Historical Selected Financial Data

1
Historical Selected Financial Data 1997
2003 (in thousands, except per share amounts)
1997
1998
1999
2000
2001
2002
2003
CAGR
Retail NOI Growth Community Development
NOI Growth Total NOI Growth FFO from recurring
activities Growth FFO from recurring activities,
per share Growth Dividend per share Growth
280,032 49,195 411,029 186,216 2.53 1.0
0
327,237 17 48,037 -2 451,411 10 206,670 11
2.71 7 1.12 12
365,176 12 51,062 6 534,199 18 242,735 18
2.92 8 1.20 7
368,110 1 66,780 31 556,468 4 260,723 7 3
.41 17 1.32 10
375,650 2 74,986 12 558,537 0 283,751 9 3
.74 10 1.42 8
469,644 25 85,221 14 650,488 17 357,255 26
3.86 3 1.56 10
4.20 9 1.68 10
11 12 10 14 9 9
2
Philadelphia Area Dispositions Acquisitions
Properties Being Sold
Center, Location
Department Stores
Cherry Hill Mall, Cherry Hill, NJ Echelon Mall,
Voorhees, NJ Exton Square, Exton, PA Gallery at
Market East, Philadelphia, PA Moorestown Mall,
Moorestown, NJ Plymouth Meeting Mall, Plymouth
Meeting , PA
Strawbridge, Macys, JCPenney Strawbridge,
Boscovs Strawbridge, Boscovs,
JCPenney Strawbridge Strawbridge, Sears,
Boscovs, JCPenney Strawbridge, Boscovs
Property Being Acquired
Strawbridge, Macys, Lord Taylor, JCPenney
Christiana Mall, Newark, DE
3
Historical Selected Financial Data 1997
2003 (in thousands, except per share amounts)
1997
1998
1999
2000
2001
2002
2003
CAGR
Retail NOI Growth Community Development
NOI Growth Total NOI Growth FFO from recurring
activities Growth FFO from recurring activities,
per share Growth Dividend per share Growth
280,032 49,195 411,029 186,216 2.53 1.0
0
327,237 17 48,037 -2 451,411 10 206,670 11
2.71 7 1.12 12
365,176 12 51,062 6 534,199 18 242,735 18
2.92 8 1.20 7
368,110 1 66,780 31 556,468 4 260,723 7 3
.41 17 1.32 10
375,650 2 74,986 12 558,537 0 283,751 9 3
.74 10 1.42 8
469,644 25 85,221 14 650,488 17 357,255 26
3.86 3 1.56 10
4.20 9 1.68 10
11 12 10 14 9 9
4
Corporate Governance

• Corporate culture
• Board of Directors
• Committees of the Board
• Sarbanes-Oxley NYSE