Series B Convertible Preferred Stock.  On November 13, 2003, we announced that we would redeem the remaining  shares of our 6.5% Series B Convertible Preferred Stock on December 15, 2003 at a redemption price of 105% of the  liquidation value plus accrued and unpaid distributions to the redemption date or $106.34 per share. The holders of  4,297,989 shares of the preferred stock elected to convert each of these shares into 2.58605 shares of common stock of  Simon Property prior to the redemption. We issued 11,114,672 shares of common stock to the holders who exercised their  conversion rights. On December 15, 2003 the remaining 18,340 shares of Series B preferred stock were redeemed for cash  at the terms listed above with proceeds from the issuance of the Series H Variable Rate Preferred Stock.  In addition, earlier in 2003 prior to the redemption, the holders of 513,728 shares of the preferred stock converted  their preferred stock and we issued 1,328,523 shares of common stock to them. Series C Cumulative Convertible Preferred Stock and Series D Cumulative Redeemable Preferred Stock.  On  August 27, 1999, Simon Property authorized these two new series of preferred stock to be available for issuance upon  conversion by the holders or redemption by the Operating Partnership of the 7.00% Preferred Units or the 8.00% Preferred  Units, described below. Each of these new series of preferred stock has terms that are substantially identical to the respective  series of Preferred Units.  Series E Cumulative Redeemable Preferred Stock.  As part of the consideration for the purchase of ownership in  Mall of America, Simon Property issued the Series E Cumulative Redeemable Preferred Stock for $24,242. The Series E  Cumulative Redeemable Preferred Stock is redeemable beginning August 27, 2004 at the liquidation value of $25 per share.  These preferred shares are being accreted to their liquidation value. Series F Cumulative Redeemable Preferred Stock and Series G Cumulative Step-Up Premium Rate Preferred  Stock.  The 8.75% Series F Cumulative Redeemable Preferred Stock may be redeemed at any time on or after September  29, 2006 at a liquidation value of $25.00 per share (payable solely out of the sale proceeds of other capital stock of Simon  Property, which may include other series of preferred shares), plus accrued and unpaid dividends. The 7.89% Series G  Cumulative Step-Up Premium Rate Preferred Stock are being accreted to their liquidation value and may be redeemed at  any time on or after September 30, 2007 at a liquidation value of $50.00 per share (payable solely out of the sale proceeds  of other capital stock of Simon Property, which may include other series of preferred shares), plus accrued and unpaid  dividends. Beginning October 1, 2012, the rate on this series of preferred stock increases to 9.89% per annum. We intend  to redeem the Series G Preferred Shares prior to October 1, 2012. Neither of these series of preferred stock has a stated  maturity or is convertible into any other securities of Simon Property. Neither series is subject to any mandatory redemption  provisions, except as needed to maintain or bring the direct or indirect ownership of the capital stock of Simon Property into  conformity with REIT requirements. The Operating Partnership pays a preferred distribution to Simon Property equal to  the dividends paid on the preferred stock.  Series H Variable Rate Preferred Stock.  To fund the redemption of the Series B Preferred Stock, we issued 3,328,540  shares of Series H Variable Rate Preferred Stock for $83.2 million. Series H Variable Rate Preferred Stock is not redeemable  at the option of the holders, but was redeemable at any time prior to March 15, 2004 or after March 15, 2009 at specified  prices. We repurchased 3,250,528 shares of the Series H Preferred Stock for $81.3 million on December 17, 2003. On  January 7, 2004 we repurchased the remaining 78,012 shares for $1.9 million.  The following table summarizes each of the authorized preferred units of the Operating Partnership: As of December 31,  2003 2002 7.75% / 8.00% Cumulative Redeemable Preferred Units, 900,000 shares authorized, 822,588 and 0 issued and outstanding  $ 82,259 $  – 7.5% Cumulative Redeemable Preferred Units, 260,000 units authorized, 251,096 and 0 issued and outstanding  25,109 – 7% Cumulative Convertible Preferred Units, 2,700,000 units authorized, 2,600,895 issued and outstanding  72,825 72,825 8.00% Cumulative Redeemable Preferred Units, 2,700,000 units authorized, 2,600,895 issued and outstanding  78,027 78,027 $ 258,220 $ 150,852  71 2003 annual report Limited Partners’ Preferred Interests in the Operating Partnership