64 simon property group, inc. The losses from MerchantWired LLC presented above and in the accompanying statements of operations and  comprehensive income include our indirect share of the operating losses of MerchantWired LLC of $10.2 million, after a tax  benefit of $6.2 million. The operating losses include our share of an impairment charge of $4.2 million, after tax. Finally, the  losses from MerchantWired LLC include our indirect share of the write-off of the technology investment in MerchantWired  LLC of $22.5 million, after a tax benefit of $9.4 million. Summarized consolidated financial information of the Management Company and a summary of our investment  in and share of income from the Management Company follows. The summary excludes the effects of the Management  Company’s ownership of MerchantWired LLC. As of December 31, 2002, amounts due from the Management Company for unpaid accrued interest and unpaid  accrued preferred dividends were not material to the financial statements. Prior to the consolidation of the Management  Company, common costs were allocated by the Management Company to us, based primarily on minimum and overage rent,  using assumptions that we believe are reasonable. The following table summarizes interest income and preferred dividends  from the Management Company, included in other income, and total costs incurred on consolidated properties related to  services provided by the Management Company:  On January 1, 2003, the Operating Partnership acquired all of the remaining equity interests of the Management  Company, and as a result, the Management Company is now a consolidated subsidiary of the Operating Partnership. Prior  to this, we owned voting and non-voting common stock and three classes of participating preferred stock of the Management  Company; however, 95% of the voting common stock was owned by three Simon family members. As of December 31,  2002 we accounted for our investment in the Management Company using the equity method of accounting. At that time,  we exercised significant influence but did not control the financial and operating policies of the Management Company. Our  preferred and common interest and our note receivable from the Management Company entitled us to approximately 98%  of the after-tax economic benefits of the Management Company’s operations. The Management Company Dollars in thousands, except share and per share amounts and where indicated as in millions or billions For the Year Ended December 31,  2002  2001 OPERATING DATA: Total revenue  $ 130,988 $ 108,302 Operating (loss) income  33,571 (5,526 ) Net income available for common shareholders excluding losses from MerchantWired LLC  $ 30,552 $ 14,474 Our share of net income (loss) after intercompany profit elimination:  Management Company income excluding losses from MerchantWired LLC  $ 14,116 $ 15,365 Losses from MerchantWired LLC  (32,742 )  (18,104 ) Total net loss  $ (18,626 )  $ (2,739 ) December 31,  2002 BALANCE SHEET DATA: Total assets  $ 210,367 Notes payable to the Operating Partnership at 7%, due 2008, and advances  75,105 Shareholders’ equity  $ 54,562 Our share of total assets  $ 208,347 Our net investment in the Management Company  $ 95,517 For the Year Ended December 31,  2002  2001 Interest and preferred dividends  $ 13,620 $ 13,638 Total costs incurred on consolidated properties  $ 76,469 $ 86,488 Notes to Financial Statements