4 ANAL YSIS COMPARATIVE ANALYSIS Year ended December 31,  2004 2003 2002 2001 2000 Summary Financial Data Total Revenue $ 112,842,000 $ 97,884,000  $ 93,963,000  $ 86,308,000  $ 79,029,000 Net Income Available to  Common Stockholders $ 18,174,000 $ 17,998,000 $ 19,566,000  $ 17,314,000  $ 14,045,000 FFO Available to Common Shareholders  $ 47,031,000 $ 43,740,000 $ 44,031,000  $ 40,141,000  $ 35,648,000  Average Common Stock Outstanding  16,210,736 15,607,890 14,886,505  14,210,470  13,623,330 Average Shares and Units Outstanding  21,404,976  20,790,216 20,059,264  19,382,720  18,795,571 FFO Available to Common Shareholders Per Share (Diluted)  $ 2.20 $ 2.10 $ 2.20  $ 2.07  $ 1.90  Net Income Available to Common Stockholders Per Share (Diluted) $ 1.12 $  1.15 $ 1.31  $ 1.22  $ 1.03  Common Dividend as a Percentage  of FFO (Per Share) 71% 74% 71%  75%  82% Interest Expense Coverage  a 3.14 2.78 2.78 2.63 2.51 Property Data Number of Properties b 40 36 34 33 33 Total Portfolio Square Feet  7,217,000 6,532,000 6,272,000  6,159,000 6,143,000 Shopping Center Square Feet  6,012,000 5,328,000 5,069,000 4,956,000 4,941,000 Office Square Feet  1,205,000 1,204,000 1,203,000  1,203,000  1,202,000  Average Percentage Leased  94% 93% 94%  93%  93% c (a) Interest expense coverage is defined as operating income before the sum of interest expense and amortization of deferred debt, and depreciation and amortization, divided by interest expense. (b) Excludes development land parcels  (Lansdowne, Kentlands Place, Broadlands Village III, Clarendon Center and Ashland Square). (c) Excludes Washington Square, which  was under development. White Oak