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## Net income and EBITDA for the years ended December 31, 2003, 2002 and 2001 

Below is a summary of Net income and EBITDA (1) by segment for the years ended December 31, 2003, 2002 and 2001. On January 1, 2003, the Company revised its definition of EBITDA to comply with the Securities and Exchange Commission’s Regulation G concerning non-GAAP financial measures. The revised definition of EBITDA includes minority interest, gains (losses) on the sale of depreciable real estate and income arising from the straight-lining of rent and the amortization of acquired in-place leases. Accordingly, EBITDA for all periods disclosed represents “Earnings before Interest, Taxes, Depreciation and Amortization.” Management considers EBITDA a supplemental measur e for making decisions and assessing the unlevered performance of its segments as it is related to the retur on assets as opposed to the levered return on equity. As properties ar bought and sold based on a multiple of EBITDA, management utilizes this measure to make investment decisions as well as to compar the performance of its assets to that of its peers. EBITDA is not a surrogate for net income because net income is after interest expense and accordingly, is a measure of retur on equity as opposed to return on assets. 

December 31, 2003 

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Included in EBITDA are gains on sale of real estate of $161,789, of which $157,200 and $4,589 relate to the Office and Retail segments, respectively. 

