Selected Financial Data In thousands, except per share data The following tables set forth selected financial data. The selected financial data should be read in conjunction with the  financial statements and notes thereto and with Management’s Discussion and Analysis of Financial Condition and Results  of Operations. Amounts represent the combined amounts for Simon Property and SPG Realty for all periods as of or for  the years ended December 31, 1999 to December 31, 2002 and Simon Property thereafter. SPG Realty merged into Simon  Property on December 31, 2002. Other data we believe is important in understanding trends in Simon Property’s business  is also included in the tables.  (1) On May 3, 2002, Simon Property jointly acquired Rodamco North America N.V. In 1999, Simon Property acquired the assets of New England  Development Company. In the accompanying financial statements, Note 2 describes the basis of presentation and Note 4 describes acquisitions and  disposals. (2) Represents distributions declared per period. (3) The ratio for 2002 has been restated for the reclassifications of discontinued operations described in Note 3. In 2002, includes $162.0 million of gains  on sales of assets, net, and excluding these gains the ratio would have been 1.42x in 2002. In 2001, includes a $47,000 impairment charge (see Note 4  to the accompanying financial statements). Excluding this charge the ratio would have been 1.39x in 2001. In 1999, includes a $12,000 unusual loss  (see Note 11 to the accompanying financial statements) and a total of $12,290 of asset write-downs. Excluding these items, the ratio would have been  1.39x in 1999. (4) FFO is a non-GAAP financial measure that we believe provides useful information to investors. Please refer to Management’s Discussion and Analysis  of Financial Condition and Results of Operations for a definition and reconciliation of FFO. (5) Certain reclassifications have been made to prior period cash flow information to conform to the current year presentation. 24 simon property group, inc. As of or for the year ended December 31  2003 2002 $^{(1)}$  2001 $^{(1)}$  2000 $^{(1)}$  1999  (1) OPERATING DATA: Total consolidated revenue  $ 2,313,653 $ 2,124,152 $ 2,048,835 $ 2,020,751 $ 1,892,703  Income from continuing operations  451,900  545,148 282,460 346,770 297,395  Net income available to common shareholders  $  313,577 $  358,387 $  147,789 $  186,528 $  167,314  BASIC EARNINGS PER SHARE: Income from continuing operations  $  1.53 $  1.92 $  0.87 $  1.13 $  0.97  Discontinued operations   0.12  0.07 –  –  –  Cumulative effect of accounting change   –  – (0.01 )   (0.05 )   –  Net income  $  1.65 $  1.99 $  0.86 $  1.08 $  0.97  Weighted average shares outstanding   189,475 179,910  172,669  172,895  172,089  DILUTED EARNINGS PER SHARE: Income from continuing operations  $  1.53 $  1.92 $  0.86 $  1.13 $  0.97  Discontinued operations   0.12  0.07 –  –  –  Cumulative effect of accounting change   – – (0.01 )   (0.05 )  –  Net income  $  1.65 $  1.99 $  0.85 $  1.08 $  0.97  Diluted weighted average shares outstanding   190,299  181,501  173,028  172,994  172,226  Distributions per share  (2) $  2.40  $  2.18 $  2.08 $  2.02  $2.02  BALANCE SHEET DATA: Cash and cash equivalents  $  535,623  $  397,129 $  259,760 $  223,111 $  157,632  Total assets   15,684,721 14,904,502 13,810,954 13,937,945 14,223,243  Mortgages and other notes payable   10,266,388 9,546,081 8,841,378 8,728,582 8,768,951  Shareholders’ equity  $ 3,338,627 $ 3,467,733 $ 3,214,691 $ 3,064,471 $ 3,253,658  OTHER DATA: Cash flow provided by (used in):  (5) Operating activities  $  951,967 $  882,990 $  859,062 $  743,519 $  660,307  Investing activities  (761,663 ) (785,730 )  (351,310 )  (134,237 )  (661,051 ) Financing activities  $  (51,810 ) $  40,109 $  (471,103 )  $  (543,803 )  $  29,181  Ratio of Earnings to Fixed Charges  (3) 1.52x   1.64x  1.33x  1.37x  1.34x Funds from Operations (FFO)  (4) $ 1,041,105  $  936,356 $  786,635 $  781,937  $703,518  FFO allocable to Simon Property  $  787,467  $  691,004 $  571,974 $  567,532  $511,830 NOTES