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## SUMMARY ANNUAL INFORMATION 

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(1) See page 23 for an explanation and reconciliation of funds from operations. 

(2) Prior to non-recurring income as follows: $1.6 million (0.04 per share) in lease termination income in 2002, $8.5 million ($0.26 per share) recovery of previous management’s incentive and other fees in 2001, and $1.5 million ($0.05 per share) in lease termination income in 2001. 

## Summary Annual Information Highlights 

During the past three years, the Company has increased its equity base and its investment in income- producing properties while reducing its overall debt as a percent of market capitalization. The ratio of debt to market capitalization has, with all convertible debentures classified as debt, decreased from 80.3% at the end of 2001 to 66.1% at the end of 2003. This strengthening of the balance sheet was accomplished while growing funds from operations. 

Investment in real estate has increased by 65% over the last two years due to the Company’s focused acquisition strategy and its new development and redevelopment activities coming on line. The Company’s debt increased by 47% over the same period. As a result, revenues, expenses, net operating income and interest expense have increased. The Company has financed its growth through both debt and common share equity. 

Funds from operations per diluted share has increased 9% over two years, excluding the $8.5 million recovery of previous management’s incentive and other fees, a $1.5 million one-time lease termination income in 2001 and after giving effect to the growth in the diluted common shares outstanding. 

The Company has also increased its dividends per share by 15% from 2001 to 2003 as cash flow from operations has increased. 

