended December 31, 2002, we received cash of (1) $46,803 in connection with the sale of wholly-owned real estate assets, (2) $43,227 in connection with the disposition of discontinuedoperations, (3) $10,680 in connection with our share of the net proceeds from the sale of joint venture real estate assets and (4) $349 of sale proceeds released from escrow to fund development activities.

        We had $85,549 of net cash used in financing activities for the year ended December 31, 2002 compared to $64,614 of net cash provided by financing activities for theyear ended December 31, 2003. During the year ended December 31, 2003, we received net proceeds of (1) $78,985 from the issuance of 2,500 common shares, (2) $72,419 from the issuance of our Series D Preferred Shares, (3) $44,526 from net borrowings and (4) $7,423from the exercise of share options.  We expended (1) $86,473 in common and preferred dividends and distributions, (2) $50,000 in connection with the redemption of the Series B Preferred Units, (3) $1,642 in deferred financing costs , (4) $524 of principal escrowpayments deposited into escrow and (5) $100 in connection with the exchange of the Series C Preferred Shares.  During the year ended December 31, 2002, we expended (1) $115,000 in connection with the redemption of the Series A Preferred Shares, (2) $84,261 incommon and preferred dividends and distributions, (3) $13,977 in connection with treasury share repurchases and common unit redemptions, (4) $2,935 in deferred financing costs and (5) $1,451 for a prepayment penalty incurred in connection with our tax-exempt debtrefinancing. During the year ended December 31, 2002, we received net proceeds of (1) $81,343 from net borrowings, (2) $39,750 from the issuance of the Series C Preferred Shares, (3) $7,602 from the exercise of share options and (4) $3,380 from principal paymentsreleased from escrow, net.

        We have elected to be taxed as a REIT under the Internal Revenue Code. To qualify as a REIT, we must meet a number of organizational and operational requirements,including a requirement that we currently distribute at least 90% of our ordinary taxable income at the REIT level to shareholders.  It is our current intention to adhere to these requirements and maintain our REIT status. As a REIT, we generally will not besubject to federal income tax on distributed taxable income. We utilize Gables Residential Services, a taxable REIT subsidiary, to provide management and other services to third parties that we, as a REIT, may be prohibited from providing. Taxable REITsubsidiaries are subject to federal, state and local income taxes.

*Contractual Obligations*

A summary of our contractual obligations at December 31, 2003 is as follows:
 **                                           Payments Due by Year                                                      **
**2004**

**2005**

**2006**

**2007**

**2008**

**2009 &      Thereafter**

**Total**

Regularly scheduled principal amortization payments

$  1,633

$  1,735

$  1,653

$   1,775

$ 1,396

$ 12,849

$ 21,041

Balloon principal payments due at maturity (a)

58,190

276,985

233,092

206,398

90,200

117,194

   982,059

   Total notes payable

59,823

278,720

234,745

208,173

91,596

130,043

1,003,100

Operating leases (b)

2,222

2,298

2,258

2,060

1,707

34,618

45,163

Deferred purchase price of the Archstone Management Business (c)

2,167

-

-

-

-

-

2,167

Manditorily redeemable Series Z Preferred Shares (d)

            -

           -

            -

            -

    2,250

     4,500

       6,750

**       Total**

**$64,212**

**$281,018**

**$237,003**

**$210,233**

**$95,553**

**$169,161**

**$1,057,180**

(a)  Outstanding indebtedness for each tax-exempt bond issue is reflected in the preceding table using the earlier of the related bond maturity date or the bond enhancement facility maturity date, as applicable.(b)  Includes two ground leases relating to apartment communities owned and operated by us.(c)  Amount represents the maximum amount contingently payable in accordance with the purchase agreement.(d)  Includes cumulative dividends of $2,250 from the June 1998 issuance date that are payable in June 2008.  Dividends from June 2008 to the June 2018 mandatory redemption date are payable annually and thus are excluded from the precedingtable.

**       We have various standing or renewable service contracts with vendors related tothe operation of our communities.  These contracts have terms generallyequal to one year or less and provide for cancellation with insignificant or nopenalties.*       *

        In addition to these contractual obligations, we currently have six communities under development that are expected to comprise 1,930 apartment homes uponcompletion and an indirect 20% ownership interest in one development community that is expected to comprise 76 apartment homes upon completion. The estimated costs to complete the development of these assets total $100 million at December 31, 2003, including $1million of costs that we are obligated to fund for the co-investment development community and $5 million of costs pertaining to the single-family lot development adjacent to our Gables Montecito development community. These costs are expected to be initially fundedby $19 million in construction loan proceeds and $81 million in borrowings under our credit facilities described below.          At December 31, 2003, we owned two parcels of land on which we intend to develop two apartment communities that we currently expect will comprise 453 apartmenthomes.  We also had rights to acquire additional parcels of land, either through options or long-term conditional contracts, on which we believe we could develop ten apartment communities that we currently expect would comprise an estimated 2,514 apartmenthomes.  In January 2004, we exercised one of such acquisition rights and acquired a parcel of land for the future development of a community in South Florida that we currently expect will comprise an estimated 261 apartment homes.  Any future development issubject to obtaining permits and other governmental approvals, as well as our ongoing business review, and may not be undertaken or completed.        Additional information regarding our development activity is included in “Item 2. Properties.”

*Funding of Short-term and Long-term Liquidity Requirements*        Our common and preferred dividends historically have been paid from cash provided by recurring real estate activities. We anticipate that such dividends will continue tobe paid from cash provided by recurring real estate activities that include both operating activities and asset disposition activities when evaluated over a twelve-month period. This twelve-month evaluation period is relevant due to the timing of  dispositionactivities and the payment of particular expense items that are accrued monthly but are paid on a less frequent basis, such as real estate taxes and interest on our senior unsecured notes.

        We have met and expect to continue to meet our short-term liquidity requirements through net cash provided by recurring real estate activities. Our net cash fromrecurring real estate activities has been adequate, and we believe that it will continue to be adequate, to meet both operating requirements and payment of dividends in accordance with REIT requirements. Recurring value retention capital expenditures andnon-recurring and/or value-enhancing capital expenditures, in addition to regularly scheduled principal amortization payments, are also expected to be funded from recurring real estate activities that include both operating and asset disposition activities. Weanticipate that acquisition, construction, development and renovation activities as well as land purchases, will be initially funded primarily through borrowings under our credit facilities and construction loans described below.

        We expect to meet our long-term liquidity requirements, including the balloon principal payments due at maturity of our notes payable and possible land and propertyacquisitions, through long-term secured and unsecured borrowings, the issuance of debt securities or equity securities,  private equity investments in the form of joint ventures, or through the disposition of assets which, in our evaluation, may no longer meet our investment requirements.*$300 Million Credit Facility*

        We have an unsecured revolving credit facility with a committed capacity of $300 million provided by a syndicate of banks that has a maturity date of May 2005. This facility was modified in February 2003 and December 2003 to, among other things, increase the committed capacity under the facility from $225 million to $252 million and from $252 million to $300 million, respectively.  Syndicated borrowings under thisfacility currently bear interest at our option of LIBOR plus 0.85% or prime minus 0.25%.  Fees for letters of credit issued under this facility are equal to the spread over LIBOR for syndicated borrowings.  In addition, we pay a facility fee currently equalto 0.20% of the $300 million committed capacity.  The spread over LIBOR for syndicated borrowings and the facility fee may be adjusted up or down based on changes in our senior unsecured credit ratings and our leverage ratios.  There are five stated pricinglevels for (1) the spread over LIBOR for syndicated borrowings ranging from 0.70% to 1.25% and (2) the facility fee ranging from 0.15% to 0.30%.  A competitive bid option is available for borrowings up to 50% of the $300 million committed capacity, or $150million.  This option allows participating banks to bid to provide us loans at a rate that is lower than the stated rate for syndicated borrowings.  At December 31, 2003, we had outstanding under the facility (1) $101 million in borrowings outstanding underthe competitive bid option at an average interest rate of 1.62% and (2) $48 million of letters of credit, including $46 million of letters of credit enhancing four tax-exempt variable rate notes payable totaling$45 million.  Thus, we had $151million of availability under the facility at December 31, 2003.  We expect to renew and/or renegotiate the facility prior to the May 2005 maturity date; however, there can no assurance that such renewal and/or renegotiation will occur.

*$75 Million Borrowing Facility*

        We have a $75 million unsecured borrowing facility with a bank that has a maturity date of May 2005. The interest rate and maturity date related to each advance underthis facility is agreed to by both parties prior to each advance. We had $12.6 million in borrowings outstanding under this facility at December 31, 2003 at an interest rate of 1.60%.

*$10 Million Credit Facility*

*       * We have a $10 million unsecured revolving credit facility with a bank that has a maturity date of May 2005.  Borrowings under this facility bearinterest at the same scheduled interest rates for syndicated borrowings as the $300 million credit facility.  We had $1.6 million in borrowings outstanding under this facility at December 31, 2003 at an interest rate of 2.02%.

*Secured Construction Loans*

*       * We have committed fundings under eight construction-related financing vehicles for four wholly-owned development communities totaling $78.1 million from abank. At December 31, 2003, we had drawn $29.9 million under these variable-rate financing vehicles and therefore have $48.2 million of remaining capacity. Borrowings under these vehicles bear interest at a weighted average rate of 3.10%at December 31, 2003.

*Restrictive Covenants*

*       * Our secured and unsecured debt agreements generally contain representations, financial and other covenants and events of default typical for each specifictype of facility or borrowing.

        The indentures under which our publicly traded and other unsecured debt securities have been issued contain the following limitations on the incurrence of indebtedness:(1) a maximum leverage ratio of 60% of total assets; (2) a minimum debt service coverage ratio of 1.50:1; (3) a maximum secured debt ratio of 40% of total assets; and (4) a minimum amount of unencumbered assets of  150% of total unsecured debt.  Ourindentures also include other affirmative and restrictive covenants.

        Our ability to borrow under our unsecured credit facilities and secured construction loans is subject to our compliance with a number of financial covenants, affirmativecovenants and other restrictions on an ongoing basis.  The principal financial covenants impacting our leverage are: (1) our total debt may not exceed 57.5% of our total assets; (2) our annualized interest coverage ratio may not be less than 2.0:1; (3) ourannualized fixed charge coverage ratio may be not less than 1.75:1; (4) our total secured debt may not exceed 35% of our total assets, and the recourse portion of our secured debt may not exceed 10% of our total assets; (5) our unencumbered assets may not be lessthan 175% of our total unsecured debt; (6) our tangible net worth may not be less than $742.8 million; and (7) our floating rate debt may not exceed 30% of our total assets.  Such financing vehicles also restrict the amount of capital we can invest in specificcategories of assets, such as unimproved land, properties under construction, non-multifamily properties, debt or equity securities, and unconsolidated affiliates.

        In addition, we have a covenant under our unsecured credit facilities and secured construction loans that restricts the ability of the Operating Partnership to makedistributions in excess of stated amounts, which in turn restricts our ability to declare and pay dividends.  In general, during any fiscal year, the Operating Partnership may only distribute up to 100% of its consolidated income available fordistribution.  This provision contains an exception to this limitation to allow the Operating Partnership to make any distributions necessary to (1) allow us to maintain our status as a REIT or (2) distribute 100% of our taxable income at the REIT level.  We do not anticipate that thisprovision will adversely affect the ability of the Operating Partnership to make distributions sufficient for us to pay dividends under our current dividend policy.

        Our credit facilities, construction loans and indentures are cross-defaulted and also contain cross default provisions with other of our material indebtedness.  Wewere in compliance with covenants and other restrictions included in our debt agreements as of December 31, 2003.  The indentures and the $300 million credit facility agreement containing the financial covenants discussed above, as well as the other materialterms of our indebtedness, including definitions of the many terms used in and the calculations required by financial covenants, have been filed with the Securities and Exchange Commission as exhibits to our periodic or other reports.

        Our tax-exempt bonds contain customary covenants for this type of financing which require a specified percentage of the apartments in the bond-financed communities to berented to individuals based upon income levels specified by U.S. government programs.

*Off-Balance Sheet Arrangements*

        We do not have any off-balance sheet arrangements that we believe have or are reasonably likely to have a current or future material effect on our financial condition,changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources. 

        We account for our joint venture arrangements using the equity method.  Total indebtedness of our unconsolidated joint ventures is $160.3 million at December 31,2003.  We have a $7.2 million maximum limited payment guaranty on two joint venture construction loans with committed fundings aggregating $21.8 million.  At December 31, 2003, there is $16.4 million of principal outstanding under these loans and theportion of this that is recourse to us is $6.1 million.  We do not believe that we will have any funding obligations under this limited payment guaranty.  The remaining $143.9 million of joint venture indebtedness is not recourse to us.  See Note 6 tothe accompanying consolidated financial statements for further information regarding our unconsolidated joint ventures.

**Inflation**

**       ** Substantially all of the leases at our apartment communities are for a term of one year or less.  In the event of significant inflation, this mayenable us to realize increased rents upon renewal of existing leases or the beginning of new leases. Short-term leases generally minimize our risk from the adverse effects of inflation, although these leases generally permit residents to leave at the end of the leaseterm without penalty and therefore expose us to the effect of a decline in market rents. In a deflationary rent environment, as is currently being experienced in some of our markets, we are exposed to declining rents more quickly under these shorter term leases.

**Certain Factors Affecting Future Operating Results**

        This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities ExchangeAct of 1934, as amended. The words "believe," "expect," "anticipate," "intend," "plan," "estimate," "assume" and other similar expressions which are predictions of or indicate future events and trends and which do not relate solely to historical mattersidentify forward-looking statements. These statements include, among other things, statements regarding our intent, belief or expectations with respect to the following: 
- our ability to increase shareholder value by producing consistent high quality earnings to sustain dividends and annual total returns that exceed the multifamily sector average;
- our ability to create a portfolio of high quality assets in strategically selected markets that are complementary through economic diversity and characterized by high job growth and resiliency to economicdownturns;
- the ability of our portfolio to maintain high levels of occupancy and rental rates relative to overall market conditions;
- our ability to generate a return on invested capital that exceeds our long-term weighted average cost of capital while maintaining financial flexibility through a conservative, investment grade creditprofile;
- our expectation that the markets we have selected for investment will continue to experience job growth that exceeds national averages, and that our EPN locations will outperform local marketresults;
- our ability to meet short-term liquidity requirements, including the payment of common and preferred dividends, through net cash provided by recurring real estate activities, and to meet long-term liquidityrequirements through long-term secured and unsecured borrowings, the issuance of debt securities or equity securities, private equity investments in the form of joint ventures, or through the disposition of assets which, in our evaluation, may no longer meet ourinvestment requirements; and
- estimated development and construction costs for our development and lease-up communities, and anticipated construction commencement, completion, lease-up and stabilization dates for thesecommunities.

        You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and may cause our actual results, performance orachievements to differ materially from anticipated future results, or the performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, but are not limited to:
- national and local economic conditions generally, and the real estate market specifically, including changes in occupancy rates and market rents, a continued deceleration of economic conditions in our markets,and a failure of national and local economic conditions to rebound in a timely manner;
- changes in job growth, household formation and population growth in our markets;
- excess supply of and insufficient demand for apartment communities in our markets;
- competition, which could limit our ability to secure attractive investment opportunities, lease apartment homes or increase or maintain rents;
- our failure to sell apartment communities in a timely manner or on favorable terms;
- uncertainties associated with our development and construction activities, including the failure to obtain zoning and other approvals, actual development and construction costs exceeding our budgeted estimatesand construction material defects;
- construction and lease-up may not be completed on schedule, resulting in increased debt service expense and construction costs and reduced rental revenues;
- new debt or equity financing may not be available or may not be available on favorable terms, and existing indebtedness may mature in an unfavorable credit environment, preventing such indebtedness from beingrefinanced or, if financed, causing such refinancing to occur on terms that are not as favorable as the terms of existing indebtedness;
- changes in interest rates;
- cash flow from recurring real estate activities may be insufficient to meet our short-term liquidity requirements, including the payment of common and preferred dividends;
- legislative, regulatory and accounting changes, including changes to laws governing the taxation of REITs or changes in GAAP; and 
- potential liability for uninsured losses and environmental contamination.

        While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement, whether as aresult of new information, future events or otherwise.

**Supplemental Discussion - Funds From Operations**

        Funds from operations (“FFO”) is used by industry analysts and investors as a supplemental operating performance measure of an equity real estate investment trust (“REIT”).  Wecalculate FFO in accordance with the definition that was adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”).  FFO, as defined by NAREIT, represents net income (loss) determined in accordance withGAAP, excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

        Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values instead havehistorically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.  Thus, NAREIT created FFOas a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income.  The use of FFO, combined with the required primary GAAP presentations, has improved the understanding of operatingresults of REITs among the investing public and made comparisons of REIT operating results more meaningful.  We generally consider FFO to be a useful measure for reviewing our comparative operating and financial performance (although FFO should be reviewed inconjunction with net income which remains the primary measure of performance) because by excluding gains or losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization, FFO can helpusers compare the operating performance of a company’s real estate between periods or as compared to different companies.

        In May 2002, we expensed  $1,687 of early debt extinguishment costs.  Under accounting rules in effect at that time, these costs were classified as an extraordinary item and, as such, did not reduceFFO.  In April 2002, SFAS No. 145 was issued.  We adopted this standard on its January 1, 2003 effective date and, pursuant to the new rules, reclassified the $1,687 of early debt extinguishment costs from extraordinary items to unusual items.  In thecomputation of FFO pursuant to the NAREIT definition outlined above, net income is adjusted for extraordinary items but is not adjusted for unusual items.  As such, previously reported FFO   for the year ended December 31,2002 has been reduced by $1,687.  The adoption of this standard had no impact on previously reported net income.

        In August 2002, we redeemed all 4,600 of our outstanding 8.3% Series A Preferred Shares for $115,000 plus accrued and unpaid dividends.  In connection with the issuance of the Series A Preferred Shares inJuly 1997, we incurred $4,009 in issuance costs and recorded such costs as a reduction of shareholders’ equity.  The redemption price of the Series A Preferred Shares exceeded the related carrying value by the $4,009 of issuance costs.  The July 2003clarification of EITF Abstracts, Topic No. D-42 became effective for the third quarter 2003 and is required to be reflected retroactively by restating the financial statements of prior periods.  As a result, previously reported net income available to commonshareholders and FFO available to common shareholders for the year ended December 31, 2002 has been reduced by the $4,009 excess.

        FFO presented herein is not necessarily comparable to the FFO of other REITs due to the fact that not all REITs use the NAREIT definition.  However, our FFO is comparable to the FFO of REITs that use theNAREIT definition.  FFO should not be considered an  alternative to net income as an indicator of our operating performance.  Additionally, FFO does not represent cash flows from operating, investing or financing activities as defined by GAAP. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” for a discussion of our cash needs and cash flows.  A reconciliation of FFO available to commonshareholders from net income available to common shareholders (the most directly comparable GAAP measure to FFO available to common shareholders) is as follows:

** **

** **

**           Years Ended December 31,**

** **

** **

**2003 **

** **

**2002 **

 

**2001  **

 

Net income available to common shareholders Minority interest of common unitholders in Operating Partnership:      Continuing operations      Discontinued operations         Total

 

$ 49,062 3,215      6,475 9,690

 

$ 45,661 8,2412,836 11,077

 

$ 55,074 12,936        1,313 14,249

 

Real estate asset depreciation and amortization:      Wholly-owned real estate assets - continuing operations      Wholly-owned real estate assets - discontinued operations      Joint venture real estate assets          Total

 

  50,592 1,926  1,471 53,989

 

  44,557 3,342  1,501 49,400

 

  44,268 3,337  1,708 49,313

 

Gain on sale of previously depreciated operating real estate assets:      Wholly-owned real estate assets - continuing operations      Wholly-owned real estate assets - discontinued operations      Joint venture real estate assets         Total

 

 - (37,693           - (37,693

 ) )

 (17,906 (  9,829(  2,611   (30,346

 ) ) ) )

 ( 34,110 -             -   ( 34,110 

 ) )

**Funds from operations available to common shareholders -      basic and diluted**

 

**$ 75,048**

 

**$ 75,792**

 

** $ 84,526**

 

**Average common shares and units outstanding - basic **

 

**   31,346**

** **

**   30,571**

** **

**   30,153**

 

**Average common shares and units outstanding - diluted**

** **

**   31,452**

** **

**   30,684**

** **

**   30,314**

 

**ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

        Our capital structure includes the use of fixed-rate and variable-rate indebtedness. As such, we are exposed to the impact of changes in interest rates. We periodically seek inputfrom third-party consultants regarding market interest rate and credit risk in order to evaluate our interest rate exposure. In some situations, we may utilize derivative financial instruments in the form of rate caps, rate swaps or rate locks to hedge interest rateexposure by modifying the interest rate characteristics of related balance sheet instruments and prospective financing transactions. We do not utilize such instruments for trading or speculative purposes. We did not have any derivative instruments in place atDecember 31, 2003 or 2002.

        We typically refinance maturing debt instruments at the then-existing market interest rates and terms, which may be more or less favorable than the interest rates and terms on thematuring debt.

        The following table provides information about our financial instruments that are sensitive to changes in interest rates and should be read in conjunction with the accompanyingconsolidated financial statements and notes thereto. The table presents principal cash flows and related weighted average interest rates in effect at December 31, 2003 by expected maturity dates. Outstanding indebtedness for each tax-exempt bond issue is reflected inthe table using the earlier of the related bond maturity date or the bond enhancement facility maturity date, as applicable. The weighted average interest rates presented in this table are inclusive of credit enhancement fees. There have been no substantial changesin our market risk profile from the preceding year and the assumptions are consistent with prior year assumptions.

 

*                                              ****Expected Year of Maturity****                                                                 *

 

**2004**

**2005**

**2006**

**2007**

**2008**

**2009 andThereafter**

**2003Total**

**2003      Fair Value**

**2002Total**

**Debt:**

 

 

 

 

 

 

 

 

 

Conventional fixed rate Average interest rate

$  1,418 7.22%

$108,280 6.80%

$178,908 7.28%

$207,913 6.13%

$  1,116 6.74%

$120,548 7.34%

$   618,183 6.82%

$   658,479 4.44%

$638,502 6.83%

Tax-exempt fixed rate Average interest rate

$58,4054.91%

$       2307.63%

$       2457.63%

$       2607.63%

$     2807.63%

$    9,4957.63%

$     68,9155.33%

$     70,7662.86%

$  69,1205.33%

   Total fixed-rate debt    Average interest rate

$59,8234.97%

$108,5106.80%

$179,1537.28%

$208,1736.13%

$  1,3966.92%

$130,0437.36%

$   687,0986.67%

$   729,2454.28%

$707,6226.68%

Tax-exempt variable rate Average interest rate

$          - -

$  55,015 2.11%

$  25,740 2.20%

$            - -

$90,200 2.14%

$            - -

$   170,955 2.14%

$   170,955 2.14%

$170,955 2.41%

Variable-rate credit facilities Average interest rate

$          - -

$115,195 1.63%

$            - -

$            - -

$          - -

$            - -

$   115,195 1.63%

$    115,195 1.63%

$  75,608 1.89%

Variable-rate construction loans Average interest rate

$          -           -

$           -             -

$  29,852    3.10%

$            -             -

$          -           -

$            -             -

$     29,852     3.10%

$     29,852    3.10%

$    4,389    3.25%

   Total variable-rate debt    Average interest rate

$          -              -

$170,210     1.78%

$  55,592     2.68%

$            -             -

$90,200  2.14%

$            -              -

$   316,002    2.04%

$   316,002    2.04%

$250,9522.26%

      Total debt       Average interest rate

$59,823   4.97%

$278,720    3.74%

$234,745    6.19%

$208,173    6.13%

$91,596   2.21%

$130,043     7.36%

$1,003,100         5.21%

$1,045,247        3.61%

$958,574    5.53%

        The estimated fair value of our debt at December 31, 2003 is based on a discounted cash flow analysis using current borrowing rates for debt with similar terms and remainingmaturities. Such fair value is subject to changes in interest rates. Generally, the fair value will increase as interest rates fall and decrease as interest rates rise. ****

**ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

        The financial statements and supplementary data are listed under Item 15(a) and filed as part of this report on the pages indicated.**ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

**       **As discussed more fully in the Proxy Statement to be filed relating to the 2004Annual Meeting of the Registrant's Shareholders, during 2002 we dismissed ArthurAndersen LLP and engaged Deloitte & Touche LLP to be our independent publicauditors. 

**ITEM 9A.  CONTROLS AND PROCEDURES**

        We carried out an evaluation under the supervision and with the participation of senior management, including our Chief Executive Officer and Chief Financial Officer, of theeffectiveness as of December 31, 2003 of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15 under the Securities Exchange Act 1934, as amended (the “Exchange Act”).  Based upon that evaluation, our ChiefExecutive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized andreported within the time periods specified in the Securities and Exchange Commission's rules and forms. We continue to review and document our disclosure controls and procedures, including our internal controls and procedures for financial reporting, and may fromtime to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business.        There was no change in internal control over financial reporting that occurred in the fourth quarter of 2003 that has materially affected or is reasonably likely to materially affect our internal controls over financialreporting.

**PART III**

**ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

**       ** The information concerning the Directors and Executive Officers of the Registrant required by Item 10 shall be included in the Proxy Statement to be filed relating tothe 2004 Annual Meeting of the Registrant's Shareholders and is incorporated herein by reference.

**ITEM 11.  EXECUTIVE COMPENSATION**

**       ** The information concerning Executive Compensation required by Item 11 shall be included in the Proxy Statement to be filed relating to the 2004 Annual Meeting of theRegistrant's Shareholders and is incorporated herein by reference.**ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

        The information concerning Security Ownership of Certain Beneficial Owners and Management required by Item 12 shall be included in the Proxy Statement to be filed relating to the 2004Annual Meeting of the Registrant's Shareholders and is incorporated herein by reference.**ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

**       ** The information concerning Certain Relationships and Related Transactions required by Item 13 shall be included in the Proxy Statement to be filed relating to the 2004Annual Meeting of the Registrant's Shareholders and is incorporated herein by reference.

**ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES**

        The information concerning Principal Accountant Fees and Services required by Item 14 shall be included in the Proxy Statement to be filed relating to the 2004 Annual Meeting of theRegistrant’s Shareholders and is incorporated herein by reference.

** PART IV**

**ITEM 15.  EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULE AND REPORTS ON FORM 8-K   (a)   Financial Statements and Schedule**

The financial statements and schedule listed below are filed as part of this annual report on the pages indicated.

Report of Independent Public AuditorsConsolidated Balance Sheets as of December 31, 2003 and December 31, 2002Consolidated Statements of Operations for the years ended December 31, 2003, 2002 and 2001Consolidated Statements of Shareholders' Equity for the years ended December 31, 2003, 2002 and 2001Consolidated Statements of Cash Flows for the years ended December 31, 2003, 2002 and 2001Notes to Consolidated Financial StatementsSchedule III - Real Estate Investments and Accumulated Depreciation as of December 31, 2003         

51 52 53 54 55 56 77

**(b)   Reports on Form 8-K      **

(i)  A Form 8-K was furnished to the Securities and Exchange Commission on November 5, 2003 to disclose our third quarter 2003 earnings press release and press release supplements dated November 4, 2003.(ii)  A Form 8-K was filed with the Securities and Exchange Commission onOctober 17, 2003 in connection with the Operating Partnership's November 2003redemption of the Series B Preferred Units.

**(c)    Exhibits**

Some of the exhibits required by Item 601 of Regulation S-K have been filed with previous reports by the Registrant (File No. 1-12590), referred to herein as Gables, or the Operating Partnership (File No. 0-22683) and areincorporated herein by reference to the filing in the corresponding numbered footnote.

**Exhibit No.**

**Description**

3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 10.9 10.10 10.11 10.12 10.13 10.14 10.15 10.16 10.17 10.18 10.19 10.20 10.21 10.22 10.23 10.24 10.25 10.26 10.27 21.1 23.1 31.1 31.2 32.1

(i)(a) (i)(b) (i)(c) (i)(d) (i)(e) (i)(f) (i)(g) (i)(h) (ii) * * * * * * * **

--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

Gables' Amended and Restated Declaration of Trust (1) Articles of Amendment to Gables' Amended and Restated Declaration of Trust (2) Articles Supplementary to Gables' Amended and Restated Declaration of Trust creating the 8.30% Series A Cumulative Redeemable Preferred Shares (3) Articles Supplementary to Gables' Amended and Restated Declaration of Trust creating the 5.00% Series Z Cumulative Redeemable Preferred Shares (2) Articles Supplementary to Gables' Amended and Restated Declaration of Trust creating the 8.625% Series B Cumulative Redeemable Preferred Shares (4) Articles Supplementary to Gables' Amended and Restated Declaration of Trust creating the 7.875% Series C Cumulative Redeemable Preferred Shares (5) Articles Supplementary to Gables’ Amended and Restated Declaration of Trust creating the 7.50% Series D Cumulative Redeemable Preferred Shares (6) Articles Supplementary to Gables’ Amended and Restated Declaration of Trust creating the 7.875% Series C-1 Cumulative Redeemable Preferred Shares (7) Gables' Second Amended and Restated Bylaws, as amended (8) Indenture, dated as of March 23, 1998, between the Operating Partnership and First Union National Bank (9) Supplemental Indenture No. 1, dated March 23, 1998, between the Operating Partnership and First Union National Bank (9) The Operating Partnership 6.80% Senior Notes due 2005 (9) Supplemental Indenture No. 4, dated February 22, 2001, between the Operating Partnership and First Union National Bank (10) The Operating Partnership 7.25% Senior Notes due 2006 (10) Supplemental Indenture No. 5, dated July 8, 2002, between the Operating Partnership and Wachovia Bank, National Association (11) The Operating Partnership 5.75% Senior Notes due 2007 (11) Supplemental Indenture No. 6, dated September 27, 2002, between the Operating Partnership and Wachovia Bank, National Association (5) The Operating Partnership 5.86% Senior Notes due 2009 (5) Supplemental Indenture No. 7, dated September 27, 2002, between the Operating Partnership and Wachovia Bank, National Association (5) The Operating Partnership 6.10% Senior Notes due 2010 (5) The Operating Partnership 5.86% Registered Senior Notes due 2009 (12) The Operating Partnership 6.10% Registered Senior Notes due 2010 (12) Registration Rights Agreement, dated September 27, 2002, between Gables and Teachers Insurance and Annuity Association of America (5) Registration Rights Agreement, dated September 27, 2002, between the Operating Partnership and Teachers Insurance and Annuity Association of America (5) Seventh Amended and Restated Agreement of Limited Partnership of Operating Partnership (13) Fourth Amended and Restated 1994 Share Option and Incentive Plan (14) Amendment No. 1 to the Fourth Amended and Restated 1994 Share Option and Incentive Plan Form of Employment Agreement as signed by Gables and each of Chris D. Wheeler (Chairman of the Board of Trustees, President and Chief Executive Officer; base salary of $365,581), Marvin R. Banks, Jr. (Senior Vice President and Chief Financial Officer; base salary of$253,094) and Michael M. Hefley (Senior Vice President and Chief Operating Officer; base salary of $253,094) (14) Form of Amendment to Employment Agreement as signed by Gables and each of Chris D. Wheeler,   Marvin R. Banks, Jr. and Michael M. Hefley  (15) Employment Agreement as signed by Gables and David D. Fitch (Senior Vice President and Chief Investment Officer) (5) Form of 2002 Restricted Share Award Agreement as signed by Gables and each of Chris D. Wheeler (12,600 shares), Marvin R. Banks, Jr. (8,400 shares), Michael M. Hefley (8,400 shares), Gregory W. Iglehart (830 shares) and Dawn H. Severt (5,040 shares) (16) Form of 2003 Restricted Share Award Agreement as signed by Gables and each of Chris D. Wheeler (7,560 shares), Marvin R. Banks, Jr. (5,040 shares), Michael M. Hefley (5,040 shares), Douglas G. Chesnut (1,680 shares), Gregory W. Iglehart (839 shares) and Dawn H.Severt (3,024 shares) (17) Form of 2004 Restricted Share Award Agreement as signed by Gables and each of Chris D. Wheeler (18,000 shares), Marvin R. Banks, Jr. (12,000 shares), Michael M. Hefley (12,000 shares), David D. Fitch (12,000 shares), Douglas G. Chesnut (4,000 shares) and Dawn H.Severt (7,200 shares) Restricted Share Award Agreement between Gables and Gregory W. Iglehart (5) 2003 Restricted Share Award Agreement between Gables and David D. Fitch (17) Senior Executive Severance Agreement between Gables and Chris D. Wheeler (18) Form of Senior Executive Severance Agreement as signed by Gables and each of Marvin R. Banks, Jr., David D. Fitch and Michael M. Hefley (18) Senior Executive Severance Agreement between Gables and Dawn H. Severt (18) Senior Executive Severance Agreement between Gables and Douglas G. Chesnut (15) Separation Agreement between Gables and Catherine K. Cabell dated January 18, 2002 (15) Separation Agreement between Gables and C. Jordan Clark dated February 25, 2002 (15) Separation Agreement between Gables and Stephen G. Sweet, dated May 3, 2002 (19) Form of Indemnification Agreement as signed by Gables and each of Chris D. Wheeler, Marvin R. Banks, Jr., David D. Fitch, Michael M. Hefley, Dawn H. Severt, Marcus E. Bromley, Lauralee E. Martin, John W. McIntyre, Mike E. Miles, and James D. Motta (20) Unsecured Note No. 2 for $29,681,000 dated August 13, 1997 between the Operating Partnership, Gables-Tennessee Properties and Teachers Insurance and Annuity Association of America (21) Securities Purchase Agreement dated September 27, 2002 between Gables, Gables GP, Inc., the Operating Partnership and Teachers Insurance and Annuity Association of America (5) Third Amended and Restated $225,000,000 Revolving Credit Facility dated May 14, 2001, by and among Gables Realty Limited Partnership and Gables-Tennessee Properties, L.L.C. (as the Borrowers) and Wachovia Bank, N.A., First Union National Bank, The Chase ManhattanBank, AmSouth Bank, PNC Bank, National Association, SouthTrust Bank, and Bank of America, N.A. (collectively, as Lenders) and Wachovia Bank, N.A. (as agent) (22) Fourth Amended and Restated $225,000,000 Revolving Credit Facility dated June 27, 2002, by and among Gables Realty Limited Partnership and Gables-Tennessee Properties, L.L.C. (as the Borrowers) and Wachovia Bank, N.A., Wachovia Securities, Inc., JPMorgan ChaseBank, AmSouth Bank, PNC Bank, National Association, SouthTrust Bank, Bank of America, N.A., Wells Fargo Bank, N.A., and Suntrust Bank (collectively, as Lenders) and Wachovia Bank, N.A. (as agent) (19) Fifth Amended and Restated Revolving Credit Facility dated February 20, 2003 (increased to a committed capacity level of $300,000,000 from $252,000,000 in December 2003 pursuant to Section 2.15 of the agreement with the commitments of $34,000,000 from Bank One, NA,$10,000,000 from Southwest Bank of Texas and an additional $4,000,000 from SouthTrust Bank) by and among Gables Realty Limited Partnership and Gables-Tennessee Properties, L.L.C. (as the Borrowers) and Wachovia Securities, Inc., Wachovia Bank, National Association,JPMorgan Chase Bank, PNC Bank, National Association, AmSouth Bank, SouthTrust Bank, Bank of America, N.A., Wells Fargo Bank, N.A. and Suntrust Bank (collectively, as Lenders) and Wachovia Bank, National Association (as agent) (17) First Amendment to Fifth Amended and Restated Revolving Credit Facility dated December 12, 2003 Contribution Agreement with an effective date of March 16, 1998 between Gables, the Operating Partnership and specified representatives of Trammell Crow Residential executed in connection with Gables' April 1, 1998 acquisition of the real estate assets andoperations of South Florida (23) Amendment No. 1 to Contribution Agreement dated April 1, 1998 (24) Schedule of Gables' Subsidiaries Consent of Deloitte & Touche LLP Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer) Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 __________________ *   Filed herewith ** Furnished herewith

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24)

Gables’ Registration Statement on Form S-11, as amended (File No. 33-70570). Gables’ Quarterly Report on Form 10-Q for the quarter ended June 30, 1998 (File No. 1-12590). Gables’ Current Report on Form 8-K dated July 24, 1997 (File No. 1-12590). Gables’ Current Report on Form 8-K dated November 12, 1998 (File No. 1-12590). Gables’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2002 (File No. 1-12590). Gables’ Registration Statement on Form 8-A dated May 8, 2003 (File No. 333-68359). Gables’ Registration Statement on Form S-4/A dated May 20, 2003 (File No. 333-104535). Gables’ Annual Report on Form 10-K for the fiscal year ended December 31, 1999 (File No. 1-12590). The Operating Partnership's Current Report on Form 8-K dated March 23, 1998 (File No. 0-22683). The Operating Partnership's Current Report on Form 8-K dated February 22, 2001 (File No. 0-22683). The Operating Partnership's Current Report on Form 8-K dated July 8, 2002 (File No. 0-22683). The Operating Partnership’s Registration Statement on Form S-4 dated April 14, 2003 (File No. 333-104534). The Operating Partnership’s Registration Statement on Form S-4/A dated May 20, 2003 (File No. 333-104534). Gables’ Annual Report on Form 10-K for the fiscal year ended December 31, 1998 (File No. 1-12590). Gables’ Annual Report on Form 10-K for the fiscal year ended December 31, 2001 (File No. 1-12590). Gables’ Registration Statement on Form S-8 (File No. 333-83916). Gables’ Annual Report on Form 10-K for the fiscal year ended December 31, 2002 (File No. 1-12590). Gables’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2001 (File No. 1-12590). Gables’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 1-12590). Gables’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 (File No. 1-12590). Gables’ Quarterly Report on Form 10-Q for the quarter ended September 30, 1997 (File No. 1-12590). Gables’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 (File No. 1-12590). Gables’ Current Report on Form 8-K dated March 16, 1998 (File No. 1-12590). Gables’ Current Report on Form 8-K dated April 1, 1998, as amended (File No. 1-12590).

        The Registrant's Proxy Statement is to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2003 (the end of the fiscal year covered by thisAnnual Report on Form 10-K).

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant certifies that it has duly caused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized.

 

 

 

 

 

 

 

 

 

 

GABLES RESIDENTIAL TRUST

 

 

 

 

By

 

 

/s/ Chris D. Wheeler         

Chris D. Wheeler Chairman of the Board of Trustees, President and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 11, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant in the capacities and on the dates indicated.

Signatures

Title

Date

/s/ Chris D. WheelerChris D. Wheeler /s/ Marvin R. Banks, Jr. Marvin R. Banks, Jr. /s/ Dawn H. Severt Dawn H. Severt /s/ Marcus E. Bromley Marcus E. Bromley /s/ Lauralee E. Martin Lauralee E. Martin /s/ John W. McIntyre John W. McIntyre /s/ Mike E. Miles Mike E. Miles /s/ James D. Motta James D. Motta

 Chairman of the Board of Trustees, President and Chief Executive Officer  (Principal Executive Officer) Senior Vice President and Chief Financial Officer (Principal Financial Officer) Vice President and Chief Accounting Officer (Principal Accounting Officer) Trustee Trustee Trustee Trustee Trustee

 March 11, 2004 March 11, 2004 March 11, 2004 March 11, 2004 March 11, 2004 March 11, 2004 March 11, 2004 March 11, 2004

 

**REPORT OF INDEPENDENT PUBLIC AUDITORS**

To Gables Residential Trust:

        We have audited the accompanying consolidated balance sheets of Gables Residential Trust and subsidiaries as of December 31, 2003 and 2002 and the related consolidated statementsof operations, shareholders' equity and cash flows for each of the three years in the period ended December 31, 2003.   Our audits also included the financial statement schedule listed in the Index to Financial Statements at Item 15. These financialstatements and the financial statement schedule are the responsibility of the management of Gables Residential Trust. Our responsibility is to express an opinion on the financial statements and the financial statement schedule based on our audits.

        We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, such financial statements present fairly, in all material respects, the financial position of Gables Residential Trust and subsidiaries as of December 31, 2003and 2002 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2003 in conformity with accounting principles generally accepted in the United States of America.  Also in our opinion, such financialstatement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects, the information set forth therein.

        As discussed in Notes 4 and 5 to the consolidated financial statements, in 2002 Gables Residential Trust changed its method of accounting for discontinued operations to conform to theprovisions of SFAS No. 144.  As discussed in Notes 4 and 15 to the consolidated financial statements, in 2003 Gables Residential Trust changed its method of accounting for early extinguishment of debt to conform to the provisions of SFAS No. 145.  Also, asdiscussed in Notes 2 and 4 to the consolidated financial statements, in 2003 Gables Residential Trust changed its method of accounting for the redemption of preferred shares to conform to the provisions of Emerging Issues Task Force Abstracts, Topic No.D-42.

 /s/ Deloitte & Touche LLP

 

Atlanta, Georgia

March 11, 2004

 

**GABLES RESIDENTIAL TRUST CONSOLIDATED BALANCE SHEETS (Amounts in Thousands, Except Per Share Data)**

 

**              December 31,**

 

**2003 ..**

**2002.**

**ASSETS:**

 

 

 

Real estate assets:

 

 

 

   Land

  $        283,015

 

  $          250,095

   Buildings

         1,368,009

 

         1,259,399

   Furniture, fixtures and equipment

            140,077

 

            130,547

   Construction in progress

             146,041

 

            129,159

   Investment in joint ventures

              11,456

 

              12,256

   Undeveloped land

           15,822

           12,951

      Real estate assets before accumulated depreciation

         1,964,420

 

         1,794,407

   Less:  accumulated depreciation

        (297,464

)

        (266,139

)

      Net real estate assets

         1,666,956

 

         1,528,268

 

 

Cash and cash equivalents

                5,915

 

                6,281

Restricted cash

                6,116

 

                7,632

Deferred financing costs, net of accumulated amortization of $6,793 and

   $4,903 at December 31, 2003 and 2002, respectively

                5,029

 

                5,555

Other assets, net

           41,060

           36,198

      Total assets

**$    1,725,076**

**$    1,583,934**

 

 

**LIABILITIES AND SHAREHOLDERS' EQUITY:**

 

Notes payable

  $       1,003,100

 

  $       958,574

Accrued interest payable

                13,751

 

              14,081

Preferred dividends payable

                374

 

                1,834

Real estate taxes payable

              15,792

 

              16,172

Accounts payable and accrued expenses – construction

              12,549

 

                 7,275

Accounts payable and accrued expenses – operating

              16,466

 

              18,814

Security deposits

                4,048

                4,133

Series Z Preferred Shares, at $25.00 liquidation preference, 180 shares issued      and outstanding, including accrued and unpaid dividends

            5,746

 

                 -

     Total liabilities

         1,071,826

 

         1,020,883

 

 

Minority interest of common unitholders in Operating Partnership

              70,711

 

              89,882

Minority interest of Series B preferred unitholders in Operating Partnership

              -

 

              50,192

Series Z Preferred Shares, at $25.00 liquidation preference, 180 shares issued and outstanding

-

4,500

Commitments and contingencies

 

 

Shareholders' equity:

 

  Excess shares, $0.01 par value, 51,000 shares authorized

                       -

 

                       -

  Preferred shares, $0.01 par value, 20,000 shares authorized,

 

    Series C Preferred Shares, at $25.00 liquidation preference,

 

       1,600 shares issued and outstanding at December 31, 2002

                       -

 

              40,000

    Series C-1 Preferred Shares, at $25.00 liquidation preference,

 

       1,600 shares issued and outstanding at December 31, 2003

              40,000

 

                       -

    Series D Preferred Shares, at $25.00 liquidation preference,

 

       3,000 shares issued and outstanding at December 31, 2003

              75,000

 

                       -

    Series Z Preferred Shares and Series B Preferred Units,

 

       exchangeable into Series B Preferred Shares, reported above

                       -

 

                        -

  Common shares, $0.01 par value, 100,000 shares authorized,

 

      33,120 and 28,856 shares issued at December 31, 2003 and

 

      2002, respectively

                  331

 

                  289

  Additional paid-in capital

             573,636

 

            485,694

  Treasury shares at cost, 4,340 and 4,385 common shares at

 

 

 

      December 31, 2003 and 2002, respectively

           (105,171

)

           (106,190

)

  Deferred long-term compensation

               (1,257

)

               (1,316

)

  Accumulated earnings

                       -

                       -

     Total shareholders' equity

            582,539

            418,477

     Total liabilities and shareholders' equity

**$       1,725,076**

**$        1,583,934**

See notes to consolidated financial statements.

 

 

**GABLES RESIDENTIAL TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in Thousands, Except Per Share Data)**

 

**        **

**            Years ended December 31,**

**2003  **

**2002**

**2001**

**Revenues:**

Rental revenues

$208,394

$ 198,005

$205,455

Other property revenues

  11,809

   11,118

11,398

   Total property revenues

220,203  

  209,123

216,853

Property management revenues

8,495

7,309

6,317

Ancillary services revenues

7,282

8,317

8,433

Interest income

173

378

747

Other revenues

   1,168

   700

     569

   Total other revenues

17,118

16,704

16,066

   Total revenues

237,321

225,827

232,919

**Expenses:**

Property operating and maintenance (exclusive of items shown separately below)

79,668

74,279

71,467

Real estate asset depreciation and amortization

50,592

44,557

44,268

Property management (owned and third party)

15,169

12,897

11,137

Ancillary services

4,255

5,236

5,806

Interest expense and credit enhancement fees

44,832

42,349

42,885

Amortization of deferred financing costs

1,831

1,336

1,038

General and administrative

8,800

7,377

7,209

Corporate asset depreciation and amortization

2,046

1,722

820

Unusual items

            -

    1,687

    8,847

   Total expenses

207,193

191,440

193,477

Income from continuing operations before equity in income of joint ventures,    gain on sale and minority interest

30,128

34,387

39,442

Equity in income of joint ventures

265

2,900

242

Gain on sale of previously depreciated operating real estate assets

-

17,906

34,110

Gain on sale of land and development rights

-

2,100

3,220

Minority interest of common unitholders in Operating Partnership

  (3,215

)

(8,241

)

(12,936

)

Minority interest of preferred unitholders in Operating Partnership

(3,773

)

(4,312

)

(4,312

)

Original issuance costs associated with redemption of preferred units

   (1,327

)

           -

             -

Income from continuing operations

22,078

44,740

59,766

Operating income from discontinued operations, net of minority interest

2,189

3,830

5,079

Gain on disposition of discontinued operations, net of minority interest

  31,698

     7,919

         -

Income from discontinued operations, net of minority interest

33,887

11,749

5,079

Net income

55,965

56,489

64,845

Dividends to preferred shareholders

(6,903

)

(6,819

)

(9,771

)

Original issuance costs associated with redemption of preferred shares

          -

(4,009

)

          -

Net income available to common shareholders

**$49,062**

**$45,661**

**$55,074**

Weighted average number of common shares outstanding – basic

25,920

24,618

23,890

Weighted average number of common shares outstanding – diluted

31,452

30,684

30,314

**Per Common Share Information – Basic:**

Income from continuing operations (net of preferred dividends and original     issuance costs associated with redemption of preferred shares)

$0.59

$1.38

$2.09

Income from discontinued operations, net of minority interest

$1.31

$0.48

$0.21

Net income available to common shareholders

$1.89

$1.85

$2.30

**Per Common Share Information – Diluted:**

Income from continuing operations (net of preferred dividends and original     issuance costs associated with redemption of preferred shares)

$0.58

$1.37

$2.08

Income from discontinued operations

$1.28

$0.48

$0.21

Net income available to common shareholders

$1.87

$1.85

$2.29

See notes to consolidated financial statements.

 

**GABLES RESIDENTIAL TRUSTCONSOLIDATED STATEMENTS OF SHAREHOLDERS'  EQUITY(Amounts in Thousands, Except Per Share Data)**

 

**Preferred Shares at Liquidation Preference**

**CommonShares.**

**Additional Paid-inCapital**

**Treasury Shares  at Cost**

**Deferred Long-TermCompensation**

**AccumulatedEarnings**

**Total**

**Balance, December 31, 2000**

$115,000

$     271

$455,202

$(  95,283

)

$  ( 1,456

)

$   5,670

$479,404

Proceeds from the exercise of share options Issuance of shares for trustee compensation Issuance of share grants, net of forfeitures Deferred long-term compensation, net Adjustment for minority interest of     unitholders in Operating Partnership Net income available to common shareholders Dividends declared and paid ($2.34 per share)

- - - - - -          -

6 - - - 6 -          -

15,138 88 600 - 7,703 -          -

- - 1,139 - - -            -

- - - (    172 - -          -

 )

- - - - - 55,074 ( 56,154

 )

15,144 88 1,739 (     172 7,709 55,074 ( 56,154

 ) )

**Balance, December 31, 2001**

115,000

   283

 478,731

  (  94,144

)

(  1,628

)

 4,590

502,832

Purchase of treasury shares Redemption of Series A Preferred Shares Issuance of Series C Preferred Shares Proceeds from the exercise of share options Issuance of shares for trustee compensation Issuance of share grants, net of forfeitures Deferred long-term compensation, net Adjustment for minority interest of     unitholders in Operating Partnership Net income available to common shareholders Dividends declared and paid ($2.41 per share)

- (115,000 40,000 - - - - - -             -

 )

- - - 3 - - - 3 -       -

- 4,009 (  250 7,599 114 1,191 - 3,449 -  (  9,149

 ) )

(  13,625 - - - - 1,579 - - -           -

)

- - - - - - 312 - -             -

- - - - - - - - 45,661 ( 50,251

 )

(  13,625 ( 110,991 39,750 7,602 114 2,770 312 3,452 45,661(  59,400

) ) )

**Balance, December 31, 2002**

40,000

289

485,694

(  106,190

)

(  1,316

)

        -

418,477

Proceeds of common share offering, net of $3,040     underwriting discount and issuance costs Issuance of Series D Preferred Shares Exchange of Series C Preferred Shares Proceeds from the exercise of share options Issuance of shares for trustee compensation Issuance of share grants, net of forfeitures Deferred long-term compensation, net Adjustment for minority interest of    unitholders in Operating Partnership Net income available to common shareholders Dividends declared and paid ($2.41 per share)

 - 75,000 - - - - - - -              -

 25 - - 2 - - - 15 -          -

 78,960 (2,581 (100 7,421 78 399 - 17,093 -        (13,328

 ) ) )

 - - - - - 1,019 - - -                 -

- - - - - - 59 - -            -

 - - - - - - - - 49,062(49,062

 )

 78,985 72,419 (100 7,423 78 1,418 59 17,108 49,062   (62,390

 ) )

**Balance, December 31, 2003**

**$115,000**

**    $331**

**$573,636**

**$(105,171**

**)**

**$(  1,257**

**)**

**$         -**

**$582,539**

See notes to consolidated financial statements.

 

 

**GABLES RESIDENTIAL TRUST CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in Thousands, Except Per Share Data)**

** Years Ended December 31,2003             2002**   **       2001**

**CASH FLOWS FROM OPERATING ACTIVITIES:** Net income Adjustments to reconcile net income to net cash provided       by operating activities of continuing operations:      Income from discontinued operations, net of minority interest      Depreciation and amortization      Equity in income of joint ventures      Minority interest of unitholders in Operating Partnership      Original issuance costs associated with redemption of preferred units      Gain on sale of real estate assets      Long-term compensation expense      Unusual items      Operating distributions received from joint ventures       Change in operating assets and liabilities:         Restricted cash         Other assets         Other liabilities, net           Net cash provided by operating activities from continuing operations           Net cash provided by operating activities from discontinued operations              Net cash provided by operating activities

  $55,965 ( 33,887 54,469 (  265 6,988 1,327 - 1,655 - 1,479 2,040 (  865 (3,097 85,809   4,595 90,404

 ) ) ) )

  $56,489 (  11,749 47,615 (  2,900 12,553 - (20,006 1,230 1,687 1,745 649 (   121    9,670 96,862     8,098 104,960

 ) ) ) )

 $64,845 (  5,079 46,126 (  242 17,248 - (  37,330 1,331 8,627 1,703 (  1,292 ( 10,707    5,592   90,822      9,729  100,551

 ) ) ) ) )

**CASH FLOWS FROM INVESTING ACTIVITIES:** Acquisition, development, construction and renovation of real estate assets Recurring value retention capital expenditures Non-recurring and/or value-enhancing capital expenditures Restricted cash held in escrow, net Net proceeds from sale of wholly-owned real estate assets Net proceeds from disposition of discontinued operations Investment in joint ventures Net proceeds from refinance or sale of joint venture real estate assets Proceeds from contribution of real estate assets to joint venture Other           Net cash used in investing activities

 (242,015 (  10,498 (  9,449 - - 112,059 (1,401 888 -  (  4,968   (155,384

 ) ) ) ) ) )

 (  91,281 (  13,077 (  11,910 349 46,803 43,227 (  1,093 10,680 -  (  1,059   (17,361

 ) ) ) ) ) )

 ( 215,552 (  11,797 (  10,916 7,909 93,634 - (  4,248 - 18,519  (  954 (123,405

 ) ) ) ) ) )

**CASH FLOWS FROM FINANCING ACTIVITIES:**Net proceeds from common share offering Net proceeds from issuance and/or exchange of preferred shares Redemption of preferred units and/or shares Proceeds from the exercise of share options Treasury share purchases and Unit redemptions Payments of deferred financing costs Notes payable proceeds Notes payable repayments Prepayment penalty Principal escrow payments (deposited into) released from escrow, net Preferred dividends paid Preferred distributions paid Common dividends paid ($2.41, $2.41 and $2.34 per share, respectively) Common distributions paid ($2.41, $2.41 and $2.34 per share, respectively)        Net cash  provided by (used in) financing activities

 78,985 72,319 (50,000 7,423 - (1,642 311,671 (  267,145 - (524 (  7,230 (  3,773 (62,390(13,080     64,614

 ) ) ) ) ) ) ) )

 - 39,750 (115,000 7,602 (  13,977 (2,935 224,562 ( 143,219 (   1,451 3,380 (  6,205 (  4,312 (  59,400(  14,344  (  85,549

 ) ) ) ) ) ) ) ) ) )

 - - - 15,144 - (1,906 338,707 (243,791 - (    728 (  9,546 (  4,312 ( 56,154( 14,581 22,833

 ) ) ) ) ) ) )

 Net change in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year

 $    (366        6,281 $  5,915

 )

 $  2,050    4,231 $  6,281

 $   (21  4,252 $4,231

 )

**Supplemental disclosure of cash flow information:**    Cash paid for interest    Interest capitalized    Cash paid for interest, net of amounts capitalized

                                                               See notes to consolidated financial statements.

 $52,687    8,416**$44,271**

 $45,787    8,875**$36,912**

 $48,421      8,844**$39,577**

 

**NOTES TO CONSOLIDATED FINANCIALSTATEMENTS(Amounts in Thousands, Except Property and Per Share Data**            

*Unless the context otherwiserequires, all references to "we," "our" or "us" in this report refercollectively to Gables Residential Trust ("Gables"), a Maryland real estateinvestment trust ("REIT"), and its subsidiaries, including Gables Realty LimitedPartnership, a Delaware limited partnership, considered as a single enterprise.Gables GP, Inc., a wholly-owned subsidiary of Gables Residential Trust, is thesole general partner of Gables Realty Limited Partnership.*

**1.  ORGANIZATION AND FORMATION**

        We are a REIT formed in 1993 under Maryland law to continue and expand the operations of our privately owned predecessor organization. We completed our initial public offering onJanuary 26, 1994.

        We are a fully integrated real estate company engaged in the multifamily apartment community management, development, construction, acquisition and disposition businesses. We alsoprovide management, development and construction, corporate rental housing and brokerage services to third parties and unconsolidated joint ventures.  Substantially all of these businesses are conducted through Gables Realty Limited Partnership (the "OperatingPartnership"). We control the Operating Partnership through Gables GP, Inc., a wholly-owned subsidiary that is the sole general partner of the Operating Partnership. This organizational structure is commonly referred to as an umbrella partnership REIT or "UPREIT." AtDecember 31, 2003, we were an 86.9% economic owner of the common equity of the Operating Partnership.  Substantially all of our third-party management businesses are conducted through a wholly-owned subsidiary, Gables Residential Services.

        Our limited partnership and indirect general partnership interests in the Operating Partnership entitle us to share in cash distributions from, and in the profits and losses of, theOperating Partnership in proportion to our ownership interest therein and entitle us to vote on all matters requiring a vote of the limited partners. Generally, the other limited partners of the Operating Partnership are persons who contributed their direct orindirect interests in certain real estate assets to the Operating Partnership primarily in connection with the IPO and the 1998 acquisition of the real estate assets and operations of Trammell Crow Residential South Florida (“South Florida”).  A unitof limited partnership interest in the Operating Partnership is referred to herein as a “unit.” The Operating Partnership is obligated to redeem each common unit held by a person other than us at the request of the holder for an amount equal to the fairmarket value of one of our common shares at the time of such redemption, provided that we, at our option, may elect to acquire each common unit presented for redemption for one common share or cash. With each redemption, our percentage ownership interest in theOperating Partnership will increase. In addition, whenever we issue common shares or preferred shares, we are obligated to contribute any net proceeds to the Operating Partnership, and the Operating Partnership is obligated to issue an equivalent number of common orpreferred units, with substantially identical rights as the common or preferred shares, as applicable, to us.

        As of December 31, 2003, we managed a total of 182 multifamily apartment communities owned by us and our third-party clients comprising 51,310 apartment homes.  As of December31, 2003, we owned 76 stabilized multifamily apartment communities comprising 20,209 apartment homes, an indirect 25% interest in one stabilized apartment community comprising 345 apartment homes, an indirect 20% interest in four stabilized apartment communitiescomprising 1,215 apartment homes, and an indirect 8.3% interest in three stabilized apartment communities comprising 1,118 apartment homes. We also owned seven multifamily apartment communities under development or in lease-up at December 31, 2003 that are expectedto comprise 2,220 apartment homes upon completion and an indirect 20% interest in two apartment communities under development or in lease-up at December 31, 2003 that are expected to comprise 373 apartment homes upon completion.  In addition, as of December 31,2003, we owned two parcels of land on which we intend to develop two apartment communities that we currently expect will comprise an estimated 453 apartment homes. We also have rights to acquire additional parcels of land, either through options or long-termconditional contracts, on which we believe we could develop ten communities that we currently expect would comprise an estimated 2,514 apartment homes. Any future development is subject to obtaining permits and other governmental approvals, as well as our ongoingbusiness review, and may not be undertaken or completed.**2. COMMON AND PREFERRED EQUITY ACTIVITY***Secondary Common Share Offerings*

        Since the IPO, we have issued a total of 17,331 common shares in nine offerings, generating $426.8 million in net proceeds which were generally used (1) to reduce outstandingindebtedness under our interim financing vehicles utilized to fund our development and acquisition activities and (2) for general working capital purposes, including funding of future development and acquisition activities.  The most recent offering, involvingthe issuance of 2,500 common shares that generated $79.0 million in net proceeds, closed on August 26, 2003.*Preferred Share Offerings*

        On May 8, 2003, we issued 3,000 shares of 7.5% Series D Cumulative Redeemable Preferred Shares with a liquidation preference of $25.00 per share. The net proceeds from this issuanceof approximately $72.4 million were used to reduce outstanding indebtedness under our interim financing vehicles. The Series D Preferred Shares may be redeemed at our option at $25.00 per share plus accrued and unpaid dividends on or after May 8, 2008. The Series DPreferred Shares are not subject to any sinking fund or convertible into any other Gables securities.

        On September 27, 2002, we issued 1,600 shares of 7.875% Series C Cumulative Redeemable Preferred Shares with a liquidation preference of $25.00 per share in a privateplacement to an institutional investor.  The net proceeds from this issuance of $39.7 million, together with the net proceeds of $39.7 million from the concurrent issuance of $40 million of senior unsecured notes, were used to retire approximately $82.5million of unsecured indebtedness at an interest rate of 8.3% that was scheduled to mature in December 2002.  Pursuant to a registration rights agreement with the purchaser of the Series C Preferred Shares, we registered a new series of preferred shares with theSecurities and Exchange Commission and offered to exchange those shares on a one-for-one basis for the outstanding Series C Preferred Shares.  The dividend rate, preferences and other terms for the new preferred shares, or 7.875% Series C-1 Cumulative RedeemablePreferred Shares, are identical in all material respects to the Series C Preferred Shares, except that the Series C-1 Preferred Shares are freely tradable by a holder.  The exchange offer was consummated on September 5, 2003 and did not generate any cashproceeds for us.  The Series C-1 Preferred Shares may be redeemed at our option at $25.00 per share plus accrued and unpaid dividends on or after September 27, 2006.  The Series C-1 Preferred Shares are not subject to any sinking fund or convertible intoany other Gables securities.

        On June 18, 1998, we issued 180 shares of 5.0% Series Z Cumulative Redeemable Preferred Shares with a liquidation preference of $25.00 per share in connection with the acquisition ofa parcel of land for future development. The Series Z Preferred Shares, which are subject to mandatory redemption on June 18, 2018, may be redeemed at our option at any time for $25.00 per share plus accrued and unpaid dividends.  Dividends on the Series ZPreferred Shares are cumulative from the issuance date and the first dividend payment date is June 18, 2008.  Thereafter, dividends will be paid annually in arrears.  The Series Z Preferred Shares are not subject to any sinking fund or convertible into anyother Gables securities.

        On July 24, 1997, we issued 4,600 shares of 8.30% Series A Cumulative Redeemable Preferred Shares with a liquidation preference of $25.00 per share. The net proceeds from thisoffering of $111.0 million were used to reduce outstanding indebtedness under our interim financing vehicles. We redeemed all outstanding Series A Preferred Shares for $115 million on August 9, 2002 with proceeds from our $180 million senior unsecured note issuanceon July 8, 2002.  The redemption price of the Series A Preferred Shares exceeded the related carrying value by the $4.0 million of issuance costs that we originally incurred and classified as a reduction to shareholders' equity.  Previously reported netincome available to common shareholders for the year ended December 31, 2002 has been reduced by the $4.0 million excess in accordance with the July 2003 clarification of EITF Abstracts, Topic No. D-42, "The Effect on the Calculation of Earnings per Share for theRedemption or Induced Conversion of Preferred Stock" (Note 4).

*Issuances of Common Operating Partnership Units*

        Since the IPO, the Operating Partnership has issued a total of 4,421 common units in connection with the South Florida acquisition, the acquisition of other operating apartmentcommunities and the acquisition of a parcel of land for future development. *Issuance of Preferred Operating Partnership Units*

        On November 12, 1998, the Operating Partnership issued 2,000 of its 8.625% Series B Preferred Units to an institutional investor. The net proceeds from this issuance of $48.7 millionwere used to reduce outstanding indebtedness under our interim financing vehicles. On November 17, 2003, the Operating Partnership redeemed each of the 2,000 outstanding Series B Preferred Units at $25.00 per unit plus accrued and unpaid distributions.  Theredemption price of the Series B Preferred Units exceeded the related carrying value by the $1.3 million of issuance costs that the Operating Partnership originally incurred and classified as a reduction to partners’ capital.  The $1.3 million excess hasbeen reflected as a reduction to earnings in arriving at net income, in a manner similar to distributions on the preferred units, in accordance with the July 2003 clarification of Topic No. D-42 (Note 4).

*Common Equity Repurchase Program*

        Our board of trustees implemented a common equity repurchase program pursuant to which we are authorized to purchase up to $200 million of our outstanding common shares or units. Weview the repurchase of common equity with consideration of other investment alternatives when capital is available to be deployed.  We have repurchased shares from time to time in open market and privately negotiated transactions, depending on market prices andother prevailing conditions, using proceeds from sales of selected assets. We have also repurchased common units for cash upon their presentation for redemption by unitholders. As of December 31, 2003, we had repurchased 4,506 common shares and 300 common units for atotal of $116.0 million, including $0.2 million in related commissions.*Shelf Registration Statement*

        We have an effective shelf registration statement on file with the Securities and Exchange Commission providing $500 million of equity capacity and $500 million of debtcapacity.  We believe it is prudent to maintain shelf registration capacity in order to facilitate future capital raising activities.  To date, there have been no issuances of securities under this shelf registration statement.  ******3.  PORTFOLIO AND OTHER FINANCING ACTIVITY***Community Dispositions Subject to Discontinued Operations Reporting*

        During 2003, we sold four apartment communities located in Houston comprising 1,373 apartment homes and an apartment community located in Dallas comprising 300 apartment homes. Thenet proceeds from these sales were $112.1 million and were used to pay down outstanding borrowings under our interim financing vehicles. The aggregate gain from the sale of these five communities was $37.7 million, or $31.7 million, net of the $6.0 million portion ofthe gain attributable to the minority interest of common unitholders.

        During 2002, we sold two apartment communities located in Houston comprising 660 apartment homes. The net proceeds from these sales were $43.2 million and were used topay down outstanding borrowings under our interim financing vehicles and purchase common shares and units under our common equity repurchase program. The aggregate gain from the sale of these two communities was $9.8 million, or $7.9 million, net of the $1.9 millionportion of the gain attributable to the minority interest of common unitholders. 

        Historical operating results and gains are reflected as discontinued operations in the accompanying consolidated statements of operations  (Notes 4 and 5).***Community and Land Dispositions Not Subject to Discontinued Operations Reporting*

        During 2002, we sold a 13.3 acre parcel of land in Houston that was adjacent to an apartment community sold, an apartment community located in Houston comprising 246apartment homes and an apartment community located in Atlanta comprising 311 apartment homes. The net proceeds from these sales were $46.8 million and were used to pay down outstanding borrowings under our interim financing vehicles and purchase common sharesand units under our common equity repurchase program. The gain from the land sale was $0.8 million and the aggregate gain from the sale of the two communities was $17.9 million.  In addition, we recognized $1.3 million of deferred gain during the year endedDecember 31, 2002 associated with prior year sale transactions.

        During 2002, the Gables Residential Apartment Portfolio JV (the "GRAP JV") sold two apartment communities located in South Florida comprising 610 apartment homes, an apartment community in Dallas comprising 222 apartment homes and an apartment community located in Houston comprising 382 apartment homes. Our share of the net salesproceeds after repayment of construction loan indebtedness of $46.7 million was $10.7 million, resulting in a gain of $2.6 million.        During 2001, we sold an apartment community located in Atlanta comprising 386 apartment homes, an apartment community located in Houston comprising 776 apartment homes,an apartment community located in Dallas comprising 536 apartment homes and a 2.5 acre parcel of land adjacent to one of our development communities located in Atlanta. The net proceeds from these sales totaled $93.6 million, $9 million of which was deposited into anescrow account and was used to fund acquisition activities. The balance of the net proceeds was used to repay a $16 million note assumed in connection with our September 2001 acquisition of the Gables State Thomas Ravello community and to pay down outstandingborrowings under interim financing vehicles. The gain from the land sale was $0.9 million and the aggregate gain from the sale of previously depreciated operating real estate assets was $34.1 million, all of which was recognized in 2001. In addition, we recognized$0.7 million of deferred gain associated with a parcel of land we sold in 2000 during the year ended December 31, 2001.        During 2001, we contributed our interest in certain land and development rights (including sitework and building permits, architectural drawings and plans, and otherrelated items) to the Gables Residential Apartment Portfolio JV Two (the "GRAP JV Two") with a value of $23.1 million in return for (1) cash of $18.5 million and (2) an increase to our capital account in GRAP JV Two of $4.6 million. The $2.8 million of gainassociated with this contribution was recognized when earned using the percentage of completion method since we serve as the developer and general contractor for the joint venture. We recognized $1.2 million and $1.6 million of this gain during the years endedDecember 31, 2002 and 2001, respectively.

        Historical operating results and gains are included in continuing operations in the accompanying consolidated statements of operations (Notes 4 and 5).*Community Acquisitions*

        On December 19, 2003, we acquired an apartment community for renovation located in South Florida comprising 36 apartment homes for approximately $4.1 million incash.  This community is adjacent to a land parcel that we acquired in January 2004 for the future development of an apartment community that we currently expect will comprise 261 apartment homes.

        On July 15, 2003, we acquired an apartment community located in Washington, D.C. comprising 211 apartment homes for approximately $54.6 million in cash, includingapproximately $1.6 million ofclosing costs.

        On May 30, 2003, we acquired an apartment community located in Dallas comprising 334 apartment homes for approximately $33.5 million in cash. 

        On February 20, 2003, we acquired an apartment community located in Austin that is subject to a long-term ground lease and is comprised of 239 apartment homes and 7,366square feet of retail space for approximately $30.2 million in cash.

        On September 28, 2001, we acquired the 80% membership interest of our venture partner in the GRAP JV in the Gables State Thomas Ravello apartment community located inDallas comprising 290 apartment homes. In consideration for the interest in such community, we paid $12 million in cash and assumed a $16 million secured variable-rate note. This consideration was based on a valuation of the asset of $31 million and is net of our $3million share of the venture distribution. We recorded a $5 million charge to unusual items in 2001 associated with the write-off of building components thatwere replaced in connection with a remediation program to address water infiltration issues affectingthe asset.

        On August 28, 2001, we acquired an apartment community located in Washington, D.C. comprising 82 apartment homes for approximately $25 million in cash.

        On August 1, 2001, we acquired the 75% interest of our venture partner in the Gables Metropolitan Uptown apartmentCommunity located in Houston comprising 318 apartment homes with cash. The asset was valued at approximately $27 million.

        On March 30, 2001, we acquired the 80% membership interests of our venture partner in the GRAP JV in the Gables Palma Vista and Gables San Michelle II apartmentcommunities located in South Florida comprising 532 apartment homes for $66 million. This cash consideration was based on a valuation of the assets of $75 million and is net of our $9 million share of the venture distribution.

        The cash portion of the consideration for each denoted acquisition was funded with advances under our interim financing vehicles.*Other Acquisitions*

         On May 23, 2003, we acquired property management contracts for 10,684 apartment homes in 32 multifamily apartment communities from Archstone Management ServicesIncorporated. The services rendered under acquired management contracts for 9,184 apartment homes transitioned to us over the ensuing three month period.  The services to be rendered under the remaining management contracts for1,500 apartment homes did not transition to us in 2003 for various reasons associated with the underlying assets, including sale prior to transition and location.  The purchase price of approximately $6.5 million was structured to be paid in threeinstallments based on the retention of the contracts acquired.  As of December 31, 2003, we had funded $4.3 million of the purchase price in two installments.  The amount of the third installment will be determined and paid in the second quarter of2004.

*         * In May 2001, we acquired a property management company based in Washington, D.C. that managed approximately 3,600 apartment homes in 24 multifamilyapartment communities located in Washington, D.C. and the surrounding area.  Our total investment of approximately $1.6 million was paid in three installments based on results of the acquired business operations.       *Senior Unsecured Note Issuance*

        On September 27, 2002, we issued $40 million of senior unsecured notes in two series in a private placement to an institutional investor: $30 million at an interest rateof 5.86% maturing in September 2009 and $10 million at an interest rate of 6.10% maturing in September 2010. The net proceeds of $39.7 million, together with the net proceeds of $39.7 million from the concurrent issuance of the 7.875% Series C Preferred Shares, wereused to retire approximately $82.5 million of senior unsecured notes at an interest rate of 8.3% that were scheduled to mature in December 2002. We did not incur any prepayment costs in connection with the early debt retirement.  Pursuant to a registrationrights agreement with the purchaser of the $40 million of senior unsecured notes, we registered new notes with the Securities and Exchange Commission, and offered to exchange those new notes for the original notes.  The new notes, also issued in two series, areidentical in all material respects to the original 5.86% notes due 2009 and the 6.10% notes due 2010, except that the new notes are freely tradable by a holder.  The exchange offer was consummated on September 5, 2003 and did not generate any cash proceeds forus.

        On July 8, 2002, we issued $180 million of senior unsecured notes which bear interest at a rate of 5.75%, were priced to yield 5.81% and mature in July 2007. The netproceeds of $178.4 million were used to redeem all outstanding shares of our 8.3% Series A Preferred Shares totaling $115 million on August 9, 2002 and to reduce borrowings under our interim financing vehicles.

        On February 22, 2001, we issued $150 million of senior unsecured notes which bear interest at a rate of 7.25%, were priced to yield 7.29% and mature in February 2006.The net proceeds of $148.5 million were used to reduce borrowings under our unsecured credit facilities and repay our $40 million term loan, which had a November 2001 maturity date.**4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES***Nature of Operations*

        We are a fully integrated real estate company engaged in the multifamily apartment community management, development, construction, acquisition and dispositionbusinesses. We also provide management, development and construction, corporate rental housing and brokerage services to third parties and unconsolidated joint ventures.  Our operating performance is based predominantly on net operating income (NOI) from the multifamily apartment communities we own, which arelocated in major markets in Texas, Georgia, Florida, Washington, D.C. and Tennessee (Note 11).***Basis of Presentation*

        The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") andinclude the consolidated accounts of Gables and its subsidiaries, including the Operating Partnership and Gables Residential Services. We consolidate the financial statements of all entities in which we have a controlling financial interest, as that term is definedunder GAAP, through either majority voting interest or contractual agreements.   Our investments in non-controlled joint ventures are accounted for using the equity method.  Information regarding these unconsolidated joint ventures is included in Note6.  All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been adjusted for the minority interest of common unitholders in the Operating Partnership. Common units, if presentedfor redemption, can be exchanged for Gables common shares on a one-for-one basis.  Minority interest of common unitholders in the Operating Partnership, as reflected in the accompanying consolidated balance sheets, is calculated at the balance sheet datebased upon the percentage of common units outstanding owned by partners other than Gables to the total number of common units outstanding.  Minority interest of common unitholders in the Operating Partnership's earnings is calculated based upon the weightedaverage number of common units outstanding during the applicable period.

*Reclassifications*

        Certain amounts in the 2002 and 2001 financial statements have been reclassified to conform to the 2003 presentation.***Use of Estimates*         The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilitiesand disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.*Revenue Recognition**        Rental: * We lease our residential properties under operating leases with terms generally equal to one year or less.  Rental income is recognizedwhen earned, which materially approximates revenue recognition on a straight-line basis.

*        Property management:* We provide property management services to third parties and unconsolidated joint ventures.  Property management fees are recognized whenearned.

*        Ancillary services:* We provide development and construction, corporate rental housing and brokerage services to third parties and unconsolidated joint ventures.Development and construction services are typically provided under "cost plus a fee" contracts.  Because our clients are obligated to fund the costs that are incurred on their behalf pursuant to the related contract, we net the reimbursement of these costsagainst the billings for such costs. Development and construction fees are recognized when earned using the percentage of completion method. During the years ended December 31, 2003, 2002 and 2001, we recognized $2.6 million, $2.4 million and $3.1 million,respectively, in development and construction fees under related contracts with gross billings of $38.3 million, $43.9 million and $81.1 million, respectively. Corporate rental housing revenues and brokerage commissions are recognized when earned.  *        Gains on sales of real estate assets:* Gains on sales of real estate assets are recognized pursuant to the provisions of SFAS No. 66, "Accounting for Sales of Real Estate." The specific timing of the recognition of thesale and the related gain is measured against the various criteria in SFAS No. 66 related to the terms of the transactions and any continuing involvement associated with the assets sold. To the extent the sales criteria are not met, we defer gain recognition untilthe sales criteria are met.

*Cost Capitalization* 

        As a vertically integrated real estate company, we have in-house investment professionals involved in the development, construction and acquisition of apartment communities. Directinternal costs associated with development and construction activities for wholly-owned assets are included in the capitalized development cost of such assets. Direct internal costs associated with development and construction activities for third parties andunconsolidated joint ventures are reflected in ancillary services expense as the related services are being rendered. As required by GAAP, we expense all internal costs associated with the acquisition of operating apartment communities to general and administrativeexpense in the period such costs are incurred.

        Our real estate development pursuits are subject to obtaining permits and other governmental approvals, as well as our ongoing business review of the underlying real estatefundamentals and the impact on our capital structure. We do not always move forward with development of our real estate pursuits, and therefore, we regularly evaluate the viability of real estate pursuits and the recoverability of capitalized pursuit costs. Based onthis review, we expense any costs that are deemed unrealizable at that time to general and administrative expense.

        During the development and construction of a new apartment community, we capitalize related interest costs, as well as other carrying costs such as property taxes and insurance. Webegin to expense these items as the construction of the community becomes substantially complete and the residential apartment homes become available for initial occupancy. Accordingly, we gradually reduce the amounts we capitalize as construction is beingcompleted.

        Expenditures in excess of $1 for purchases of a new asset with a useful life in excess of one year and for replacements and repairs that extend the useful life of the asset arecapitalized and depreciated over their useful lives. Recurring value retention capital expenditures are typically incurred every year during the life of an apartment community and include such expenditures as carpet, flooring and appliances. Non-recurring capitalexpenditures are costs that are generally incurred in connection with a major project impacting an entire community, such as roof replacement, parking lot resurfacing, exterior painting and siding replacement. Value-enhancing capital expenditures are costs for whichan incremental value is expected to be achieved from increasing the NOI potential for a community or recharacterizing the quality of the income stream with an anticipated reduction in potential sales cap rate for items such as replacement of wood siding with amasonry based hardi-board product, amenity upgrades and additions, installation of security gates and additions of covered parking. Recurring value retention and non-recurring and/or value-enhancing capital expenditures do not include costs incurred in connectionwith a major renovation of an apartment community. Repairs and maintenance, such as landscaping maintenance, interior painting and cleaning and supplies used in such activities, are expensed as incurred.*Depreciation and Asset Impairment Evaluation*

        Under GAAP, real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired.  Depreciation is computed on a straight-line basis over theestimated useful lives of 20 to 40 years for buildings and improvements and 5 years for furniture, fixtures and equipment. As required by GAAP, we periodically evaluate our real estate assets to determine if there has been any impairment in their carrying value andrecord impairment losses if there are indicators of impairment and the undiscounted cash flows estimated to be generated by those assets are less than the assets carrying amounts. No such impairment losses have been recognized to date.*Purchase Price Allocation for Apartment Community Acquisitions*

        In connection with the acquisition of an apartment community, we perform a valuation and allocation to each asset and liability acquired in such transaction, based on their estimatedfair values at the date of acquisition. The valuation of assets acquired subsequent to July 1, 2001, the effective date of SFAS No. 141, "Business Combinations," includes both tangible assets and intangible assets. Tangible asset values, consisting of land, buildingsand improvements, and furniture, fixtures and equipment, are reflected in real estate assets and depreciated over their estimated useful lives. Intangible asset values, consisting of at-market, in-place leases and resident relationships, are reflected in other assetsand amortized over the average remaining lease term of the acquired resident relationships.*Cash and Cash Equivalents*

        All investments purchased with an original maturity of three months or less are considered to be cash equivalents.*Restricted Cash*

        Restricted cash is primarily comprised of residential security deposits, tax escrow funds, repairs and maintenance reserve funds and principal escrow deposits for tax-exempt bonds. Incertain situations, we have deposited sales proceeds into escrow accounts to fund development and acquisition activities.*Deferred Financing Costs and Amortization*

        Deferred financing costs include fees and costs incurred to obtain financing and are capitalized and amortized over the terms of the related notes payable.

*Interest Rate Protection Agreements and Derivative Instruments*

*       * In the ordinary course of business, we are exposed to interest rate risks. We periodically seek input from third party consultants regarding market interest rate andcredit risk in order to evaluate our interest rate exposure. In certain situations, we may utilize derivative financial instruments in the form of rate caps, rate swaps or rate locks to hedge interest rate exposure by modifying the interest rate characteristics ofrelated balance sheet instruments and prospective financing transactions. We do not utilize such instruments for trading or speculative purposes. Derivatives used as hedges must be effective at reducing the risk associated with the exposure being hedged;correlate in notional amount, rate, and term with the balance sheet instrument being hedged and be designated as a hedge at the inception of the derivative contract. 

        SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended, was effective for us beginning January 1, 2001.  This statement establishes accountingand reporting standards requiring that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded in the balance sheet as either an asset or liability measured at its fair value. SFAS No. 133 requires that changesin the derivative's fair value be recognized currently in earnings unless specific hedge accounting criteria are met. Special accounting for qualifying hedges allows a derivative's gains and losses to offset related results on the hedged item in the statements ofoperations, and requires that a company must formally document, designate, and assess the effectiveness of transactions that receive hedge accounting.  We had no derivative instruments in place as of January 1, 2001 and we have not put any new derivativeinstruments in place since then.*Stock Options*

        At December 31, 2003, we had one stock-based employee compensation plan, which is described more fully in Note 14.Beginning January 1, 2003, we adopted the fair valuerecognition provisions of SFAS No. 123, “Accounting for Stock-Based Compensation,” as amended by SFAS No. 148, “Accounting for Stock-Based Compensation-Transition and Disclosure,” for stock-based employee compensation.  Under theprospective method of adoption selected by us, the recognition provisions of SFAS No. 123 apply to all new employee option awards granted after December 31, 2002.  Prior option awards will continue to be accounted for under APB Opinion No. 25, “Accountingfor Stock Issued to Employees,” under which no compensation cost has been recognized since all options have been granted with an exercise price equal to the fair value of our common shares on the date of grant.  Had compensation cost on option awardsthrough December 31, 2002 been determined using the fair value method consistent with SFAS No. 123, our net incomeavailable to common shareholders and earnings per share would have been reduced to the following pro forma amounts:

 

**2003**

**2002**

**2001**

Net income available to common shareholders, as reported

$49,062 

$45,661 

$55,074 

Deduct: Total stock-based employee compensation expense      determined under fair value based method for all option awards

     (22)

     (283)

 (  438)

Net income available to common shareholders, pro forma

$49,040

$45,378

$54,636

Earnings Per Share:   Basic - as reported   Basic - pro forma   Diluted - as reported   Diluted - pro forma

 $1.89 $1.89 $1.87 $1.87

 $1.85 $1.84 $1.85 $1.84

 $2.30 $2.29 $2.29 $2.27

        To date, options have been granted with an exercise price equal to the fair value of our common shares on the dates the options were granted.  At December 31, 2003, 598common shares are subject to outstanding options granted to our officers, employees and trustees. These outstanding options have exercise prices ranging from $20.38 to $30.20 and a weighted average remaining contractual life of 4.9 years at December 31,2003.

        A summary of the options activity for the years ended December 31, 2003, 2002 and 2001 is as follows:

**                  2003               **

**                  2002               **

**              2001               **

 

Shares

Weighted Average ExercisePrice

Shares

Weighted Average ExercisePrice

Shares

Weighted Average ExercisePrice

Outstanding at beginning of year Granted Forfeited Exercised Outstanding at end of year Exercisable at end of year

893  -  (   4)     (291)**     598  ****      598  **

$25.64 - 26.31   25.46**  $25.73**   **$25.73**

1,196  15  ( 23)     (295)**      893****      628**

$25.64 30.20 26.53   25.77     $**25.64******     **$25.10**

1,794  13  (13)   (598)**1,196 **  **  716 **

$25.52 27.95 26.02   25.34 $**25.64**$**25.14**

        The weighted average fair value of options granted is $4.29 and $3.18 for 2002 and 2001, respectively. The fair value of each option grant as of the date of granthas been estimated using the Black-Scholes option pricing model with the following weighted average assumptions for grants in 2002 and 2001, respectively: risk-free interest rates of 4.36% and 5.12%; expected lives of 4.67 and 5.20; dividend yields of 7.98% and8.62%; and expected volatility of 31% and 27%.  There were no options granted during 2003.

*Treasury Shares*

        Our share repurchases under our common equity repurchase program are reflected as treasury shares utilizing the cost method of accounting and are presented as areduction to shareholders' equity.  As disclosed in Note 14, we have made certain grants of unrestricted and restricted shares with treasury shares.  The value of such share grants issued is recorded to the additional paid-in capital component ofshareholders' equity after relieving the treasury shares component of shareholders' equity utilizing the first-in, first-out method of accounting.

* Recent Accounting Pronouncements*   

        In June 2001, SFAS No. 141, "Business Combinations," (effective for us July 1, 2001) and SFAS No. 142, "Goodwill and Other Intangible Assets," (effective for us January1, 2002) were issued. These standards govern business combinations, asset acquisitions and the accounting for acquired intangibles. We determine whether intangible assets related to at-market, in-place leases and resident relationships were acquired as part of theacquisition of an apartment community. The resulting intangible assets are recorded at their estimated fair market values at the date of acquisition and amortized over the average remaining lease term of the acquired resident relationships. The adoption of SFAS No.141 and SFAS No. 142 did not have a significant impact on our financial statements.

        In August 2001, SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," (effective for us January 1, 2002) was issued. SFAS No. 144 addressesfinancial accounting and reporting for the impairment of long-lived assets and for long-lived assets to be disposed of. The statement supersedes SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of," and amongother factors, establishes criteria beyond that previously specified in SFAS No. 121 to determine when a long-lived asset is to be considered as held for sale. The impairment provisions of SFAS No. 144 are similar to SFAS No. 121 and the adoption thereof did nothave a significant impact on our financial statements.  As discussed further in Note 5, SFAS No. 144 also requires that the gains and losses from the disposition of certain real estate assets and the related historical operating results be reflected asdiscontinued operations in the statements of operations for all periods presented. We redeploy capital through the reinvestment of asset disposition proceeds into our business in order to enhance total returns to shareholders. Although net income is not affected, weexpect to continue to reclassify results previously included in continuing operations to discontinued operations for any future qualifying dispositions in accordance with SFAS No. 144.

        In April 2002, SFAS No. 145, "Rescission of SFAS Nos. 4, 44 and 64, Amendment of SFAS No. 13, and Technical Corrections," was issued.  SFAS No. 145 (effective forus January 1, 2003), among other things, eliminates the requirement that all gains and losses from the extinguishment of debt be aggregated and, if material, classified as an extraordinary item. However, a gain or loss arising from such an event or transaction wouldcontinue to be classified as an extraordinary item if the event or transaction is both unusual in nature and infrequent in occurrence per the criteria in APB No. 30, "Reporting the Results of Operations - Reporting the Effects of Disposal of a Segment of a Business,and Extraordinary, Unusual and Infrequently Occurring Events and Transactions."  As part of the transition guidance, although net income would not be affected, gains and losses from debt extinguishment in prior periods that do not meet the criteria in APB No. 30must be reclassified to continuing operations for all periods presented.  We adopted SFAS No. 145 on January 1, 2003 and, as a result, reclassified our May 2002 extraordinary loss on early extinguishment of debt, net of minority interest, of $1.4 million to“unusual items” and “minority interest of common unitholders in Operating Partnership” within continuing operations.  This loss on early extinguishment of debt is related to the re-issuance of $48.4 million of tax-exempt bond indebtedness(Notes 7 and 15).

        In November 2002, FIN 45, "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others," was issued. FIN 45 elaborates on the disclosures to be made by a guarantor in its interim and annual financial statements about its obligations under certain guarantees that it has issued (Note 6).  It also clarifies that a guarantor is required to recognize, at theinception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee.  The initial recognition and initial measurement provisions of FIN 45 are applicable on a prospective basis to guarantees issued or modified afterDecember 31, 2002.  The disclosure requirements of FIN 45 were effective for financial statements of interim or annual periods ending after December 15, 2002.  The adoption of FIN 45 did not have a material impact on our financial statements.

        In December 2002, SFAS No. 148, "Accounting for Stock-Based Compensation - Transition and Disclosure," was issued.  SFAS No. 148 amends SFAS No. 123, "Accountingfor Stock-Based Compensation," to provide alternative methods for transition for an entity that voluntarily changes to the fair value based method of accounting for stock-based employee compensation.  It also amends the disclosure provisions of SFAS No. 123 torequire prominent disclosure in both interim and annual financial statements about the effects on reported net income of an entity's accounting policy decisions with respect to stock-based employee compensation.  We adopted this standard effective for our fiscalyear ended December 31, 2002, resulting in additional disclosures related to our stock-based compensation plan as presented above under “stock options.”  We began expensing stock-based employee compensation under the fair value recognition provisionsof SFAS No. 123 on a prospective basis beginning January 1, 2003.  Due to our limited use of options as a form of compensation since 1999, the adoption of this accounting standard did not have a significant impact on our financial statements.        In January 2003, FIN 46, "Consolidation of Variable Interest Entities," was issued.  In general, a variable interest entity ("VIE") is an entity that either (a)does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities.  Until now, a company generally has only consolidated another entity in its financialstatements if it controlled the entity through voting interests.  FIN 46 changes that by requiring a VIE to be consolidated by a company if that company is subject to a majority of the risk of loss from the VIE's activities or is entitled to receive a majorityof the entity's residual returns or both.  The provisions of FIN 46 apply immediately to VIEs created after January 31, 2003, and effective January 1, 2004 for VIEs created prior to February 1, 2003.  The adoption of the applicable portions of FIN 46 in2003 did not have a significant impact on our financial statements. We do not believe that the final adoption of FIN 46 will result in the consolidation of any previously unconsolidated entities.         In May 2003, SFAS No. 150, “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity,” was issued.  SFAS No.150 (effective for us July 1, 2003) establishes standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity.  Upon adoption of SFAS No. 150, we reclassified our mandatorily redeemableSeries Z Preferred Shares to the liability section of our balance sheet and, beginning July 1, 2003, have recorded dividends on the Series Z Preferred Shares as interest expense in our statements of operations.  The adoption of SFAS No. 150 did not have asignificant impact on our financial statements.

        In July 2003, EITF Abstracts, Topic No. D-42, "The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock," wasclarified. Topic No. D-42 requires that, in arriving at net earnings available to common shareholders in the calculation of earnings per share, the excess of (1) the fair value of the consideration transferred to the holders of preferred stock over (2) the carryingamount of the preferred stock in the balance sheet be subtracted from net earnings. In July 2003, it was clarified that the carrying amount of the preferred stock should be reduced by the issuance costs of the preferred stock, regardless of where in the stockholders'equity section those costs were initially classified upon issuance.  Prior to this clarification, we had not considered issuance costs in determining the carrying amount of preferred stock. This clarification of Topic No. D-42 was required to be reflectedretroactively in the third quarter of 2003, by restating the financial statements of prior periods in accordance with the provisions of paragraphs 27-30 of APB Opinion No. 20, “Accounting Changes.” We redeemed our Series B Preferred Units and Series APreferred Shares in November 2003 and August 2002, respectively. The redemption price of the Series B Preferred Units and Series A Preferred Shares exceeded the related carrying value by issuance costs originally incurred and classified as a reduction topartners’ capital and shareholders' equity of $1.3 million and $4.0 million, respectively.  In accordance with this clarification, we have subtracted the $1.3 million and $4.0 million original issuance costs in arriving at net income and net incomeavailable to common shareholders for the years ended December 31, 2003 and 2002, respectively.  We will also apply the provisions of Topic No. D-42 to any future redemptions of preferred stock.

**5.     DISCONTINUED OPERATIONS**

**       ** We adopted SFAS No. 144 effective January 1, 2002 which requires, among other things, that the operating results of specified real estate assets which have been soldsubsequent to January 1, 2002, or otherwise qualify as held for disposition (as defined by SFAS No. 144), be reflected as discontinued operations in the consolidated statements of operations for all periods presented. We sold five wholly-owned operating real estateassets during 2003 and four wholly-owned operating real estate assets during 2002.  However, we retained management of two of the assets sold during 2002. Due to our continuing involvement with the operations of the two assets sold for which we retainedmanagement, the operating results of these assets are included in continuing operations. The operating results for the seven remaining wholly-owned assets sold for which we did not retain management are reflected as discontinued operations in the accompanyingstatements of operations for all periods presented. Interest expense has been allocated to the results of the discontinued operations in accordance with EITF No. 87-24. We had no assets that qualified as held for disposition as defined by SFAS No. 144 at December 31,2003 or 2002.        Condensed financial information of the results of operations for the real estate assets sold reflected as discontinued operations is as follows:

** Years Ended December 31,** 

 

**2003**

 

**2002**

 

**2001**

Total property revenues

$9,708

$18,017

$18,711

Property operating and maintenance expense    (exclusive of items shown separately below) Real estate asset depreciation and amortization Interest expense    Total expenses

   4,001  1,926  1,112   7,039

 

 7,797  3,342   2,122   13,261

 

 7,177 3,337  1,805 12,319

 

Operating income from discontinued operations Minority interest of common unitholders in Operating Partnership Operating income from discontinued operations, net of minority interest

2,669    (  480 2,189

 )

4,756  (  926 3,830

 )

6,392  (1,313 5,079

 )

Gain on disposition of discontinued operations Minority interest of common unitholders in Operating Partnership Gain on disposition of discontinued operations, net of minority interest

37,693(5,995 31,698

 )

9,829(1,910 7,919

 )

-         - -

Income from discontinued operations, net of minority interest

**$33,887**

**$11,749**

**$5,079**

**6.   INVESTMENT IN UNCONSOLIDATED JOINT VENTURES**

        Our interests in the following unconsolidated joint ventures are accounted for using the equity method of accounting.  The other investors in these joint ventures are independentthird parties.

 

**Ownership Interest  as of December 31,**

**Joint Venture**

**2003**

**2002**

Arbors of Harbortown JV ("Harbortown JV")

25.00%

25.00%

Gables Residential Apartment Portfolio JV ("GRAP JV")

20.00%

20.00%

Gables Residential Apartment Portfolio JV Two ("GRAP JV Two")

20.00%

20.00%

CMS Tennessee Multifamily JV ("CMS JV")

8.26%

8.26%

        Condensed financial information of the unconsolidated joint ventures is as follows:

**Balance Sheet Summary:**

**                      December 31,2003                    **

**December 31,  2002Total** 

 

**Harbor- town**

**GRAP**

**GRAP  Two**

**CMS**

**Total**

Real estate assets Less: accumulated depreciation   Net real estate assets Other assets   Total assets

$16,376       (5,163) 11,213.      3,463  $14,676 

$48,411    (7,291) 41,120         620  $41,740 

$109,841   (5,658) 104,183.      2,625  $106,808.

$64,347.   (7,856) 56,491     3,241  $59,732 

$238,975   (25,968) 213,007     9,949  $222,956 

$224,555   (17,497) 207,058     8,990  $216,048 

 

Mortgage debt Other liabilities Partners' capital   Total liabilities and partners' capital

$16,350  708   (2,382) $14,676 

$28,000  141   13,599  $41,740 

$64,315  2,882 39,611  $106,808.

$51,679  1,900     6,153  $59,732 

$160,344  5,631     56,981  $222,956 

$146,575  6,492     62,981  $216,048 

 

Our  investment in JV

**$ 605  **

**$2,991 **

**$8,284 **

**$ (424)**

**$11,456 **

**$12,256  **

 

**Income Statement Summary:**

**Years Ended December 31,**

 

**2003**

**2002**

**2001**

Revenues Property operating and maintenance expense    (exclusive of items shown separately below) Interest expense Depreciation and amortization expense Other expense      Total expenses

$27,833 12,583 6,563 8,983     34528,474

$22,927   9,784 6,008 7,256          350    23,398

$23,617 10,170 7,933 6,981         806   25,890

Income (loss) before gain on sale Gain on sale of real estate assets Income (loss) from continuing operations Income from discontinued operations,     including gain on sale Net income (loss) Our equity in income of  JV

(641             -****   (641       42**$(599$  265**

) ) )

(471           -      (471**** 16,920**  $16,449**  **$2,900**

) )

(2,273  12,170     9,897     1,008**$10,905$242**

)

*Arbors of Harbortown JV*

*       * The Arbors of Harbortown JV was formed in May 1990 to develop, own and operate the Arbors of Harbortown community located in Memphis comprising 345 apartmenthomes.  We have a 25% ownership interest in this venture.  The Arbors of Harbortown apartment community is secured by a $16.4 million tax-exempt bond obligation which bears interest at a low-floater rate.  The credit enhancement for the bond obligationis provided by our venture partner and expires in May 2006.  The maturity date of the underlying bond issue is April 2013.  None of the bond indebtedness is recourse to us.

*Gables Residential Apartment Portfolio JV*

*       * The Gables Residential Apartment Portfolio JV was formed in March 1999 to develop, own and operate eight multifamily apartment communities comprising 2,471apartment homes located in four of our markets.  Our economic ownership interest in the venture was 23.75% and 22% for the years ended December 31, 2003 and 2002, respectively, and 20% for the period from inception to December 31, 2001.  During 1999, wecontributed our interest in the land and development rights associated with these eight communities to the venture with a value of $81.5 million in return for (1) cash of $65.1 million and (2) an increase to our capital account in the GRAP JV of $16.4million. **       ** We serve as the managing member of the venture and have responsibility for all day-to-day operating matters.  We also serve as the property manager,developer and general contractor for construction activities.  The $238 million capital budget for the development of the eight communities was funded with 50% equity and 50% debt.  The equity component was funded 80% by our venture partner and 20% byus.  Our portion of the equity was funded through contributions of cash and property.  As of December 31, 2000, we had funded our total equity commitment of $23.8 million to the joint venture.        On March 30, 2001, we acquired the membership interests of our venture partner in two of the communities located in South Florida comprising 532 apartment homes.  In April 2001, development and lease-up activities at GablesState Thomas Ravello located in Dallas comprising 290 apartment homes were suspended due to water infiltration issues, and all residents were subsequently relocated.  On September 28, 2001, we acquired the membership interest of our venture partner in thiscommunity.   **      ** In March 2002, the venture sold an apartment community located in South Florida comprising 320 apartment homes and an apartment community located in Houston comprising 382 apartment homes.  In July 2002, the venture soldan apartment community located in Dallas comprising 222 apartment homes.  In September 2002, the venture sold an apartment community located in South Florida comprising 290 apartment homes.  Our share of the net proceeds after repayment of construction loanindebtedness of $46.7 million was $10.7 million, resulting in a gain of $2.6 million.**     ** The remaining community owned by the venture located in Atlanta comprising 435 apartment homes is currently secured by a $28.0 million permanent loan that bears interest at a fixed rate of 4.2% and matures in November 2008. None of this indebtedness is recourse to us.

*Gables Residential Apartment Portfolio JV Two*

        The Gables Residential Apartment Portfolio JV Two was formed in March 2001 to develop, own and operate five multifamily apartment communities comprising 1,153 apartmenthomes, located in three of our markets.  Since inception, our economic ownership interest in the venture has been 20%.  During 2001, we contributed our interest in the land and development rights associated with three of these communities to the venturewith a value of $23.1 million in return for (1) cash of $18.5 million and (2) an increase to our capital account in the GRAP JV Two of $4.6 million. The venture subsequently acquired the parcels of land for the remaining two communities directly from theseller.        We serve as the managing member of the venture and have responsibility for all day-to-day operating matters.  We also serve as the property manager, developer andgeneral contractor for construction activities.  The capital budget for the development of the five communities is $119 million which is expected to be funded with equity of $51 million and debt of $68 million.  The equity component is being funded 80% byour venture partner and 20% by us.  Our portion of the equity will be funded through contributions of cash and property.  As of December 31, 2003, we had funded $9 million of our budgeted $10 million equity commitment to the joint venture.  As ofDecember 31, 2003, construction was complete with respect to four of the communities and three of these completed communities had reached a stabilized occupancy level.

        At December 31, 2003, three of the five communities owned by the venture are secured by construction loans.  The construction loans have initial maturity datesranging from April 2004 to June 2005, with various extension options that, if exercised, would result in final maturity dates ranging from April 2006 to June 2007.  As of December 31, 2003, there was an aggregate of $24.8 million of indebtedness outstandingunder these construction loans which currently bear interest at spreads over LIBOR ranging from 1.45% to 1.70%.  The remaining two communities owned by the GRAP JV Two are secured by permanent loans totaling $39.5 million which mature in November 2008 and bearinterest at fixed rates of 4.25% and 4.30%.  None of the indebtedness associated with these two permanent loans is recourse to us.  We do, however, have a limited payment guaranty on two of the remaining three construction loans with committed fundingsaggregating $21.8 million.  Pursuant to the limited guaranty, we are obligated to pay to the lender a stipulated percentage of all amounts of principal, interest and any other indebtedness becoming due and payable on the loans that is not paid by the borrower,subject to a maximum guaranteed amount of $7.2 million.  At December 31, 2003, there is $16.4 million of principal outstanding under these loans and the portion of this principal that is recourse to us is $6.1 million.  These loans have initial maturitydates of October 2004 and June 2005 and have two extension options that, if exercised, would result in final maturity dates of April 2007 and June 2007, respectively.  There are no principal amortization requirements through the initial maturity dates.  Theinability of the venture to pay any principal or interest under these loans when due would require us to perform under this guaranty obligation.  To the extent we are required to make a payment to the lender under the guaranty agreement, our venture partnerwould be obligated to pay us its share of that payment based on its ownership interest percentage in the venture.  We have not recorded a liability on our accompanying consolidated balance sheets in connection with this recourse obligation that was entered intoprior to January 1, 2003.

*CMS Tennessee Multifamily JV*

*       * In December 2000, we sold substantially all of our interests in three apartment communities located in Nashville and Memphis, comprising 1,118 apartmenthomes, to the CMS Tennessee Multifamily JV which was created to own and operate these apartment communities.  At inception, we had a 1% general partner interest and an 8% limited partner interest in this venture.  Our venture partner contributed additionalcapital to the venture in 2001 which diluted our limited partner interest to 7.26%.  Our initial capital investment in the joint venture of $1.0 million has been substantially offset by $1.0 million in eliminated gain associated with our minority interestownership in the underlying assets sold.  Each of the three apartment communities owned by the venture is secured by a conventional fixed-rate loan with a maturity of January 2011.  As of December 31, 2003, there was an aggregate $51.7 million ofindebtedness outstanding under these loans which bears interest at a rate of 7.22%.  None of this indebtedness is recourse to us.*Metropolitan Apartments JV*

        The Metropolitan Apartments JV was formed in December 1993 to develop, own and operate the Gables Metropolitan Uptown community located in Houston comprising 318apartment homes.  We held a 25% ownership interest in this venture through July 31, 2001.  On August 1, 2001, we acquired the 75% interest of our venture partner in the Gables Metropolitan Uptown community.*Related-Party Transactions and Relevant Accounting Policies*

        Management fees for services provided to these unconsolidated joint ventures totaled $1,056, $1,090 and $1,276  for the years ended December 31, 2003, 2002 and2001, respectively.  We provide development and construction services to the GRAP JV and GRAP JV Two in return for development and construction fees.  We calculate our net development profit associated with these services based on the fees contractuallyowed to us by the venture and the amount of direct internal overhead associated with the provision of such services that will be charged against those fees.  We then recognize into income 80% of the net development profit when earned using the percentage ofcompletion method.  The remaining 20% is eliminated and classified as a reduction to our investment in joint venture account.  As general contractor, we are responsible for funding any construction cost overruns.  As general contractor and venturepartner, we are entitled to an incentive fee on any construction cost savings.  During 1999, we had accrued $425 in incentive fees from the GRAP JV that were reversed in 2001 as a result of the cost overruns associated with the water infiltration issues atGables State Thomas Ravello.  During 2003, we recognized $403 in final incentive fees from the GRAP JV and $103 in incentive fees from the GRAP JV Two. Development and construction fees from unconsolidated joint ventures, inclusive of incentive fees, of$1,246, $1,577 and $2,092 for the years ended December 31, 2003, 2002 and 2001, respectively, were recognized in ancillary services revenues in the accompanying statements of operations.

        We generated a gain of $3.5 million in connection with our contribution of land and development rights to the GRAP JV Two.  We recognized 80% or $2.8 million of thegain into income when earned using the percentage of completion method.  The $0.7 million in eliminated gain has been classified as a reduction to our investment in joint venture account.  During the years ended December 31, 2002 and 2001, we recognized$1.2 million and $1.6 million, respectively, of the $2.8 million gain.  We generated a gain of $10.9 million in connection with the sale of our real estate asset interests to the CMS JV.  We recognized 91% or $9.9 million of the gain into income on theDecember 2000 sale date.  The $1.0 million in eliminated gain has been classified as a reduction to our investment in joint venture account.  There was no gain or loss in connection with the contribution of land and development rights to the GRAPJV.

        We record our share of income from unconsolidated joint ventures based on our economic ownership interest therein, after making any necessary adjustments to conform toour accounting policies. The gain on sale of real estate assets by the GRAP JV of $12,170 in 2001 pertains entirely to sales of real estate assets from the venture to us.  We eliminated our share of the gain on sale in consolidation and, as a result, our equityin income of joint ventures of $242 in 2001 excludes our share of the gain.

        Our investment in joint ventures is based on the fair value of our cash and real estate asset contributions thereto and includes capitalized interest on our investmentaccount during the construction period of the underlying real estate assets.  Eliminations of any development and construction fees and gains, as applicable, associated with our minority ownership interest in the joint ventures are classified as a reduction toour investment in joint ventures.       The initial basis in the real estate assets we acquired from our joint ventures is equal to the purchase price paid to the venture or venture partner, as applicable, after elimination of our share of any underlying gain.  Inaddition, other outside basis differences associated with capitalized interest and the 20% development and construction fee eliminations are included in real estate assets.

**7. NOTES PAYABLE**        Notes payable consist of the following:

**                  December 31,     **

** **

**2003**

**2002**

Unsecured senior notes payable Tax-exempt variable-rate notes payable Secured conventional fixed-rate notes payable Unsecured variable-rate credit facilities Unsecured tax-exempt fixed-rate notes payable Unsecured conventional fixed-rate notes payable Secured variable-rate construction loans Secured tax-exempt fixed-rate notes payable          Total notes payable

$   470,000 170,955 117,501 115,195 48,365 30,682      29,852    20,550**$1,003,100**

$ 470,000 170,955 137,351 75,608 48,365 31,151      4,389   20,755**$958,574**

*Unsecured Senior Notes Payable*

*      * InMarch 1998, we issued $100,000 of senior unsecured notes which bear interest at6.80%, were priced to yield 6.84% and mature in March 2005. In February 2001, weissued $150,000 of senior unsecured notes which bear interest at 7.25%, werepriced to yield 7.29% and mature in February 2006.  In July 2002, we issued$180,000 of senior unsecured notes which bear interest at 5.75%, were priced toyield 5.81% and mature in July 2007.  In September 2002, we issued $40,000of senior unsecured notes in two series in a private placement to aninstitutional investor: $30,000 of notes which bear interest at 5.86% and maturein September 2009 and $10,000 of notes which bear interest at 6.10% and maturein September 2010 (Note 3).

*Tax-Exempt Variable-Rate Notes Payable Totaling $44,930*

*       * The variable-rate mortgage notes payable securing tax-exempt bonds totaling $44,930 are comprised of four loans, each of which is collateralized by anapartment community included in real estate assets. These bonds bear interest at variable rates of interest that are adjusted weekly based upon a negotiated rate. The interest rates in effect at December 31, 2003 and 2002 were 1.25% and 1.55%, respectively. Effective interest rates were 1.05%, 1.40% and 2.68% for the years ended December 31, 2003, 2002 and 2001, respectively.  From October 1997 to February 2003, the bonds were enhanced by four letters of credit provided by a $45,820 letter of credit facilitythat had a maturity date of October 2003.  The fee for the letters of credit under this facility was 0.95% per annum. In February 2003, the $45,820 of letters of credit were reissued under our $300 million credit facility with a maturity date of May2005.  The fee for the letters of credit under this facility is currently 0.85% per annum and is equal to the spread over LIBOR for syndicated borrowings under the $300 million credit facility.  Three of the underlying bond issues mature inDecember 2025 and the fourth matures in August 2024.*Tax-Exempt Variable-Rate Notes Payable Totaling $126,025*

*       * We have seven variable-rate bond issues totaling $126,025 at December 31, 2003 and 2002 that were assumed in connection with the South Floridaacquisition. These bonds bear interest at variable rates of interest that are adjusted weekly based upon a negotiated rate. The interest rates in effect at December 31, 2003 and 2002 averaged 1.23% and 1.38%, respectively.   Effective interest ratesaveraged 1.08%, 1.42% and 2.65% for the years ended December 31, 2003, 2002 and 2001, respectively.   These bond issues are enhanced by letters of credit provided by a letter of credit facility entered into on April 1, 1998 (the “SouthFlorida Enhancement Facility”).  The fee for the letters of credit under this facility is 1.0% per annum. The facility has an initial term of ten years with three five-year extension options and is collateralized by (1) each apartment communityinduced for tax-exempt financing for which a letter of credit is issued and outstanding and (2) two additional communities. The maturity dates of the underlying bond issues range from December 2005 to April 2036.

*Secured Conventional Fixed-Rate Notes Payable*

        At December 31, 2003 and 2002, the fixed-rate notes payable are comprised of seven and nine loans, respectively, collateralized by ten and twelve apartment communitiesincluded in real estate assets, respectively.  In November 2003, we repaid two fixed-rate notes payable with a scheduled maturity date of January 2004 totaling $18,672 that were collateralized by two apartment communities and bore interest at 7.13%.  Therewere no prepayment penalties associated with this repayment.  At December 31, 2003, the interest rates on these notes payable ranged from 6.75% to 8.77% (weighted average of 7.82%) and the maturity dates ranged from December 2005 to February 2011. Principal amortization payments are required for five of the seven loans based on amortization schedules ranging from 27 to 30 years.

*$300 Million Credit Facility*

        We have an unsecured revolving credit facility with a committed capacity of $300 million provided by a syndicate of banks that has a maturity date of May 2005. This facility was modified in February 2003 and December 2003 to, among other things, increase the committed capacity under the facility from $225 million to $252 million and from $252 million to $300 million, respectively.  Syndicated borrowings under thisfacility currently bear interest at our option of LIBOR plus 0.85% or prime minus 0.25%.  Fees for letters of credit issued under this facility are equal to the spread over LIBOR for syndicated borrowings.  In addition, we pay a facility fee currently equalto 0.20% of the $300 million committed capacity.  The spread over LIBOR for syndicated borrowings and the facility fee may be adjusted up or down based on changes in our senior unsecured credit ratings and our leverage ratios.  There are five stated pricinglevels for (1) the spread over LIBOR for syndicated borrowings ranging from 0.70% to 1.25% and (2) the facility fee ranging from 0.15% to 0.30%.  A competitive bid option is available for borrowings up to 50% of the $300 million committed capacity, or $150million.  This option allows participating banks to bid to provide us loans at a rate that is lower than the stated rate for syndicated borrowings.  At December 31, 2003, we had outstanding under the facility (1) $101,000 in borrowings outstanding under thecompetitive bid option at an average interest rate of 1.62% and (2) $47,599 of letters of credit, including $45,820 of letters of credit enhancing four tax-exempt variable rate notes payable totaling $44,930.  Thus, we had $151,401 ofavailability under the facility at December 31, 2003.  At December 31, 2002, we had $40,000 in borrowings outstanding under the facility under the competitive bid option at an average interest rate of 1.91%.  We expect to renew and/or renegotiate thefacility prior to the May 2005 maturity date; however, there can no assurance that such renewal and/or renegotiation will occur.

*$75 Million Borrowing Facility*

*       * We have a $75 million unsecured borrowing facility with a bank that has a maturity date of May 2005.   The interest rate andmaturity date related to each advance under this facility is agreed to by both parties prior to each advance.  At December 31, 2003 and 2002, we had $12,554 and $34,723, respectively, in borrowings outstanding under this facility at an interest rate of1.60% and 1.85%, respectively.

*$10 Million Credit Facility*

        We have a $10 million unsecured revolving credit facility with a bank that has a maturity date of May 2005. Borrowings under this facility bear interest at thesame scheduled interest rates for syndicated borrowings as the $300 million credit facility described above.  At December 31, 2003 and 2002, we had $1,641 and $885 in borrowings outstanding under this facility at an interest rate of 2.02% and 2.35%, respectively.*Unsecured Tax-Exempt Fixed-Rate Notes Payable*

        At December 31, 2003 and 2002, the unsecured tax-exempt fixed-rate indebtedness was comprised of a bond issuance with a principal balance of $48,365 thatwas collateralized by three communities induced for tax-exempt financing and three additional communities through May 2002.  In May 2002, we called these bonds which had an interest rate of 6.375% and reissued the bonds on an unsecured basis at aninterest rate of 4.75% with a maturity date of July 2004. In connection with the early extinguishment of the debt, we incurred a prepayment penalty of $1,451 and wrote-off unamortized deferred financing costs of $236 (Notes 4 and 15). The called bonds requiredmonthly principal amortization payments based on a 30-year amortization schedule that were retained in an escrow account and were not applied to reduce the outstanding principal balance of the loan. Such principal payments held in escrow totaling $4,121 were releasedin May 2002. There are no required principal amortization payments on the reissued bonds. This refinancing transaction allowed us to improve our debt constant by 2.75%, unencumber six communities comprising 2,028 apartment homes and achieve a net present valueresult. The three underlying tax-exempt bond issues mature in July 2024.

*Unsecured Conventional Fixed-Rate Notes Payable*

        At December 31, 2003 and 2002, the unsecured conventional fixed-rate indebtedness was comprised of three notes payable totaling $30,682 and $31,151, respectively.The notes payable have interest rates ranging from 5.25% to 8.62% (weighted average of 8.38%) and maturity dates that range from December 2007 to November 2018. Principal amortization payments are required based on amortization schedules ranging from 20 to30 years.*Secured Variable-Rate Construction Loans*

        At December 31, 2002, we had drawn $4,389 of committed fundings under four construction-related financing vehicles for two wholly-owned development communities totaling$42,972 from a bank.  During 2003, we obtained committed fundings under four additional construction-related financing vehicles for two wholly-owned development communities totaling $35,118.  At December 31, 2003, we had drawn $29,852 under these eightvehicles and therefore have $48,238 of remaining capacity. Borrowings under four of these vehicles with committed fundings totaling $70,991 bear interest at LIBOR plus 1.50% and borrowings under the remaining four vehicles with committed fundings totaling $7,099 bearinterest at the greater of LIBOR plus 3.0% or 7.5%. Borrowings under these secured financing vehicles are made pari passu with each advance and bear interest at a weighted average rate of 3.10% and 3.25% at December 31, 2003 and 2002, respectively.*Secured Tax-Exempt Fixed-Rate Notes Payable*

        At December 31, 2003 and 2002, the secured tax-exempt fixed-rate indebtedness was comprised of two loans. The first loan, with an outstanding principal balance of$10,725 and $10,930 as of December 31, 2003 and 2002, respectively, represents a tax-exempt bond financing secured by one apartment community. The bond issue, which has a maturity date of January 2025, was credit enhanced for an annual fee of 0.60% and bears interestat a rate of 7.03%. Monthly escrow payments are required each year based on the annual principal payment due to the bondholders. The second loan represents a tax-exempt bond issue for $9,825 assumed in connection with the South Florida acquisition that bore interestat a rate of 4.65% and was enhanced by the South Florida Enhancement Facility described above. The bonds were repaid on the February 2004 maturity date.*Maturities*

        The aggregate maturities of our notes payable at December 31, 2003 is as follows:

2004 2005 2006 2007  2008  2009 and thereafter    Total

$ 59,823   278,720 234,745 208,173   91,596   130,043**$1,003,100**

        Outstanding indebtedness for each tax-exempt bond issue is reflected in the preceding table using the earlier of the related bond maturity date or the bond enhancement facilitymaturity date, as applicable.

*Restrictive Covenants*

*       * Our secured and unsecured debt agreements generally contain representations, financial and other covenants and events of default typical for each specific type offacility or borrowing.

        The indentures under which our publicly traded and other unsecured debt securities have been issued contain the following limitations on the incurrence of indebtedness: (1) a maximumleverage ratio of 60% of total assets; (2) a minimum debt service coverage ratio of 1.50:1; (3) a maximum secured debt ratio of 40% of total assets; and (4) a minimum amount of unencumbered assets of  150% of total unsecured debt.  Our indentures alsoinclude other affirmative and restrictive covenants.

        Our ability to borrow under our unsecured credit facilities and secured construction loans is subject to our compliance with a number of financial covenants, affirmative covenants andother restrictions on an ongoing basis.  The principal financial covenants impacting our leverage at December 31, 2003 are: (1) our total debt may not exceed 57.5% of our total assets; (2) our annualized interest coverage ratio may not be less than 2.0:1; (3)our annualized fixed charge coverage ratio may be not less than 1.75:1; (4) our total secured debt may not exceed 35% of our total assets, and the recourse portion of our secured debt may not exceed 10% of our total assets; (5) our unencumbered assets may not be lessthan 175% of our total unsecured debt; (6) our tangible net worth may not be less than $742.8 million; and (7) our floating rate debt may not exceed 30% of our total assets.  Such financing vehicles also restrict the amount of capital we can invest in specificcategories of assets, such as unimproved land, properties under construction, non-multifamily properties, debt or equity securities, and unconsolidated affiliates.

        In addition, we have a covenant under our unsecured credit facilities and secured construction loans that restricts the ability of the Operating Partnership to make distributions inexcess of stated amounts, which in turn restricts our ability to declare and pay dividends.  In general, during any fiscal year, the Operating Partnership may only distribute up to 100% of its consolidated income available for distribution.  This provisioncontains an exception to this limitation to allow the Operating Partnership to make any distributions necessary to (1) allow us to maintain our status as a REIT or (2) distribute 100% of our taxable income at the REIT level.  We do not anticipate that thisprovision will adversely affect the ability of the Operating Partnership to make distributions sufficient for us to pay dividends under our current dividend policy.

        Our credit facilities, construction loans and indentures are cross-defaulted and also contain cross default provisions with other of our material indebtedness.  We were incompliance with covenants and other restrictions included in our debt agreements as of December 31, 2003.  The indentures and the $300 million credit facility agreement containing the financial covenants discussed above, as well as the other material terms ofour indebtedness, including definitions of the many terms used in and the calculations required by financial covenants, have been filed with the Securities and Exchange Commission as exhibits to our periodic or other reports.

        The tax-exempt bonds contain certain covenants which require a certain percentage of the apartments in such communities to be rented to individuals based upon income levels specifiedby U.S. government programs.*Pledged Assets*

        The aggregate net book value at December 31, 2003 of real estate assets pledged as collateral for indebtedness was $458,647.

**8. COMMITMENTS AND CONTINGENCIES***Development and Construction Commitments*

        We currently have six communities under development that are expected to comprise 1,930 apartment homes upon completion and an indirect 20% ownership interest in onedevelopment community that is expected to comprise 76 apartment homes upon completion.  The estimated costs to complete the development of these assets total $100 million at December 31, 2003, including $1 million of costs that we are obligated to fund for theco-investment development community and $5 million of costs pertaining to the single-family lot development adjacent to our Gables Montecito development community.  These costs are expected to be initially funded by $19 million in construction loan proceeds and$81 million in borrowings under our credit facilities.

        At December 31, 2003, we owned two parcels of land on which we intend to develop two communities that we currently expect will comprise 453 apartment homes.  Wealso had rights to acquire additional parcels of land, either through options or long-term conditional contracts, on which we believe we could develop ten communities that we currently expect would comprise an estimated 2,514 apartment homes.  In January 2004,we exercised one of such acquisition rights and acquired a parcel of land for the future development of a community in South Florida that we currently expect will comprise an estimated 261 apartment homes.  Any future development is subject to obtaining permitsand other governmental approvals, as well as our ongoing business review, and may not be undertaken or completed.

        We have letter of credit and performance obligations of approximately $1.9 million related to our wholly-owned development and construction activities.  As therelated development and construction activities are completed, such obligations will be reduced accordingly.       We are currently serving as general contractor for the construction of five apartment communities for third parties and unconsolidated joint ventures under "cost plus a fee" contracts with guaranteed maximum prices on the costs ofconstruction of approximately $57.0 million in aggregate.  The construction of these assets was 27% complete in aggregate at December 31, 2003.  Under these contracts, we are obligated to fund any construction cost overruns that are not recoveredthrough a change order.  In addition, we are entitled to a share of the savings generated under these contracts, if any, in the form of an incentive fee.  *Operating Leases*

*       * We are party to two long-term ground leases for two apartment communities in Austin with initial terms expiring in 2044 and 2065. We have paid the groundlease rent in full for these leases through the initial term. The prepaid lease payments, net of accumulated amortization, are included in other assets, net in the accompanying balance sheets. We are party to long-term ground leases for an apartment community inAtlanta and an apartment community in Austin with initial terms expiring in 2075 and 2069, respectively. The payments under the Atlanta lease and the Austin lease are made on a monthly and quarterly basis, respectively. We are also party to operating leases foroffice space with various terms. Rent incurred under these operating leases was $2,029, $1,785 and $1,398 for the years ended December 31, 2003, 2002 and 2001, respectively.  Future minimum lease payments under these operating leases at December 31, 2003 are asfollows:

2004

$   2,222

2005

2,298

2006

2,258

2007

2,060

2008

1,707

2009 and thereafter

  34,618

    Total

$45,163

*Archstone Management Services Acquisition       * In May 2003, we acquired property management contracts for 10,684 apartment homes in 32 multifamily apartment communities from Archstone ManagementServices Incorporated.   The purchase price of approximately $6.5 million was structured to be paid in three installments based on the retention of the contracts acquired.  As of December 31, 2003, we had funded $4.3 million of the purchase price intwo installments.  The amount of the third installment will be determined and paid in the second quarter of 2004.  

*Contingencies*

        The entities comprising Gables are subject to various legal proceedings and claims that arise in the ordinary course of business.  We believe that these matters aregenerally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we believe that the final outcome of such matters will not have a material adverse effect on our financial statements.**9.   DISCLOSURE ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS**        Disclosure about the estimated fair value of financial instruments is based on pertinent information available to us as of December 31, 2003 and 2002.  Such amounts have not been comprehensively revalued for purposes of these financial statements since those dates and current estimates of fair value may differ significantly from the amounts presented herein.

        We estimate that the fair value of our cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and security depositsapproximates the carrying value due to the relatively short term nature of these instruments.

        Notes payable with an aggregate carrying value of $1,003,100 and $958,574 had an estimated fair value of $1,045,247 and $1,015,320 at December 31, 2003 and 2002,respectively. The estimated fair value of our notes payable is based on a discounted cash flow analysis using current borrowing rates for notes payable with similar terms and remaining maturities. Such fair value is subject to changes in interest rates. Generally,the fair value will increase as interest rates fall and decrease as interest rates rise.

**10.   EARNINGS PER SHARE**

         Basic earnings per share are computed based on net income available to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect the assumed issuance of common sharesunder our share option and incentive plan and upon conversion of common units. The numerator and denominator used for both basic and diluted earnings per share computations are as follows:

 

 

**Years Ended December 31, **

*Basic and diluted income available to common shareholders (numerator):*

 

**2003**

** **

** **

**2002**

** **

** **

**2001**

 

Income from continuing operations (net of preferred dividends and original    issuance costs associated with redemption of preferred shares) - basic Minority interest of common unitholders in Operating Partnership        attributable to continuing operations Income from continuing operations (net of preferred dividends and original    issuance costs associated with redemption of preferred shares) - diluted

 $ $

 15,175  3,215 18,390

 

 $ $

 33,912  8,241 42,153

 

 $ $

 49,99512,936 62,931

 

Income from discontinued operations, net of minority interest -basic Minority interest of common unitholders in Operating Partnership      attributable to discontinued operations Income from discontinued operations - diluted

$ $

33,887  6,475 40,362

 

$ $

11,749  2,836 14,585

 

$ $

5,079   1,313    6,392

 

Net income available to common shareholders - basic Minority interest of common unitholders in Operating Partnership Net income available to common shareholders  - diluted

$ $

49,062  9,690 58,752

 

$ $

45,66111,077 56,738

 

$ $

55,07414,249 69,323

 

*Common shares (denominator):*

 

 

 

 

 

 

 

 

 

Average shares outstanding - basic Incremental shares from assumed conversions of:    Outstanding common units    Stock options    Other Average shares outstanding – diluted

 

25,920 5,426 96      10 31,452

 

 

24,618 5,953 106       7  30,684

 

 

23,890 6,263 155        630,314

 

        Options to purchase 578 shares were outstanding at December 31, 2002, but were not included in the computation of diluted earnings per share because the effectwas anti-dilutive.  There were no anti-dilutive options outstanding at December 31, 2003 and 2001.**11. SEGMENT REPORTING**        Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operatingdecision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is our senior management group.

        We own, operate and develop multifamily apartment communities in major markets located in Texas, Georgia, Florida, Washington, D.C. and Tennessee.  Such apartmentcommunities generate rental revenue and other income through the leasing of apartment homes to a diverse base of residents.  The operating performance of each of our communities is affected by the supply and demand dynamics within the immediate submarket orneighborhood of the major market that each community is located in.  We evaluate the performance of each of our apartment communities on an individual basis. However, because each of our apartment communities has similar economic characteristics, residents, andproducts and services, our apartment communities have been aggregated into one reportable segment. This segment comprises 93% of our total revenues for each of the three years in the period ended December 31, 2003.

        The primary financial measure for our reportable business segment is net operating income (NOI), which represents total property revenues less property operating andmaintenance expenses.  Property operating and maintenance expenses represent direct property operating and maintenance expenses as reflected in our accompanying statements of operations and exclude certain expenses included in the determination of net incomesuch as property management and other indirect operating expenses, interest expense and depreciation and amortization expense.  These items are excluded from NOI in order to provide results that are more closely related to a property’s results ofoperations.  NOI is also used by industry analysts and investors to measure operating performance of our apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The NOI yield orreturn on total capitalized costs is an additional measure of financial performance. NOI from our wholly-owned apartment communities included in continuing operations is as follows:

**Years Ended December 31,    .**

**2003**

**2002**

**2001**

Total property revenues Less:  Property operating and maintenance expenses

$220,203    79,668

$209,123    74,279

$216,853    71,467

Net operating income (NOI)

$140,535

$134,844

$145,386

        Below is a reconciliation of NOI to income from continuing operations before equity in income of joint ventures, gain on sale and minority interest (this caption in the accompanyingstatements of operations is the most directly comparable GAAP measure to NOI).

**Years Ended December 31,          .**

**2003**

**2002**

**2001**

Net operating income (NOI)

$140,535

$134,844

$145,386

Less other expenses:

Real estate asset depreciation and amortization

(50,592

)

(44,557

)

(44,268

)

Property management (owned and third party)

(15,169

)

( 12,897

)

( 11,137

)

Ancillary services

(  4,255

)

(  5,236

)

(  5,806

)

Interest expense and credit enhancement fees

(44,832

)

(42,349

)

(42,885

)

Amortization of deferred financing costs

   (  1,831

)

   (  1,336

)

    ( 1,038

)

General and administrative

(  8,800

)

(  7,377

)

( 7,209

)

Corporate asset depreciation and amortization

(  2,046

)

(  1,722

)

  (    820

)

Unusual items

             -

   (1,687

)

( 8,847

)

   Total other expenses

(127,525

)

(117,161

)

(122,010

)

Add other revenues:

Property management revenues

8,495

7,309

6,317

Ancillary services revenues

7,282

8,317

8,433

Interest income

173

378

747

Other revenues

  1,168

     700

      569

   Total other revenues

17,118

16,704

  16,066

Income from continuing operations before equity in    income of  joint ventures, gain on sale and minority interest

**  $30,128**

**  $34,387**

**$39,442**

        All other measurements for our reportable business segment are disclosed in our consolidated financial statements.

**       ** We also provide management, development and construction, corporate apartment home and brokerage services to third parties and unconsolidated joint ventures. Theseoperations, on an individual and aggregate basis, do not meet the quantitative thresholds for segment reporting set forth in SFAS No. 131.

**12.  INCOME TAXES**

        We have elected to be taxed as a REIT under the Internal Revenue Code.  To qualify as a REIT, we must meet a number of organizational and operational requirements, including arequirement that we currently distribute at least 90% of our ordinary taxable income at the REIT level to shareholders.  It is our current intention to adhere to these requirements and maintain our REIT status.  As a REIT, we generally will not be subjectto federal income tax on distributed taxable income.  Even if we qualify as a REIT, we may be subject to certain state and local taxes on our income and real estate assets, and to federal income and excise taxes on our undistributed taxable income.  Noprovision for federal income taxes has been made in the accompanying consolidated financial statements because we made distributions in excess of our taxable income in each of the three years in the period ended December 31, 2003.

        We utilize Gables Residential Services, a taxable REIT subsidiary, to provide management and other services to third parties that a REIT may be prohibited from providing. Taxable REITsubsidiaries are subject to federal, state and local income taxes.  The tax attributes of Gables Residential Services are immaterial to the accompanying consolidated financial statements.    *Reconciliation of Net Income to Taxable Income*

*       * Taxable income differs from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to computedepreciation and the carrying value (basis) of the investment in real estate assets, among other things.  Taxable gain on real estate sales can also differ from gain reported for financial reporting purposes due to the use of like-kind exchanges that result indeferral of all or a portion of the gain for tax purposes.

*       * As discussed in Note 1, the REIT conducts substantially all of its operations through the Operating Partnership.  For income tax reporting purposes, the REITreceives an allocable share of the Operating Partnership's ordinary income and capital gains based on its weighted average ownership interest therein adjusted for certain specially allocated items.  In addition, taxable income of the Operating Partnershipexcludes taxable income or loss of Gables Residential Services. The REIT's allocable share of the Operating Partnership's  taxable income for the years ended December 31, 2003, 2002 and 2001 is detailed below:

**2003**(estimate)

**2002**(actual)

**2001**(actual)

REIT share of Operating Partnership taxable ordinary income (subject to REIT dividend requirement) 

 $28,281

 $24,391

 $46,140

REIT share of Operating Partnership taxable capital gains 

    9,503

    22,883

      8,674

REIT total taxable income

**$37,784**

**$47,274**

**$54,814**

Cash dividends paid, including preferred

**$69,620**

**$65,605**

**$65,700**

*Income Tax Characterization of Dividends Paid to Common Shareholders*

        The income tax characterization of dividends paid to common shareholders is based on the calculation of taxable earnings and profits, as defined in the Internal RevenueCode.  Taxable earnings and profits differ from taxable income due primarily to differences in the estimated useful lives and methods used to compute depreciation and in the recognition of gain on sale of real estate assets.  For income tax purposes,dividends paid to common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof.  Dividends paid per common share were taxable as follows:

**Years Ended December 31,**

**2003**

**2002**

**2001**

 

**      $**

**       %**

 

**        $**

**          %**

 

**        $**

**         %**

Ordinary income Return of capital Capital gains Unrecaptured Section 1250 gain      Total  

$0.871 1.243 0.1450.151 $**2.410**

36.1% 51.6% 6.0%  6.3%**100%**

 

$0.868 0.716 0.6030.223**$2.410**

36.0% 29.7% 25.0%     9.3%**100.0%**

 

$1.587 0.431 0.2560.066**$2.340**

67.8% 18.4% 11.0%2.8%**100.0%**

**13.  PROFIT SHARING PLAN**

        Eligible employees may participate in a profit sharing plan pursuant to Section 401(k) of the Internal Revenue Code. Under the plan, employees may defer a portion of their salaryon a pre-tax basis. We also make discretionary matching contributions currently equal to 50% of an employee's first 4% salary deferral contribution. Expenses under this plan for the three years in the period ended December 31, 2003 were not material.

        During January 1996, we added the Gables Residential Trust Stock Fund as an investment option under the plan. The fund is comprised of our common shares. In connection with theaddition of this fund to the plan, 100 common shares were registered for issuance under the plan. The plan trustee will purchase our common shares for the fund at the direction of the plan investment committee, either on the open market or directly fromus.

**14.  1994 SHARE OPTION AND INCENTIVE PLAN AND OTHER SHARE GRANTS**

        We adopted the 1994 Share Option and Incentive Plan to provide incentives to officers, employees and non-employee trustees. The plan provides for the grant of options to purchase aspecified number of common shares and the grant of restricted or unrestricted common shares.  The total number of shares reserved for issuance under the plan, as amended, is the greater of 2,953 shares or 9% of the total number of outstanding common shares andUnits. At December 31, 2003, the number of shares reserved for issuance was 2,982. The number of common shares which may be issued as restricted or unrestricted shares is equal to 50% of the number of shares available for issuance under the plan at suchtime.  See Note 4 for a discussion of stock options issued under the plan.

        We have made the following grants of unrestricted shares and restricted shares:

**GrantDate**
**Unrestricted****..Shares Granted**
**Restricted Shares****..Granted  **

**Total**
**Per Share Grant****...Value...**
 **General Vesting Period for Restricted Shares**
02-97 02-98 04-98 02-99 02-99 04-99 11-99 01-00 03-00 03-00 10-00 02-01 02-01 10-01 02-02 05-02 11-02 11-02 03-03 08-03 01-04

23 13 3 11 5 9 2 12 6 3 2 12 1 2 24 1 - 1     11 -     23

46 40 9 34 9 19 16 36 20 5 13 36 2 13 47 1 1 12     36 1              71
 
69 53 12 45 14 28 18 48 26 8 15 48 3 15 71 2 1 13     47 1           94

$25.8750 26.6875 27.0625 23.2500 23.2500 21.9375 24.6250 22.6250 21.8750 21.8750 25.8125 27.3000 27.3000 26.9500 29.7500 30.3000 23.7100 23.7100 25.4000 32.6900 33.8600

Two equal annual installments, beginning 1-1-98 Three equal annual installments, beginning 1-1-99 Three equal annual installments, beginning 4-1-99 Three equal annual installments, beginning 1-1-00 Two equal annual installments, beginning 1-1-00 Two equal annual installments, beginning 4-1-00 One installment, on 12-1-02 Three equal annual installments, beginning 1-1-01 Three equal annual installments, beginning 1-1-01 Two equal annual installments, beginning 1-1-01 One installment, on 12-1-03 Three equal annual installments, beginning 1-1-02 Two equal annual installments, beginning 1-1-02 One installment, on 12-1-04 Three equal installments, beginning 1-1-03 Three equal installments, beginning 1-1-03 Three equal installments, beginning 1-1-03 One installment, on 12-1-05 Three equal annual installments, beginning 1-1-04 Three equal annual installments, beginning 1-1-04 Three equal annual installments, beginning 1-1-05

Total

  164

  467
 
  631

 

 

        All of the share grants have been made under the plan with the exception of the February 2001, February 2002 and March 2003 grants, which were satisfied with shares acquired byus pursuant to our common equity repurchase program.

        The value of the unrestricted shares granted is recorded as long-term compensation expense in the year the related service was provided. Upon issuance of the share grants, (1) thevalue of the shares issued is recorded to the additional paid-in capital component of shareholders' equity, after relieving the treasury shares component of shareholders' equity for share grants issued out of treasury and (2) the value of the restricted shares isrecorded to the deferred long-term compensation component of shareholders' equity. Such deferred compensation is amortized ratably over the term of the vesting period.  Long-term compensation expense included in general and administrative expense in theaccompanying consolidated statements of operations was $1,655, $1,230 and $1,331 for the years ended December 31, 2003, 2002 and 2001, respectively.

**15. UNUSUAL ITEMS**

        Unusual items of $1,687 in 2002 represent the write-off of unamortized deferred financing costs of $236 and a prepayment penalty of $1,451 associated with the early retirement of$48,365 of secured tax-exempt bond indebtedness.   Under accounting rules in effect at that time, these costs were classified as an extraordinary item.  In connection with the adoption of SFAS No. 145 on January 1, 2003, these costs were reclassified fromextraordinary items to unusual items (Notes 4 and 7).  These bonds had an interest rate of 6.375% which we were able to re-issue on an unsecured basis at a rate of 4.75%, resulting in a positive net present value.

        Unusual items of $8,847 in 2001 are comprised of  (1) a $5,006 charge associated with the write-off of building components at Gables State Thomas Ravello thatwere replaced in connection with a remediation program, (2) $2,200 of severance charges, (3) $920 in reserves associated with certain technology investments and (4) $721 of abandoned real estate pursuit costs resulting from September 2001 events which impacted theU.S. economy.

        The $2,200 severance charge in 2001 is associated with organizational changes adopted in the fourth quarter of 2001, including (1) the departure of the chief investmentofficer effective January 1, 2002, who became entitled to severance benefits in accordance with the terms of his employment agreement and (2) the departure of two senior vice presidents effective in early 2002.  These severance costs were paid in 2002 andincluded approximately $400 of deferred compensation related to the accelerated vesting of restricted shares unvested at the effective date of separation and approximately $730 related to the modification of certain outstanding share options to extend theexercise period and accelerate the vesting thereof.**16. RELATED-PARTY TRANSACTIONS**

**       ** Transactions with our unconsolidated joint ventures are disclosed in Note 6.

      **17. QUARTERLY FINANCIAL INFORMATION (Unaudited) **

**       ** The tables below reflect selected quarterly financial information for the years ended December 31, 2003 and 2002.  Certain 2003 and 2002 amounts havebeen reclassified to conform to the current presentation of discontinued operations.
 
**         Year Ended December 31,2003     **
 

FirstQuarter

SecondQuarter

ThirdQuarter

FourthQuarter

Total revenues Original issuance costs associated with redemption of preferred units Income from continuing operations Operating income from discontinued operations, net of minority interest Gain on disposition of discontinued operations, net of minority interest Net income Net income available to common shareholders Net income per common share - basic (a) Net income per common share – diluted (a)

$57,265 - 5,320 697 4,075 10,092 9,248 0.38 0.38

$57,645 - 5,349 708 - 6,057 4,385 0.18 0.18

$61,019 - 6,041 537 10,174 16,752 14,558 0.56 0.56

$61,392 1,327 5,368 247 17,449 23,064 20,871 0.73 0.73
 **               Year Ended December 31,2002     ** 
FirstQuarter

SecondQuarter

Third   Quarter

FourthQuarter

Total revenues Gain on sale of previously depreciated operating real estate assets Gain on sale of land and development rights Unusual items Income from continuing operations Operating income from discontinued operations, net of minority interest Gain on disposition of discontinued operations, net of minority interest Net income Original issuance costs associated with redemption of preferred shares Net income available to common shareholders Net income per common share - basic (a) Net income per common share – diluted

$57,487 17,906 1,339 - 25,286 1,147 1,763 28,196 - 25,753 1.05 1.04

$55,724 - 462 1,687 6,207 1,095 - 7,302 - 4,860   0.20 0.19

$56,618 - 267 - 7,940 762 - 8,702 4,009 3,602 0.15 0.15

$55,998 - 32 - 5,307 826 6,156 12,289 - 11,446 0.47 0.47

(a)  The total of the four quarterly amounts for net income per common share does not equal the net income per common share for the year.       The difference results from the use of a weighted average to compute the number of common shares outstanding for each quarter and      for the year.

**Gables Residential TrustReal Estate Investments and Accumulated Depreciation as of December 31, 2003(Dollars in Thousands) Schedule III**

            Initial Costs            

Costs Capitalized SubsequentTo Acquisition

Gross Amount at Which        Carried at Close of Period        

 

Year Original ConstructionComplete

 

Property Typeand Location

RelatedEncumbrances

Land

Buildings andImprovements

Land

Buildings andImprovements

Total

AccumulatedDepreciation

YearAcquired

**Completed Apartment Communities:**

 

 

 

 

 

 

(a)

 

(b)

 

South FL

$  135,850

$    71,217

$  363,500

$    35,800

$    71,217

$     399,300

$    470,517

 

$  69,384

1982-2000

1998-2003

 

Atlanta, GA 

80,506

58,747

86,145

223,945

58,747

310,090

368,837

 

79,951

1945-2002

1983-1998

 

Houston, TX

38,304

47,798

139,954

72,815

47,798

212,769

260,567

 

53,667

1982-1996

1987-2001

 

Dallas, TX 

14,553

53,807

80,362

121,431

53,807

201,793

255,600

 

24,879

1994-2003

1993-2003

 

Austin, TX 

13,643

12,388

80,193

69,596

12,388

149,789

162,177

 

24,875

1992-2000

1992-2003

 

Orlando, FL 

-

14,917

-

119,148

14,917

119,148

134,065

 

16,514

1998-2002

1996-1998

 

Washington, D.C.

             -

     20,275

      58,717

         327

     20,275

      59,044

      79,319

 

     1,723

1988-2001

2001-2003

 

Nashville, TN

26,150

2,001

-

28,073

2,001

28,073

30,074

 

14,232

1987-1988

1985

 

Memphis, TN

              -

       1,865

              -

     28,080

      1,865

        28,080

       29,945

 

     12,203

1986

1985

 

    Total

 

$  309,006

$  283,015

$  808,871

$  699,215

$  283,015

$  1,508,086

$ 1,791,101

 

$ 297,428

 

 

 

 

 

 

 

 

 

 

 

 

**Apartment Communities Under Development and/or Lease-up:**

 

 

 

 

 

 

Austin, TX

 

$    14,740

$    11,863

$             -

$    31,306

$    11,863

$       31,306

$      43,169

 

$             -

n/a

2002

 

South FL

-

10,917

-

30,166

10,917

30,166

41,083

 

27

n/a

2000-2001

 

Atlanta, GA (c)

-

-

-

22,775

-

22,775

22,775

 

-

n/a

1997

 

Tampa, FL

 

            -

     4,019

                -

   16,049

     4,019

     16,049

     20,068

 

              9

n/a

2002

 

Houston, TX

       9,005

       5,424

              -

      13,522

        5,424

        13,522

       18,946

              -

n/a

2002

 

   Total

 

$    23,745

$    32,223

$             -

$  113,818

$    32,223

$     113,818

$    146,041

 

$          36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Undeveloped Land:**

 

 

 

 

 

 

 

 

 

 

Dallas, TX

 

$      3,947

$      7,400

$             -

$      1,658

$      9,058

$                -

$        9,058

 

$            -

n/a

1994-2003

Houston, TX

2,160

3,223

-

1,211

4,434

-

4,434

-

n/a

2003

 

San Antonio, TX

          -

      1,202

             -

         497

      1,699

                 -

        1,699

 

            -

n/a

1994

 

Memphis, TN

             -

         606

               -

             25

     631

           -

         631

 

              -

n/a

1996

 

Total

 

  $      6,107

$    12,431

$             -

$      3,391

$    15,822

$                -

$      15,822

 

$            -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Grand Totals**

 

**$ 338,858**

**$  327,669**

**$ 808,871**

**$ 816,424**

**$ 331,060**

**$1,621,904**

**$1,952,964**

(d)

**$297,464**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Depreciation of apartment communities is calculated on a straight-line basis over an estimated useful life ranging from 20 to 40 years for buildings and building       improvements and an estimated useful life of 5 years for furniture, fixtures and equipment.

 

 

(b) The year acquired represents the year we acquired a completed community or the year we acquired the land for the development of an apartment community.

 

(c) Represents costs incurred to date associated with the reconstruction of 100 apartment homes previously owned and operated by us into 233 apartment homes. The       remaining information applicable to this community is included in the Completed Apartment Communities category above.

 

(d) Excludes our investment in joint ventures totaling $11,456.

 

 

 

 

 

 

 
**Schedule III**
**Gables Residential Trust**

**Real Estate Investments and Accumulated Depreciation as of December 31, 2003 (Dollars in Thousands)**

A summary of activity for real estate investments and accumulated depreciation is as follows:

Years ended December 31,

2003

2002

2001

 

**Real estate investments:**

 

Balance, beginning of year

  $1,782,151

     $1,739,905

  $1,573,544

 

Additions:

 

  Operating apartment community acquisitions

                  122,072

                           -

                    99,206

 

  Development, construction and renovation costs incurred,

                  123,885

                 90,632

                  128,513

 

      Including related land acquisitions

 

  Recurring value retention capital expenditures

                     10,498

                 13,077

                    11,797

 

  Non-recurring and/or value-enhancing capital expenditures

           9,449

         11,910

        10,916

 

    Total additions

                  265,904

               115,619

                  250,432

 

Contributions to GRAP JV Two

                              -

                           -

                  (18,020

)

 

Sales

       (95,091

)

       (73,373

)

      (66,051

)

 

Balance, end of year (a)

  $1,952,964

  $1,782,151

  $1,739,905

 

 

**Accumulated depreciation:**

 

Balance, beginning of year

  $   266,139

  $   230,118

  $   195,706

 

Depreciation

                    52,103

                 47,815

                    47,521

 

Sales

      (20,778

)

     (11,794

)

     (13,109

)

 

Balance, end of year

$   297,464

$   266,139

$   230,118

 

 

**Reconciliation of depreciation above to consolidated statements of operations:**

 

Depreciation in rollforward of accumulated depreciation above

  $     52,103

  $     47,815

  $     47,521

 

Depreciation relating to discontinued operations

                    (1,926

)

                  (3,342

)

                    (3,337

)

 

Amortization of prepaid land lease payments  (b)

                           84

                        84

                           84

 

Amortization of intangible assets (c)

           331

                -

                 -

 

   Real estate asset depreciation and amortization expense reflected

 

     in continuing operations in the accompanying consolidated statements of operations

$    50,592

$    44,557

$     44,268

 

 

(a) Excludes our investment in joint ventures totaling $11,456, $12,256 and $20,898 at December 31, 2003,  2002 and 2001, respectively.

 

 

(b) We have leased two parcels of land pursuant to long-term ground lease agreements which required the lease payments to be made upfront.        The prepaid lease payments, net of accumulated amortization, are included in  other assets, net in the accompanying consolidated balance sheets.

(c) We have intangible assets related to at-market, in-place leases and resident relationships that were acquired as part of the acquisition of apartment        communities.  The intangible assets, net of accumulated amortization, are included in other assets, net in the accompanying consolidated balance sheets.

 

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