Wrentham Village Premium Outlets – Wrentham (Boston), MA SPG has a long history of success- ful development projects — new projects  as well as expansions and renovations —  which have contributed to our growth. Our  development and redevelopment program  in the U.S. and abroad is accelerating. We  will only build where demand exceeds sup- ply and we can do so profitably. The good  news for SPG is that there is very little  supply coming onboard over the next few  years, which will only make our real estate  more valuable. Our focus for new ground up develop- ment is in our Premium Outlets platform.  We currently have three projects under  construction with opening dates in 2012  and 2013 — located in New Hampshire,  Texas and Korea. Other identified projects,  with start dates planned in 2012, are lo- cated in Phoenix, St. Louis, Tampa, Toronto  and Japan. We will begin construction in  Tempe (Phoenix) and Shisui (Japan) later  this month. King of Prussia is one of the truly iconic  shopping destinations in the U.S., serving  the greater Philadelphia market. It is one  of the country’s largest shopping centers  at 2.4 million square feet and also one  of the country’s most productive centers,  generating total annual retail sales in excess of $850 million.  Several redevelopment projects were  completed during the year including: We invest capital in our existing properties to make them the best they can  be for their marketplace. We have more than  20 renovation and expansion projects under  construction in the U.S. with completion  dates in 2012 and 2013. The cost of these  projects is approximately $700 million (our  share) and the expected stabilized return  on our invested capital is 10%. We have  also identified 16 additional expansions  and renovations where we expect to begin  construction in 2012 and 2013. The King of Prussia acquisition was  immediately accretive to our earnings and  the property has excellent growth prospects.  A major redevelopment of the center is  currently underway, converting a former department store into 100,000 square feet of specialty stores. In November, we announced an additional multi-level  expansion  connecting  the  five-anchor  Plaza and the two-anchor Court. The 140,000 square foot expansion will include  approximately 40 exciting new retailers,  several restaurants and an upscale dining  pavilion. Based upon our robust pipeline of development and redevelopment projects,  we currently expect our share of capital  spend to approximate $1 billion annually  for 2012 through 2014, and believe we  are building the great projects of tomorrow  where the retailers will want to aggregate,  creating the critical mass required for a  successful retail project. Now let me touch on some notable  2011 activities. In 2011, we opened two new assets: Paju  Premium Outlets, our second Premium Outlet in Korea, located approximately 50  minutes northwest of downtown Seoul, and Johor Premium Outlets located in Malaysia, our first Premium Outlet in  Southeast Asia, less than an hour’s drive  from Singapore. Both centers are fully leased and performing well. Importantly,  we once again demonstrated our ability  to successfully export our know-how to  international markets for the benefit of our  stockholders. We continued to demonstrate our ability to  strategically invest capital in 2011 with $1.8  billion of acquisitions. The most significant  of these transactions was the August acquisition of a controlling interest in King  of Prussia – The Plaza and The Court. Our  ownership interest increased from 12% to  96%, and we have the ability to acquire the  remaining 4% in the fall of 2013.  Our strategy of pruning the portfolio  and recycling capital continued with the  disposition of interests in 59 properties for  approximately $930 million.  Our strong access to capital was demon- strated again in 2011 by the sale of $1.2  billion of unsecured notes in November at  a weighted average interest rate of 3.6%  and weighted average term of 8 years. We  also completed a new $4.0 billion revolving  credit facility during the year that can be  increased to $5.0 billion. Our leasing activity of 17 million square  feet enhanced our merchandise mix and  increased our rents and occupancy. Balance Sheet Strength and Capital  Market Transactions Development Acquisitions 6  Simon Property Group, Inc. The opening of 38 new anchors and big  box tenants, aggregating 1.7 million  square feet of activity across all of our  U.S. platforms.   Renovations of Coddingtown Mall (Santa  Rosa,  California),  Fashion  Valley (San Diego, California), Great  Lakes Mall (Cleveland, Ohio), McCain  Mall (Little Rock, Arkansas) and Town  Center at Boca Raton (Boca Raton,  Florida) , and  Expansions at Ami Premium Outlets  (Japan), Las Vegas Premium Outlets –  South, Pheasant Lane Mall (Nashua,  New Hampshire) and Tosu Premium  Outlets (Japan),