the undiscounted operating income before depreciation and amortization is less than the carrying value of  the Property. To the extent an impairment has occurred, we charge to income the excess of the carrying value  of the Property over its estimated fair value. We may decide to sell Properties that are held for use and the  sales prices of these Properties may differ from their carrying values. Changes in our estimates of the future  undiscounted operating income before depreciation and amortization as well as the holding period for each  Property could affect our conclusion on whether an impairment charge to income is necessary.  ● In order to maintain our status as a REIT, we are required to distribute 90% of our taxable income in any  given year and meet certain asset and income tests in addition to other requirements. We monitor our  business and transactions that may potentially impact our REIT status. If we fail to maintain our REIT  status, then we would be required to pay federal income taxes at regular corporate income tax rates for a  period of four years before we could reapply for REIT status. As a result, failing to maintain REIT status  would result in a significant increase in the income tax expense recorded during those periods. ● We make estimates as part of our allocation of the purchase price of acquisitions to the various components  of the acquisition based upon the relative value of each component. The most significant components of our  allocations are typically related to the market value of in-place leases and the allocation of fair value to the  buildings, as if vacant, and land. In the case of the market value of in-place leases, we make our best estimates  of the tenants’ ability to pay rents based upon the tenants’ operating performance of the property, including  the competitive position of the property in its market as well as sales psf, rents psf, and overall occupancy cost  for the tenants in place at the acquisition date. Our assumptions affect the amount of future revenue that we  will recognize over the remaining lease term for the acquired in-place leases. In the case of the fair value of  the buildings and the allocation of value to land, our estimates of the values of these components will affect  the amount of depreciation we record over the estimated useful life of the property acquired.  ● On August 20, 2003, we acquired a 100% interest in Stanford Shopping Center. ● In the fourth quarter, we increased our ownership in Kravco that resulted in the consolidation of four  Properties. ● On July 19, 2002, we acquired the remaining ownership interest in Copley Place that resulted in our  consolidation of this Property. Our initial joint venture interest in this Property was acquired as part of the  Rodamco acquisition. ● On May 3, 2002, we completed the Rodamco acquisition that added five new consolidated Properties. ● During 2002, we sold seven of the nine assets that were held for sale as of December 31, 2001. We also sold  two other non-core Properties in the fourth quarter of 2002. ● The Kravco transactions increased our ownership percentages in the joint venture properties involved offset  by the four Kravco Properties consolidated as noted above. ● On August 4, 2003, we and our joint venture partner completed construction and opened Las Vegas Premium  Outlets. ● On May 31, 2002, we sold our interests in our five value oriented super-regional malls to Mills  Corporation. ● On May 3, 2002, we completed the Rodamco acquisition that added six new joint venture Properties during  the period, including our initial interest in Copley Place. ● On April 1, 2002, we sold our interest in Orlando Premium Outlets. 2003 annual report 29 The following acquisitions, dispositions, and openings affected our income from unconsolidated entities in the  comparative periods: The following acquisitions, dispositions, and openings affected our consolidated results from continuing operations in  the comparative periods: Results of Operations