Acquisitions Acquired remaining ownership interest in The Forum Shops at Caesars  • Purchased Stanford Shopping Center in Palo Alto, California •  Increased ownership of Kravco portfolio Total costs for the five projects under construction are estimated at  approximately $   million. Simon’s share of these costs is approximately $  million. We also have a pipeline of projects in the pre-development stage, some of  which we anticipate could commence construction as early as the third quarter  of   , including projects in Austin, Texas and in the rapidly growing Ft.  Myers-Bonita Springs-Naples, Florida market. I n    we completed three domestic acquisitions – the remaining ownership  of The Forum Shops at Caesars;   % ownership of Stanford Shopping  Center in Palo Alto, California and an additional interest in the Kravco  portfolio of properties.  The Forum Shops at Caesars.  In March    the Company purchased  the remaining ownership interest in The Forum Shops at Caesars in Las Vegas,  Nevada for $   million in cash, and assumed the minority limited partner’s  share of existing liabilities.  Forum Shops is one of the top retail destinations in the world with a  tenant mix comprised of a “who’s who” in retailing – Christian Dior, Emporio  Armani, Gianni Versace, Gucci, Louis Vuitton, Dolce & Gabbana, Valentino,  Salvatore Ferragamo, Escada, Fendi, MaxMara, St. John, Hugo Boss, DKNY,  Tourneau, Judith Lieber and many more. Traffic at the center averages   ,  shoppers daily and annual tenant sales exceed $  ,   per square foot. A   ,  square foot expansion of The Forum Shops affronting Las Vegas Boulevard is  scheduled to open in the fall of   , creating a multilevel luxury retail and  restaurant addition to the project at an expected cost of    million. Stanford Shopping Center.  In August    we purchased a   % stake  in this   .   million square foot unique, one-of-a-kind property for $   million.  Stanford is one of the most successful shopping centers in the U.S., generating  total sales in excess of $   million and sales per square foot in excess of $  .  It is one of the few open-air, super-regional shopping centers in the  country and is anchored by four major department stores—Neiman Marcus,  Nordstrom, Bloomingdale’s and Macy’s. Stanford Shopping Center is an  irreplaceable location with unparalleled demographics. We believe that there  are significant opportunities to redevelop and reconfigure the center’s existing  space to enhance profitability and retail offerings. We have a long history of  improving cash flow at acquired centers, and we would expect to achieve the  same here.  The Kravco Portfolio.  In November    we increased our ownership  interest in Kravco Investments L.P., a Philadelphia, Pennsylvania-based owner  of regional malls, from approximately   % to approximately   %. We also  increased our interest in Kravco Company, its affiliated property management  company, from approximately   % to   %.  Total consideration paid by the Company was approximately $   million,  including the assumption of its pro rata share of mortgage indebtedness. The Com- pany’s partnership subsidiary, Simon Property Group, L.P., issued $  .   million of  perpetual preferred operating partnership units as part of the consideration.  The Kravco portfolio consists of interests in six regional malls, five of  which are located in the Philadelphia metropolitan area. Included in the  portfolio is an interest in the Plaza and Court at King of Prussia, one of the  14 simon property group, inc. SUPPLEMENTAL REVENUES S imon Brand Ventures (SBV) and  Simon Business Network (SBN)  are initiatives launched by the Com- pany to generate supplemental  revenues. Through a combination of  new strategic alliances, new product  introductions, and the integration  of existing programs into newly  acquired assets, SBV and SBN’s  contribution to the Company’s bottom  line increased by 17.5% in 2003 to  $119.4 million. SBV completed the roll-out of  the Simon Giftcard, and it quickly  became the largest Visa pre-paid  program in the world. Anticipating  consumer demand, SBV broke into  co-branding and affinity marketing  by launching the first co-branded  pre-paid university card in the country  with the University of Texas-Austin.  Simon Giftcard sales reached $340  million in 2003. With two billion customer visits a  year, SBV’s programming has tapped  into the potential of Simon’s properties  functioning as a true marketing me- dium. Successful platforms in 2003  which drew thousands to Simon malls  included a national teen tour, Simon  DTour Live, “Behind-the-Scenes with  American Idol”, Simon Evening of  Giving and “Thank You Very Much”  Holiday Sweepstakes. Simon also  launched an innovative enterprise  branding campaign “More Choices”  which clearly differentiates Simon  Malls. The Simon Kidgits Club platform was  launched nationally with great success.  It focused Simon‘s children’s programs  on health and wellness, education,  safety, and entertainment. In its first six  months of operation, nearly 150,000  children and parents enrolled. The  Simon Kidgits Club is designed to  build brand loyalty and reinforce the  mall as a family destination. Consistent with the Company’s  growing worldwide presence, SBN  implemented a plan to export its  business-to-business services that  generate tenant efficiencies. SBN  became a shareholder in the London- based Tecient Business Network.  Tecient is an independent services  company focusing on revenue  creation and new cost savings for  property owners and their tenants  worldwide with an initial focus in  Europe and Australia.  ACQUISITIONS