CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME  (Dollars in thousands, except per share amounts) For the Twelve Months Ended December 31, 2011 2010 2009 REVENUE: Minimum rent  $ 2,664,724 $ 2,429,519 $ 2,316,838 Overage rent  140,842 110,621 84,922 Tenant reimbursements  1,177,269 1,083,780 1,062,227 Management fees and other revenues  128,010 121,207 124,059 Other income  195,587 212,503 187,170 Total revenue 4,306,432 3,957,630 3,775,216 EXPENSES: Property operating  436,571 414,264 425,703 Depreciation and amortization   1,065,946 982,820 997,598 Real estate taxes  369,755 345,960 333,957 Repairs and maintenance  113,496 102,425 91,736 Advertising and promotion  107,002 97,194 93,565 Provision for credit losses  6,505 3,130 22,655 Home and regional office costs  128,618 109,314 110,048 General and administrative  46,319 21,267 18,124 Impairment charge  — —  197,353 Transaction expenses  68,972  5,697 Other 97,078 68,045 72,088 Total operating expenses  2,371,290  2,213,391  2,368,524 OPERATING INCOME  1,935,142  1,744,239  1,406,692 Interest expense  (983,526) (1,027,091)  (992,065) Loss on extinguishment of debt  — (350,688)  — Income tax (expense) benefit of taxable REIT subsidiaries  (3,583) (1,734)  5,220 Income from unconsolidated entities  81,238 75,921 40,220 Impairment charge from investments in unconsolidated entities  — (8,169)  (42,697) Gain (loss) upon acquisition of controlling interests, and on sale or  disposal of assets and interests in unconsolidated entities, net  216,629 321,036 (30,108) CONSOLIDATED NET INCOME  1,245,900 753,514 387,262 Net income attributable to noncontrolling interests  221,101 136,476 77,855 Preferred dividends  3,337 6,614 26,309 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS  $ 1,021,462 $  610,424 $  283,098 BASIC EARNINGS PER COMMON SHARE:  Net income attributable to common stockholders  $  3.48  $ 2.10  $ 1.06 DILUTED EARNINGS PER COMMON SHARE:  Net income attributable to common stockholders  $  3.48 $  2.10 $  1.05 Consolidated Net Income  $ 1,245,900 $  753,514 $  387,262 Unrealized loss on interest rate hedge agreements  (91,933) (3,493)  (27,999) Net loss on derivative instruments reclassified from accumulated  other comprehensive income into interest expense  16,169 15,769 14,754 Currency translation adjustments  (8,462) (20,590)  (8,244) Changes in available-for-sale securities and other  (37,431) 19,934  224,694 Comprehensive income  1,124,243 765,134 590,467 Comprehensive income attributable to noncontrolling interests  200,236 138,478 119,082 Comprehensive income attributable to common stockholders  $  924,007 $  626,656 $  471,385 The accompanying notes are an integral part of these statements. 32 Simon Property Group, Inc.