Our strategy has led to industry-leading  growth and improvement in our overall portfolio quality, productivity and diversity.  Remarkably at the same time we strengthen  our financial position. From our first full  year as a public company in 1994 through  year-end 2011, financial and operational  measures improved dramatically. Our debt maturities are well balanced  by year with a current weighted average  interest rate of 5.2% and a weighted average term of 6.3 years. We also have  the benefit of a significant unencumbered  portfolio of properties with more than 160  wholly owned assets that generate annual  NOI in excess of $2.1 billion. Earlier this month, we invested in a  public retail real estate company that has  the scale to compete profitably across all  of Europe. We acquired a 28.7% interest  in Klépierre from its founding shareholder,  BNP Paribas, with the purchase of 54.4 mil- lion shares at a price of €28.00 per share,  for a total transaction value of approximately  $2.0 billion.  Our financial and operational perfor- mance has created a virtuous cycle of  capital. This performance allows us to drive  down our cost of capital which enables us  to invest in opportunities which increase  our profitability and, in turn, drive down our  cost of capital yet again. We have worked  tirelessly to get here, and we will not take  this for granted. Klépierre is headquartered in Paris and  focuses on the ownership, management  and development of high-quality shopping  centers across Continental Europe. As a  long-term admirer of Klépierre and its pan- European footprint, I believe in its potential.  This transaction represents an attrac- tive growth opportunity for our company  and it advances our strategy of investing  in high-quality retail real estate on a world- wide basis. While these are challenging  times in Europe, I expect that this will be  a profitable investment. The current un- certainty in Europe allowed us to invest in  a terrific company at a discount to its net  asset value. Our equity capitalization has increased  from $1.8 billion in 1993 to $53 billion today  (an increase of more than $51 billion!), and  most importantly, we have delivered industry- leading  stockholder  returns.  From  our  December 1993 IPO through today, SPG’s  total stockholder return was 1,723%, or a  compound annual return of 17.2%. Financial flexibility has also been a  cornerstone of our growth strategy. We  have the strongest balance sheet in the  industry with the highest investment grade  ratings among U.S. real estate companies,  and we are one of only two U.S. REITs with  “A” ratings from all three major agencies.  As the Chairman and CEO of one of the  largest companies in the U.S., I believe it  is vital in today’s flat world to be a global  organization. In today’s environment, it is a competitive advantage to be able to  compete globally. Our retailers are global,  many of our shoppers travel the globe,  capital moves globally, and opportunities  for growth exist worldwide. We have invested abroad on several oc- casions, in Asia and Europe, in our effort to  create a global footprint for our business.  This strategy has produced several suc- cessful projects and we have profited finan- cially from these investments. In Europe,  we never had the appropriate platform that  we desired — a company that could pursue  growth across the European continent.  Though the work has just begun, I  look forward to working closely with their  management team to create value for all of the Klépierre shareholders. As part  of our investment, I became Chairman  of Klépierre’s nine member Supervisory  Board and will help guide and develop the  strategy of the company going forward. We  expect the SPG and Klépierre organizations  to work closely together to create value for  each of us. We continue to pursue operational ex- cellence. We strive to be as efficient as  possible in our operations as we focus on  the day-to-day management and leasing of  our centers to ensure that they are the best  venues for our shoppers and our retailers.  This is a priority for us each and every day.  We challenge our managers and leasing  agents to achieve the best merchandise  mix at their properties, balancing the goals  of higher occupancy and best pricing of  retail space. Our highly productive malls,  outlets and value-oriented centers are proven locations for successful retailers  wanting to grow their business. Additionally,  we expect to benefit from increasing sales  and NOI upside as the economy continues  to recover. 4  Simon Property Group, Inc. Enhancement of Portfolio through  Operations and Capital Investment Global Expansion Annual consolidated revenue increased  808%, from $474 million to $4.3 billion. FFO increased nearly 1,300%, from  $176 million to $2.4 billion. Annual FFO per diluted share increased  230%, from $2.09 to $6.89. Sales per square foot grew 107%, from  $259 to $536. Portfolio occupancy improved by 860  basis points, from 86.2% to 94.8%. Johor Premium Outlets – Johor (Singapore), Malaysia