Generalgrowthproperties
BUILT TO LEAD BUILT TO GROW BUILT TO PROSPER GENERALGROWTHBUILT PROPERTIES TO LASTANNUAL REPORT 2002 COMPANY PROFILE General Growth Properties and its predecessor companies have been in the shopping center busi- ness for nearly fifty years. It is the second largest regional mall Real Estate Investment Trust (REIT) in the United States. General Growth owns, develops, operates and/or manages shopping malls in 39 states. GGP has ownership interests in, or management responsibility for, 160 regional shopping malls totaling more than 140 million square feet of retail space. The total retail space is inclusive of more than 16,000 retailers nationwide. General Growth provides investors with the opportunity to participate in the ownership of high-quality, income-producing real estate while maintaining liquidity. Our primary objective is to provide increasing dividends and capital appreciation for our shareholders. Creating shareholder value is the company’s mission. The Bucksbaum family, which founded General Growth, is still engaged in the operation of the company’s day-to-day business activities. As owners of a major stake in the company, General Growth management’s interests are aligned with those of each and every GGP shareholder. CONTENTS Shareholders’ Letter 4 Operating Principles 7 Portfolio 17 Financial Review 29 Directors and Officers 85 Corporate Information 86 Financial Highlights SHOPPING CENTERS OWNED at year end * 1997 64 1998 84 1999 93 2000 95 2001 97 2002 125 TOTAL SQUARE FOOTAGE OWNED in millions 1997 52 1998 71 1999 83 2000 85 2001 89 2002 114 REAL ESTATE ASSETS AT COST in millions 1997 $2,590 1998 $4,760 1999 $6,237 2000 $6,735 2001 $7,319 2002 $9,902 MALL SHOP SALES in millions ** 1997 $2,651 1998 $5,176 1999 $6,931 2000 $7,243 2001 $7,326 2002 $9,061 DIVIDEND GROWTH PER SHARE dollar/share declared 1997 $1.80 1998 $1.88 1999 $1.98 2000 $2.06 2001 $2.36 2002 $2.74 FFO GROWTH dollar/share 1997 $2.89 1998 $3.35 1999 $4.02 2000 $4.42 2001 $4.96 2002 $5.58 * Includes regional malls only.
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