DEVELOPMENT In 2011, we invested $400 million in new  development and redevelopment projects.  Projects completed during the year: Based upon our pipeline of development  and redevelopment projects, we currently  expect our share of invested capital to  approximate $1 billion annually for 2012  through 2014. Coddingtown Mall – Santa Rosa, CA Paju Premium Outlets – Paju (Seoul), Korea  Two new assets – Paju Premium Outlets  and Johor Premium Outlets  Expansions at Ami Premium Outlets, Las  Vegas Premium Outlets – South, Pheasant  Lane Mall and Tosu Premium Outlets  Renovations of Coddingtown Mall,  Fashion Valley, Great Lakes Mall, McCain  Mall and Town Center at Boca Raton  $4.31 ’07 ’08 ’09 ’10 ’11 $3.96 $3.78 $3.78 $3.65 $6.89 ’07 ’08 ’09 ’10 ’11 $5.03 $5.50 $6.45 $5.90 $45.8 ’07 ’08 ’09 ’10 ’11 $35.2 $28.1 $15.9 $25.8 Equity Market Capitalization $ in billions FFO Per Diluted Share Consolidated Revenue $ in billions 2011 Annual Report  5