* In these financial highlights and in the letter to our shareholders which follows, we present certain non-GAAP measures including Funds from Operations (“FFO”), Funds from Operations as Adjusted for Comparability  and EBITDA before minority interest and gains on sale of real estate. We have provided reconciliations of these non-GAAP measures to the applicable GAAP measure in the appendix to the Chairman’s Letter on page 15 and in Management’ Discussion and Analysis of Financial Condition and Results of Operations. FINANCIAL HIGHLIGHTS YEAR ENDED DECEMBER 31, 2003  2002 Revenues $ 1,503,055,000 $ 1,392,239,000 Net income $ 439,888,000 $ 209,736,000 Net income per share—basic $ 3.92 $ 1.98 Net income per share—diluted $ 3.80 $ 1.91 Total assets $ 9,518,928,000 $ 9,018,179,000 Shareholders’ equity $ 3,077,573,000 $ 2,627,356,000 Funds from Operations* $ 518,242,000 $ 439,775,000 97 98 99 00 01 02 03 EBITDA (before Minority Interest and Gains  $_{on Sale of Real Estate)}$* (in millions of dollars)  155 428 627 751 818 962 1,054 $_{EBITDA by Region}$* for the year ended December 31, 2003 CHICAGO 12% SOUTHERN PA METRO AREA  2% PUER TO RICO  1% OTHER 16% NYC METRO AREA 41% W ASH. DC METRO AREA  28% $_{EBITDA by Segment}$* for the year ended December 31, 2003 MERCHANDISE MART  11% TEMP. CONTROLLED LOGISTICS  7% OTHER 10% NYC OFFICE  31% W ASH. DC OFFICE  28% RET AIL  13% Funds From Operations Per Share * (in dollars) 1.27 2.81 3.37 3.65 3.96 3.91 4.44 97 98 99 00 01 02 03