Key Performance Measures

Funds from Operations ($000s)

Debt / Gross Asset Value

Secured Debt / Gross Asset Value

Interest Coverage

Portfolio Summary:

"A" Malls

"B" Malls

"C" Malls

$ 78,281

67.8 %

57.1 %

1.37

10 %

25 %

65 %

EBDDT

1993

$ 206,670

66.0 %

50.0 %

2.22

42 %

25 %

33 %

1998

$ 357,255

55.3 %

43.1 %

2.41

57 %

33 %

10 %

2002

2002 Financings Accessing $2.3 Billion in Capital

Equity:

Issuance of Common Equity

50% Partnership Interest Sold to JPMIM

Secured Debt:

C M B S Market

Insurance Companies

Bank Market - Existing Property Debt

Bank Market - Construction Loans

Unsecured Debt:

Bond Market

Bank Market - Acquisition Bridge Loan

Increase in Line of Credit

($000s)

$ 460,000

$ 68,000

$ 578,000

$ 25,000

$ 120,900

$ 140,000

$ 400,000

$ 392,500

$ 75,000

Debt Capital Markets

I. Bond Market REIT sector bonds outperformed “like rated”corporate bonds

during 2002

Investors demand for REIT bonds has increased due to: Hard asset protection;Covenant protections; and Limited supply

Within the REIT sector, regional mall companies have outperformed the rest of the sector

170

195

220

245

270

295

320

345

370

1/4/2002 2/24/2002 4/16/2002 6/6/2002 7/27/2002 9/16/2002 11/6/2002 12/27/2002

Real Estate Spread Triple B USD Corporate SpreadBPS

REIT Index Comparison

I. Bond Market

II. Bank Market

The high-grade loan market remains very active and liquid

The investor pool has been transformed to include not only traditional commercial banks but many investment banks have materially stepped up their presence in syndicated lending

Debt Capital MarketsLiquidity from Various Sources

I. Bond Market

II. Bank Market

III. CMBS Market

The appetite for high-quality product from CMBS lenders is very strong

$240 million financing on Oakbrook Center 5.1% ten year coupon

Debt Capital MarketsLiquidity from Various Sources

$401,258$441,023

$364,554 $341,595

$508,396

$242,690

$30,750

$70,018

$14,800

2003 2004 2005 2006 2007

$341,595

$643,948

$471,773 $434,572

$523,196

Secured Debt Unsecured Debt

Balloon Maturities($000s)

Detail of 2003 Balloon Maturities($000s)

$401,258Secured

Debt

$242,690Unsecured

Debt

2003

$643,948

Line of Credit - Option to Extend to 12/2004

Non-Recourse DebtGuaranteed Construction Loan

$ 331,186 $ 70,072

(One year extension option)

Summary of 2003 Fixed Charges

Fixed Charges

Fixed Rate Debt, Net, Ground Rent & Preferred Dividends

Variable Rate Debt Swapped to Fixed

Subtotal

81%

9%

90%

Variable Component of Fixed ChargesFixed Rate Debt on Anticipated Financings

Variable Rate Debt

Subtotal

1%

9%

10%