SELECTED FINANCIAL DATA (In thousands, except per share and center data) (1) Funds from Operations (“FFO”) is defined as net income (loss), computed in accordance with generally accepted accounting principles, before extraordinary items and gains (losses) on sale or dis- posal of depreciable operating properties, plus depreciation and amortization uniquely significant to real estate and after adjustments for unconsolidated partnerships and joint ventures. For a com- plete discussion of FFO, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Funds from Operations”. 2003 2002 2001 2000 1999 OPERATING DATA Total revenues $ 121,972 $ 110,809 $ 105,497 $ 102,999 $ 99,954 Operating income 43,052 38,762 37,090 37,001 39,492 Income from continuing operations 12,865 8,379 5,278 7,326 11,287 Net income 12,849 11,007 7,112 4,312 15,588 SHARE DATA Basic: Income from continuing operations $ 1.20 $ .79 $ .44 $ .70 $ 1.19 Net income $ 1.20 $ 1.11 $ .67 $ .32 $ 1.74 Weighted average common shares 10,051 8,322 7,926 7,894 7,861 Diluted: Income from continuing operations $ 1.17 $ .77 $ .44 $ .69 $ 1.19 Net income $ 1.17 $ 1.08 $ .67 $ .31 $ 1.74 Weighted average common shares 10,283 8,514 7,948 7,922 7,872 Common dividends paid $ 2.46 $ 2.45 $ 2.44 $ 2.43 $ 2.42 BALANCE SHEET DATA Real estate assets, before depreciation $ 1,078,533 $ 622,399 $ 599,266 $ 584,928 $ 566,216 Total assets 987,437 477,675 476,272 487,408 490,069 Debt 540,319 345,005 358,195 346,843 329,647 Shareholders’ equity 167,418 90,635 76,371 90,877 107,764 OTHER DATA Cash flows provided by (used in) Operating activities $ 44,786 $ 39,167 $ 44,626 $ 38,420 $ 43,175 Investing activities $ (325,293) $ (26,363) $ (23,269) $ (25,815) $ (45,959) Financing activities $ 289,271 $ (12,247) $ (21,476) $ (12,474) $ (3,043) Funds from operations (1) $ 47,039 $ 41,695 $ 37,430 $ 38,203 $ 41,328 Gross Leasable Area Open Wholly-owned 5,299 5,469 5,332 5,179 5,149 Partially-owned (consolidated) 3,273 — — — — Partially-owned (unconsolidated) 324 260 — — — Managed 434 457 105 105 105 Total GLA open at end of period 9,330 6,186 5,437 5,284 5,254 Number of centers: Wholly-owned 26 28 29 29 31 Partially-owned (consolidated) 9 — — — — Partially-owned (unconsolidated) 1 1 — — — Managed 4 5 3 3 3 Total outlet centers in operation 40 34 32 32 34 TANGER FACTORY OUTLET CENTERS, INC. | 19