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## Years Ended December 31, 2002 and December 31, 2001 

## Revenues 

The Company’s revenues, which consist of property rentals, tenant expense reimbursements, hotel revenues, trade shows revenues, amortization of above and below market leases acquired under SFAS No. 141 and 142, and other income, were $1,392,239,000 for the year ended December 31, 2002, compared to $952,161,000 in the year ended December 31, 2001, an increase of $440,078,000 of which $423,128,000 resulted fr om the acquisition of the remaining 66% of CESCR and the resulting consolidation of its operations. Below ar the details of the increase (decrease) by segment: 

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(1) Average occupancy and REVPAR for the Hotel Pennsylvania were 65% and $58 for the year ended December 31, 2002 compared to 63% and $70 for the prior year. 

(2) Reflects a decrease of $3,580 resulting from the rescheduling of two trade shows from the fourth quarter in which they were previously held to the first quarter of 2003. 

See Leasing Activity on page 6, for further details and corr esponding changes in occupancy. 

