Financial Highlights 1 2003 annual report * FFO is a non-GAAP financial measure commonly used in the real estate industry that we believe provides useful information to investors. Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operation for a definition of FFO and to page 23 for a reconciliation. Percent Change 2003 2002  2003 vs. 2002  OPERATING DATA (in millions) Total Consolidated Revenue  $  2,314 $  2, 124  8.9% Funds from Operations (FFO)*  1,041 936  11.2% PER SHARE DATA Net Income (Diluted)  $  1.65 $  1.99  –17.1% FFO (Diluted)  4.04 3.76  7.4% Cash Dividends  2.40 2.18  10.1% Common Stock Price at December 31  46.34 34.07  36.0% FINANCIAL POSITION  (in millions) Total Assets  $  15,685 $  14,905 Total Liabilities  11,229 10,413 STOCK AND PARTNERSHIP UNITS  OUTSTANDING AT YEAR END Shares of Common Stock (in thousands)  201,982 185,544 Operating Partnership Units (in thousands)  60,592 63,746 Market Value of Common Stock and  Operating Partnership Units (in millions)  $  12,168 $  8,493 OTHER DATA Total Number of North American Properties  246 247 North American Gross Leasable Area (in thousands)  190,261 184,789  Total Number of European Properties  47 7 European Gross Leasable Area (in thousands)  8,897 2,033 Total Market Capitalization (in millions)  $  25,840 $  21,309  Number of employees  4,040 4,020