RESULTS OF OPERATIONS 2011 Annual Report 15 ● On July 9, 2009, Chelsea Japan Company, Ltd., or Chelsea Japan, the joint venture which operates the Japanese Premium  Outlets in which we have a 40.0% ownership interest, opened Ami Premium Outlets located in Ami, Japan. ● During 2009, we recognized a loss on our joint venture interests in our shopping centers in China. We sold our interests  to affiliates of our Chinese partner for approximately $29 million, resulting in a loss of approximately $20 million. ● On March 2, 2010, GCI opened Argine, a 300,000 square foot shopping center in Naples, Italy. ● On March 25, 2010, GCI opened Catania, a 642,000 square foot shopping center in Sicily, Italy. ● On April 29, 2010, GCI, an Italian joint venture in which we held a 49.0% ownership interest, sold its 40.0% interest in  Porta di Roma for €71 million. ● On May 28, 2010, we acquired an additional noncontrolling interest of approximately 19% in Houston Galleria, located in  Houston, Texas thereby increasing our interest from 31.5% to 50.4%. ● On July 15, 2010, we and our partner sold our collective interests in a joint venture which owned seven shopping centers  located in France and Poland. ● During 2010, we disposed of one of our other retail properties. ● On March 17, 2011, we and our partner, Shinsegae International Co., opened Paju Premium Outlets, a 328,000 square  foot outlet center in Paju, South Korea. ● During the third quarter of 2011, we contributed a wholly-owned property to a joint venture which holds our interests in  nine unconsolidated properties. The transaction effectively exchanged a portion of our interest in this previously wholly-owned  property for increased ownership interests in the nine unconsolidated properties. ● On December 2, 2011, we and our partner, Genting Berhad, opened Johor Premium Outlets, a 173,000 square foot outlet  center in Johor, Malaysia. ● On December 31, 2011, as further discussed in Note 4 of the Notes to Consolidated Financial Statements, a 50% joint  venture distributed a portfolio of properties to us and our joint venture partner. ● During 2011, we disposed of one of our regional malls. ● On April 23, 2009, we opened The Promenade at Camarillo Premium Outlets, a 220,000 square foot expansion located  in Ventura County, north of Los Angeles. ● On August 6, 2009, we opened Cincinnati Premium Outlets, a 400,000 square foot outlet center located in Warren  County, Ohio, north of Cincinnati. ● During 2009, we disposed of one regional mall and three community centers. ● On August 10, 2010, we acquired a controlling interest in a regional mall. ● On August 30, 2010, we completed the Prime acquisition, acquiring 21 outlet centers, including a center located in Puerto  Rico, which was acquired on May 13, 2010. ● During 2010, we disposed of one regional mall, one community center, and one other retail property. ● On June 28, 2011, we sold Prime Outlets—Jeffersonville, a 410,000 square foot outlet center located in Jeffersonville, Ohio. ● On July 19, 2011, we acquired a 100% ownership interest in ABQ Uptown, a 222,000 square foot lifestyle center located  in Albuquerque, New Mexico. ● On August 25, 2011, we acquired additional interests in The Plaza at King of Prussia and The Court at King of Prussia, or,  collectively, King of Prussia, a 2.4 million square foot regional mall in the Philadelphia market, which had previously been  accounted for under the equity method. We now have a controlling interest in this property and its results are consolidated  as of the acquisition date. ● During 2011, we disposed of three of our other retail properties and one of our regional malls. In addition to the activity discussed above in “Results Overview” section, the following acquisitions, dispositions, and openings  of consolidated properties affected our consolidated results from continuing operations in the comparative periods: In addition to the activities discussed above and in “Results Overview”, the following acquisitions, dispositions, and openings  of joint venture properties affected our income from unconsolidated entities in the comparative periods: