Ten Years Later Ten years later it has amassed a total of    properties in North  America and interests in    assets in Europe. Its common stock  price increased to  .  as of year-end    and total market capi- talization has grown to    billion. at Boca Raton. The transaction increases  our presence in Boston, New York City,  Atlanta and Southeast Florida. We also  obtain a   % interest in a portfolio of   regional malls in growing middle markets  in the Midwest. generate supplemental revenue through  the aggregation of products and services. to accommodate the demand by index  fund investors, raising $   million of net  proceeds. ‘01  We buy a   % interest in Fashion  Valley Mall in San Diego and increase  our interest to   % in one of our best- performing assets, The Fashion Centre at  Pentagon City in the Washington, D.C.  suburb of Arlington. Both acquisitions  meet our asset test - high quality properties  that are premier assets in their markets.  We open one new project – Bowie Town  Center in Bowie, Maryland, an open-air  regional shopping center. Occupancy  of  the  regional  mall  portfolio increases to   .  % and sales are  $   per square foot in   . Total market  capitalization at year-end is $  .  billion  and the Company reports FFO of $  .  per share. ‘03 $_{We continue our strategy of acquiring }$ highly-productive, premier retail assets  – purchasing the remaining interest in  The Forum Shops at Caesars in Las Vegas,  increasing our interest in the Kravco  portfolio of properties and buying a   %  interest in Stanford Shopping Center in  Palo Alto, California.  We invest $   million to renovate and  expand several core properties and raise  $  billion in well-timed capital market  transactions. Recognizing opportunities  available in the global market, we acquire  an interest in Groupe BEG, a European  development company with significant  experience in European retail properties.  The regional mall portfolio generates  sales of $   per square foot in   . Port- folio occupancy improves to   .  % and  total market capitalization grows to $  .  billion. FFO for    is $  .   per share. ‘99 $_{We acquire a }$  % interest in    high  quality regional malls—ten in Massachu- setts; two in New Hampshire and one each  in Connecticut and Virginia—comprising   .   million square feet. These properties  give us a preeminent position in the New  England market. We continue to improve  our core assets, investing $   million in  development and redevelopment. Annual  revenues approach $  .   billion.  ‘02$_{ The Company completes a unique and }$ unprecedented transaction with two other  public companies to acquire the real estate  assets of Rodamco North America, N.V.  We invest $  .   billion to acquire interests  in nine malls new to the Simon portfolio  as well as to increase ownership in four  existing joint ventures. The transaction  adds premier properties to the portfolio  such as Copley Place in Boston, The  Galleria in Houston and SouthPark Mall  in Charlotte.  We create a joint venture with The  Rinascente Group, an Italian retailer and  property owner, to own, manage and de- velop shopping centers in Italy. We begin  construction on four new retail projects  totaling   .  million square feet. We sell  thirteen non-core assets, generating total  proceeds of approximately $   million.  We issue    million of new debt securi- ties. In December, we celebrate our   th  anniversary as a public company.  Improvement in regional mall portfolio  quality since the IPO is demonstrated by  increases in sales and occupancy. Sales in    are $   per square foot,   % higher  than in   . The portfolio is   .  %  occupied at year-end, an increase of   basis points from December   ,   . Total  market capitalization grows to $   billion,  up from $   billion at the IPO. Our progress toward the achievement  of our strategy – to own high-quality re- tail real estate in the best markets – is best  illustrated by the fact that we now own   of the top regional malls in the U.S. (malls  generating over $   million in total annual  sales), an approximate   % market share. We sell interests in   non-core assets  for a net gain of $   million. We refinance  $  .  billion of maturing mortgage debt  and issue $   million of unsecured notes.  We are added to the S&P    Index. We  sell nine million shares of common stock  ’00  The U.S. economy is experiencing  a slowdown. Some retailers falter, but  Simon’s revenue continues to increase— by   % to more than $  billion. Simon’s  regional  mall  occupancy  increases  to   .  %. We raise $   million through the  sale of non-core assets. We invest $  million in redevelopment projects. We  launch the Simon Business Network to  2003 annual report 19 Simon Property Group’s Board of Directors ring  the opening bell of the New York Stock Exchange  in October of   . The ceremony was held to  mark Simon’s   th anniversary as a public  company. SouthPark Mall in Charlotte, acquired in   ,  is the Carolinas’ premier fashion destination,  featuring an upscale mix of tenant offerings.  Tenant sales at this  .  million square foot center  exceed    per square foot. South Shore Plaza in Braintree, Massachusetts is a  highly productive regional mall located in the  Boston metropolitan area. Acquired in   ,  South Shore contributed to Simon’s preeminent  position in the Boston and New England markets.