Key Performance Measures

1
Key Performance Measures
1993
1998
2002
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
206,670 66.0 50.0 2.22 42 25 33
357,255 55.3 43.1 2.41 57 33 10
EBDDT
2
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
3
Debt Capital Markets

• I. Bond Market
• REIT sector bonds outperformed like
  ratedcorporate 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

4
REIT Index Comparison
BPS
5
Debt Capital MarketsLiquidity from Various
Sources

• 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

6
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

7
Balloon Maturities(000s)
643,948
523,196
471,773
434,572
341,595
8
Detail of 2003 Balloon Maturities(000s)
643,948
242,690 Unsecured Debt
Line of Credit - Option to Extend to 12/2004
401,258 Secured Debt
Non-Recourse Debt Guaranteed Construction Loan
331,186 70,072
(One year extension option)
2003
9
Summary of 2003 Fixed Charges