The Forum Shops at Caesars in Las Vegas is one  of the top retail assets in the world featuring a  one-of-a-kind shopping experience and a high- fashion tenant mix. This premier location  generates tenant sales of  ,  per square foot. The Fashion Centre at Pentagon City in the  Washington, D.C. suburb of Arlington, Virginia,  opened in    and remains one of Simon’s most  productive assets —   % occupied with sales  in excess of    per square foot. simon property group, inc. 18 TEN YEARS OF GROWTH Shareholder Returns   closing price    .   IPO price  . Price appreciation   . Cumulative dividends    . Total return ($)    . Total return (%)   % Total return with reinvestment of dividends   % Growth in Gross Leasable Area  (GLA) (in millions of square feet)  /  /     /  /    Increase   Increase (%)   % Compound Annual Growth Rate  . % Growth in Revenue ($ – millions)    ,   Increase    , Increase (%)   % Compound Annual Growth Rate  . % Internally Generated Cash Flow* ($ – millions)         Increase     Increase (%)   % Compound Annual Growth Rate  . % Total Market Capitalization ($ – billions)  /  /       /  /    Increase     Increase (%)   % Compound Annual Growth Rate  . % * Defined as FFO less common dividends  and distributions When Simon went public in December   , at an offering price of $ .  per share, its portfolio contained    properties located in    states  and total market capitalization was    billion.  ’93 and ‘94$_{ }$$_{The Simon Property Group }$ IPO is completed in December of   ,  generating $   million in proceeds. The  Simon portfolio consists of    properties  in    states, primarily middle-market malls  in the Midwest and Texas. The Company’s  biggest strength in   is the size of its  $  billion portfolio. Areas identified for  improvement include: quality of port- folio, lack of major market presence and  limited financial flexibility. Simon has no  unsecured debt and annual free cash flow  of only $  million. Wall Street’s biggest  question is “How does Simon grow what  is already the industry’s largest portfolio?”  portfolio. This  $  billion  transaction  creates an organization unparalleled in  size and scope in our industry and gives  us better access to capital, enhances retailer  relationships, and improves our operating  efficiencies through economies of scale.  Our total market capitalization increases  to  .  billion. We also complete our first  investment grade rated unsecured debt  offering for $   million. ‘97 $_{The acquisition pace accelerates. We }$ spend $  .  billion to acquire the private  Retail Property Trust, adding   regional  malls to our portfolio including such high- quality assets as The Westchester in White  Plains, New York and Menlo Park Mall  in Edison, New Jersey. We also acquire  The Fashion Mall at Keystone, an upscale  property in our hometown of Indianapolis  and a   % interest in Dadeland Mall in  Miami, one of the nation’s most productive  malls. We raise more than $  billion  through public and private placements.  Simon Brand Ventures is launched to  create additional revenue streams. We  are the first REIT to exceed $   billion in  annual revenue. Management develops a long-term  strategy to lead the consolidation of the  regional mall sector, to improve the quality  of its portfolio, to add exposure to major  metropolitan markets and to improve  financial flexibility. The regional mall portfolio generates  sales of $   per square foot in    and is   .  % occupied at year-end. Total market  capitalization is $  .  billion at year-end  and FFO for    is $  .   per share. ‘95 $_{The Company increases its ownership }$ in three malls and acquires an interest in  Smith Haven Mall in Long Island, New  York. In addition, we open three new  regional malls within a seven-week period,  adding over    million square feet of GLA.  ‘96  We complete the industry’s largest  transaction  to-date  by  acquiring  the  DeBartolo Realty Corporation, adding   malls,   community centers and  one mixed-use property to the Simon  ‘98$_{ }$   is a landmark year in the growth  of our Company. We invest $  .  billion  to acquire Corporate Property Investors  (CPI), the nation’s largest and most  productive privately-owned retail mall  company. The CPI transaction adds   malls to the Simon portfolio including  assets  of  national  and  international  renown such as Roosevelt Field, Lenox  Square, Phipps Plaza and Town Center  At Inception