MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS A summary of the operating results for the years ended December 31, 2003, 2002 and 2001 is present- ed in the following table, expressed in amounts calculated on a weighted average GLA basis. The results of operations for 2003, 2002 and 2001 related to properties sold since December 31, 2001 are excluded from the table below in accordance with SFAS 144 “Accounting for the Impairment or Disposal of Long Lived Assets,” (“FAS 144”). FAS 144 requires that results of operations and gain/(loss) on sales of real estate that have separable, identifiable cash flows for properties sold subsequent to December 31, 2001 be reflected in the Consolidated Statements of Operations as discontinued opera- tions for all periods presented. 2003 2002 2001 GLA open at end of period (000’s) Wholly-owned 5,299 5,469 5,332 Partially-owned consolidated (1) 3,273 — — Partially-owned unconsolidated (2) 324 260 — Managed 434 457 105 Total GLA at end of period (000’s) 9,330 6,186 5,437 Weighted average GLA (000’s) (1) (3) 5,393 5,011 4,877 Occupancy percentage at end of period (4) 96% 98% 96% Per square foot data Revenues Base rentals $ 15.02 $ 14.79 $ 14.62 Percentage rentals .59 .71 .56 Expense reimbursements 6.34 5.96 5.89 Other income .66 .65 .56 Total revenues 22.61 22.11 21.63 Expenses Property operating 7.46 6.96 6.73 General and administrative 1.78 1.84 1.68 Depreciation and amortization 5.40 5.58 5.61 Total expenses 14.64 14.38 14.02 Operating income 7.97 7.73 7.61 Interest expense 4.91 5.68 6.25 Income before equity in earnings of unconsolidated joint ventures, minority interest and discontinued operations $ 3.06 $ 2.05 $ 1.36 (1)  Includes nine centers totaling 3,273,041 square feet of which we own a one-third interest through a joint venture arrangement but consolidate for financial reporting purposes under FIN 46. (2)  Includes one center totaling 324,333 square feet of which we own a 50% interest through a joint venture arrangement. (3)  Represents GLA of wholly-owned and partially-owned consolidated operating properties weighted by months of operation. GLA is not adjusted for fluctuations in occupancy that may occur subsequent to the original opening date. Excludes GLA of properties for which their results are included in discontinued operations. (4)  Represents occupancy only at centers in which we have an ownership interest. 22 | 2003 ANNUAL REPORT