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2003 Annual Report Thank You for Downloading the Interactive PDF Version of the Simon 2003 Annual Report Investor Relations Simon 2003 Annual Report Thank you for downloading the interactive PDF version of the Simon 2003 Annual Report. This electronic version of our report has many unique features that enhance both its readability and usability: Easy Navigation This PDF version of the annual report is very easy to navigate. Along the left side of the screen are bookmarks for the major sections of the report. At any time while viewing the document, you can simply click on one of these section titles to be taken to that part of the report. Or, if you would rather browse the report in a sequential manner, simply use the left and right arrow buttons ( ) in the toolbar at the top of the page to go forward or backward a page at a time. Search Capability It is easy to use the PDF document’s built-in search capability to locate words or phrases of interest that are used throughout the annual report. To search for a word or phrase, simply click on the binoculars icon ( ) at the top of the page or press the keyboard equivalent (CTRL–F for Windows or COMMAND–F for Mac). A dialog box will appear where you can enter the particular word you want to locate. Click “Find” and you will immediately be taken to the first instance of that word in the document. The search word will be highlighted in the text. Click “Find Again” to find the next occurrence of the word. In the search dialog box, you can specify whether to match only the whole word, match the case, or even to search starting from the back of the document. Hyperlink Enabled One of the best features of the PDF version of the annual report is its ability to contain hyperlinks. Hyperlinks allow you to jump to another part of the document or even outside the document simply by clicking on the link. Hyperlinks throughout this annual report are underlined and highlighted in red like this. Please click on a bookmark at left or the right arrow key at the top to begin! 2003 ANNUAL REPORT Corporate Profile Simon Property Group, Inc. (NYSE: SPG), headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, as of December , it owned or had an TABLE OF CONTENTS interest in properties in North America containing an aggregate of million Financial Highlights 1 square feet of gross leasable area in states Report to Shareholders 2 plus Canada. As of December , the Year in Review 6 Company also held interests in assets First Ten Years 18 in Europe (in France, Italy, Poland and Portugal). Properties 20 In its first ten years as a public company, Financial Contents and Simon Property Group: Financial Reconciliation 23 ● increased total market capitalization to Selected Financial Data 24 billion at year-end from Management’s Discussion and Analysis 25 billion, Financial Statements 45 ● increased Funds From Operations (FFO)* Notes to Financial Statements 50 per diluted share to . from ., Investor Information 80 ● increased total revenue to . billion from Board of Directors 82 million, Corporate Officers 84 ● significantly enhanced the quality of its real estate portfolio as evidenced by the increase in sales per square foot to from , and the improvement in portfolio occupancy to .% from .%, and ● delivered a total return to shareholders, including the reinvestment of dividends, of %. Additional Simon Property Group information is available at www.simon.com. simon property group, inc. Financial Highlights Percent Change 2003 2002 2003 vs. 2002 OPERATING DATA (in millions) Total Consolidated Revenue $ 2,314 $ 2, 124 8.9% Funds from Operations (FFO)* 1,041 936 11.2% PER SHARE DATA Net Income (Diluted) $ 1.65 $ 1.99 –17.1% FFO (Diluted) 4.04 3.76 7.4% Cash Dividends 2.40 2.18 10.1% Common Stock Price at December 31 46.34 34.07 36.0% FINANCIAL POSITION (in millions) Total Assets $ 15,685 $ 14,905 Total Liabilities 11,229 10,413 STOCK AND PARTNERSHIP UNITS OUTSTANDING AT YEAR END Shares of Common Stock (in thousands) 201,982 185,544 Operating Partnership Units (in thousands) 60,592 63,746 Market Value of Common Stock and Operating Partnership Units (in millions) $ 12,168 $ 8,493 OTHER DATA Total Number of North American Properties 246 247 North American Gross Leasable Area (in thousands) 190,261 184,789 Total Number of European Properties 47 7 European Gross Leasable Area (in thousands) 8,897 2,033 Total Market Capitalization (in millions) $ 25,840 $ 21,309 Number of employees 4,040 4,020 * FFO is a non-GAAP financial measure commonly used in the real estate industry that we believe provides useful information to investors. Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operation for a definition of FFO and to page 23 for a reconciliation. 1 2003 annual report Report to Shareholders e had a very busy and productive GROWTH STRATEGY FINANCIAL RESULTS Wyear in . We completed Revenues increased in by .% three significant acquisitions; partnered to . billion. Operating income rose • Enhance Profitability of with the leading Italian retail real .% to $ million. Diluted funds the Core Portfolio estate developer; launched four new from operations (FFO) gained .% development projects; and continued to . per common share from . • Generate Supplemental Revenues to increase real estate cash flow and per common share in . FFO is asset value through our redevelopment a widely recognized measure of the • Develop High Quality Retail and expansion program. We also sold performance of real estate investment Real Estate non-core assets, realizing net proceeds of trusts. million. We continued to finance Net income available to common • Acquire High Quality Retail the Company in a prudent manner and shareholders decreased .% to Real Estate completed a million bond issuance million, or . per diluted common at industry-leading interest rates. We share, from million, or . per • Selectively Expand Our International once again posted solid operational and diluted common share, due primarily to financial results. Presence the sale of certain joint venture interests in real estate in . In , we recorded CASH DIVIDEND INCREASE a net gain of million, or . per Due to our excellent performance in share, as a result of the disposition of and our positive outlook for the real estate or interests in real estate, as future, we raised the common stock div- compared to a net gain of million, idend by .% in February of to an or . per share, in . annual rate of $. per share. Our an- nual dividend has increased by % over SIMON GROWTH STRATEGY the last two years, from . per share Our growth strategy has five major in to . per share in . components: ● Enhance Profitability of the Core SHAREHOLDER RETURNS Portfolio We delivered a strong total return of % for our shareholders in ● Generate Supplemental Revenues comprised of a % increase in the ● Develop High Quality Retail Real price of our common stock plus cash Estate dividends of $. per share. We significantly outperformed the S&P ● Acquire High Quality Retail Real 500 which delivered a total return of Estate % in . Since our IPO in , ● Selectively Expand Our our investors have enjoyed a total International Presence return, including the reinvestment of dividends of %. simon property group, inc. 2 ENHANCE PROFITABILITY OF THE CORE PORTFOLIO David Simon The strength of our core assets Chief Executive Officer was never more evident than in . Average base rent per square foot for our Over the next five years, approximately ternally-generated opportunities offer entire mall portfolio increased % to million square feet of leases will significant returns on investment and .. Perhaps even more noteworthy expire in the Simon mall portfolio at an will accelerate earnings growth. was that the average initial base rent average base rent of per square foot. In we completed the for new mall store leases signed during There is considerable revenue growth renovation and expansion of The was % higher, at . per available in the leasing of this space Galleria in Houston, Texas, one of the square foot, than the rent for tenants at today’s market rates. I also believe nation’s most successful regional malls; who closed or whose leases expired. that the overall occupancy rate of our the addition of Nordstom and , I am also pleased to report that our mall portfolio can be increased over the square feet of small shops at Barton North American mall portfolio (with next few years providing an additional Creek Square in Austin, Texas; and malls and over million square source of revenue growth. In we the addition of Younkers and , feet of small shop space) generated will also utilize our economies of scale square feet of small shops at Bay Park sales in excess of per square foot to continue to drive down operating Square in Green Bay, Wisconsin. in . costs, positively impacting our profit In March , we opened There is still progress to be made and margins. Nordstrom and , square feet our profit margins can be improved in We remain focused on increasing of small shops at SouthPark Mall . A significant way to accomplish cash flow and enhancing our core assets in Charlotte, North Carolina in this goal is through the aggressive through renovations, expansions, and the continuation of a multi-phase leasing and re-leasing of our retail space. the addition of new retailers. These in- redevelopment at this market-leading COMPARATIVE PERFORMANCE +105% (December 31, 2000 to December 31, 2003) Simon stock price – rose 93% +90% S&P 500 – declined 16% During the past three +75% years, the market price +60% of Simon Property +45% Group’s common stock +30% advanced 93% to +15% $46.34 per share.
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