Financial Highlights

for year ended December 31

($ millions except pershare data)


2003

2002

Total Revenues1 848.2 873.1
Property Revenues Less Property Expenses1 441.6 473.9
Net Income 198.5 (188.8)
Funds From Operations Available to Common Stockholders (FFO) (per NAREIT calculation)2 334.4 (16.1)
Funds From Operations Available to Common Stockholders (per prior calculation)2 283.2 307.6
Net Income Available to Common Stockholders per Diluted Share 1.32 (1.26)
FFO per Diluted Share (per NAREIT calculation)2 2.22 (0.11)
FFO per Diluted Share (per prior calculation)2 1.88 2.05
Dividends per Share 0.80 0.35
Total Debt3 2,867.0 3,345.2
Total Market Capitalization3 5,193.0 4,754.2

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1  Excluding unconsolidated real estate joint ventures and discontinued operations.
2  Effective for the fourth quarter 2003, and thereafter, the Company adopted the NAREIT calculation of FFO and has revised its current and historical calculation of FFO in accordance with the NAREIT calculation. The GAAP measurement most directly comparable to FFO is net income available to common stockholders. Please see pages REC-1 to REC-4 after the Form 10K included in this annual report for a reconciliation between net income available to common stockholders and the FFO calculations.
3  Excludes debt related to unconsolidated joint ventures.