insurance subsidiaries were offset by the partnership interests sold in 2002 resulting in our share of a gain of $8.4 million, net of tax. 

We continued our disposition activities in 2003 with the sale of 13 non-core Properties consisting of seven regional malls, five community centers, and one mixed-use Property. These non-core Properties were sold for a total of $275.1 million that resulted in a net gain of $22.4 million. As a result of these transactions, we reclassified the results of operations from these consolidated Properties to discontinued operations. These dispositions will not have a material effect on our results of operations or liquidity. 

Finally, preferred dividend expense decreased $9.1 million due to the conversion of shares of 6.5% Series B Preferred Stock into common stock. 

## Year Ended December 31, 2002 vs. Year Ended December 31, 2001 

The following acquisitions, dispositions, and openings affected our consolidated results of operations for the periods ended December 31, 2002 versus December 31, 2001: 

● On May 3, 2002, we completed the Rodamco acquisition that added five newly consolidated Properties. 

● On July 19, 2002, we acquired the remaining ownership interest in Copley Place that resulted in our consolidation of this Property. Our initial joint venture partnership interest was acquired as part of the Rodamco acquisition. 

● During 2002, we sold seven of the nine assets that were held for sale as of December 31, 2001. We also sold two other non-core assets in the fourth quarter of 2002. 

● In 2001, we completed the construction of Bowie Towne Center that opened in October 2001 and we sold Century Consumer Mall, Golden Ring Mall and Rockaway office building in the first quarter 2001. 

The following acquisitions, dispositions, and openings affected our income from unconsolidated entities in the comparative periods: 

● The May 2002 Rodamco acquisition, which added six new joint venture partnership interests during the period, including our initial interest in Copley Place. 

● The October 2001 acquisition of a 50% ownership interest in Fashion Valley Mall. 

● The April 2002 sale of our interest in Orlando Premium Outlets 

● The May 2002 sale of our interests in five Mills Properties. 

For the purposes of the following comparison between the years ended December 31, 2002 and December 31, 2001, the above transactions are referred to as the Property Transactions. In the following discussions of our results of operations, “comparable” refers to Properties open and operating throughout both the current and prior year. 

Our discontinued operations resulted from the sale of the following Properties as of December 31, 2003 (date of sale): 

● Richmond Square, Mounds Mall, Mounds Mall Cinema and Memorial Mall on January 9, 2003 

● Forest Village Park Mall on April 29, 2003 

● North Riverside Park Plaza on May 8, 2003 

● Memorial Plaza on May 21, 2003 

● Fox River Plaza on May 22, 2003 

● Eastern Hills Mall on July 1, 2003 

● New Orleans Center on October 1, 2003 

● Mainland Crossing on October 28, 2003 

● SouthPark Mall on November 3, 2003 

● Bergen Mall on December 12, 2003 

Total minimum rents, excluding rents from our consolidated Simon Brand and Simon Business initiatives, increased $24.9 million. The net effect of the Property Transactions increased these rents $4.1 million. Comparable rents increased $20.8 million during the period including a $21.1 million increase in base rents due to increased occupancy and leasing space at higher rents. In addition, increased rents from carts, kiosks, and renting unoccupied in-line space increased comparable rents from temporary tenant income by $6.7 million. The change in comparable rents was net of a decrease in straight-line rent income of $6.0 million. 

