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## Consolidated Revenues 

($ — billions) 

<img src='content_image/72979.jpg'>

## Dividends Per Share 

<img src='content_image/72980.jpg'>

center. Also scheduled for completion in   is the  ,   square foot Phase III expansion of The Forum Shops at Caesars in Las Vegas, one of the world’s most-recognized shopping venues. 

We also improved the overall quality of our portfolio through the selective disposition of non-core assets. In   we sold thirteen lower-quality, less productive assets (one mixed- use property, seven malls and five community shopping centers) and we continue to review the portfolio for the disposition of other assets that do not fit with our long-term plans. 

## GENERATE SUPPLEMENTAL REVENUES 

We have two initiatives that generate supplemental revenues for the Company – Simon Brand Ventures (SBV) and Simon Business Network (SBN). 

Our malls have significant reach to the American public. Over one- third of America shops at Simon malls generating more than two billion shopping visits per year. SBV provides access to this vast audience on behalf of consumer-oriented companies. In  , SBV and its partners, Bank of America and Visa, completed the roll- out of the Visa Simon Giftcard. It immediately became the world’s largest prepaid debit card program with total annual sales of approximately  million in its first full year. 

SBN provides programs and business solutions to meet the operational and capital needs of Simon properties and its tenants by providing an aggregation of products and services through key vendor relationships. 

The Company’s share of revenues from SBV and SBN platforms in  was  .  million, up  .  % from  . 

## DEVELOP HIGH QUALITY RETAIL REAL ESTATE 

We began construction on four new projects last year: Clay Terrace, a  %- owned,  ,  square-foot property  miles northwest of downtown Indianapolis; St. Johns Town Center, an  %-owned,  .   million square-foot center in Jacksonville, Florida; Wolf Ranch, a  %-owned,  ,   square- foot property in Georgetown (Austin), Texas; and Firewheel Town Center, a  %-owned,  ,  square-foot property in Garland (Northeast Dallas), Texas. Each project will be open-air and appropriately sized and merchandised to fit the needs of the consumers within these expanding markets. 

We opened one new development in   – Las Vegas Premium Outlets, a  %-owned,  ,  square-foot upscale manufacturers’ outlet shopping center in Las Vegas, Nevada. 

## ACQUIRE HIGH QUALITY RETAIL REAL ESTATE 

The Company has acquired over  billion in retail real estate since its  IPO. These acquisitions have significantly improved the quality of our portfolio and given the Company a significant presence in many major markets. 

We completed three acquisitions in  : an increased ownership in Kravco; a  % leasehold interest in Stanford Shopping Center in Palo Alto, California; and the purchase of a limited partner’s interest in The Forum Shops at Caesars in Las Vegas. 

Regarding Kravco, we increased our ownership interest in Kravco Investments L.P., a Philadelphia, Pennsylvania-based owner of regional malls, from approximately  % to 

