8-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 21, 2002

PRICE LEGACY CORPORATION
(Exact Name Of Registrant As Specified In Its Charter)

Maryland
(State or Other Jurisdiction of Incorporation) 0-20449
(Commission File Number) 33-0628740
(I.R.S. Employer Identification No.)

17140 Bernardo Center Drive, Suite 300
San Diego, CA
(Address of Principal Executive Office) 92128
(Zip Code)

(858) 675-9400
(Registrant's telephone number, including area code)

ITEM 7. EXHIBITS

        The following exhibit is filed as part of this report:

99.1 Supplemental Disclosure of Price Legacy Corporation for the Quarter Ended December 31, 2001.

ITEM 9. REGULATION FD DISCLOSURE

Attached hereto as Exhibit 99.1 is a copy of certain Supplemental Disclosure of the Registrant for the quarter ended December 31, 2001.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 21, 2002	PRICE LEGACY CORPORATION
	By:	/s/  JAMES Y. NAKAGAWA James Y. Nakagawa Chief Financial Officer

EXHIBIT INDEX

Exhibit	Document
99.1	Supplemental Disclosure of Price Legacy Corporation for the Quarter Ended December 31, 2001.

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ITEM 7. EXHIBITS
ITEM 9. REGULATION FD DISCLOSURE

SIGNATURES
EXHIBIT INDEX

EX-99.1

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EXHIBIT 99.1

Supplemental Financial & Property Information
December 31, 2001

        This supplemental package should be considered along with the Company's reports filed with the Securities and Exchange Commission and other documents that are publicly disseminated by the Company. This package has not been reviewed and audited by any outside individual or agency. No representations or warranties, expressed or implied, are deemed to be made with respect to the accuracy of this package. Past performance may not be indicative of future performance. Risks and other factors that might cause differences, some of which could be material, include, but are not limited to economic and market conditions, the financial stability of tenants within the retail industry, financing and development risks, leasing delays, cost overruns, the level and volatility of interest rates, as well as other risks listed from time to time in the Company's reports filed with the Securities and Exchange Commission. A copy of this report is available on the Company's web site at www.PriceLegacy.com.

        Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of Price Legacy to differ materially from historical results or from any results expressed or implied by such forward-looking statements. The company refers you to the documents it files from time to time with the Securities and Exchange Commission at the SEC's web site at http://www.sec.gov, which discuss factors that could adversely affect the company's results. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Price Legacy undertakes no obligation to update publicly or revise any forward-looking statements.

        Price Legacy uses a supplemental REIT performance measure called Funds from Operations (FFO) which is defined as net income plus depreciation and amortization expense and gains (losses) from sales of depreciable operating real estate. FFO is not a measure of operating results or cash flows from operating activities as defined by generally accepted accounting principles and should not be used as an indicator of cash available or as an alternative to cash flows. Price Legacy believes, however, that FFO provides relevant information about its operations and is necessary, along with net income, for an understanding of its operating results.

Supplemental Financial & Property Information

Table of Contents

Price Legacy
	Mission Statement	2
	About the Company	2
	Third Quarter Review	2
	Shareholder Information	3
Diluted Net Income & Funds from Operations per Common Share		4
Operating & Portfolio Highlights		5
Statements of Income		6
Funds from Operations and Funds Available for Distribution		7
Market/Operational Information		8
Balance Sheets		9
Property Portfolio
	Portfolio Composition	10
	Top Ten Tenants	12
	Lease Expiration	13
	Retail Vacancy & Absorption Change	13
	Geographic Diversification	14
	Acquisitions & Dispositions	16
Debt Schedule		17

OUR MISSION STATEMENT

        Stability and growth are paramount to the success of Price Legacy. We will, through judicious acquisition, management, development and disposition, strive to be the nation's premier open-air shopping center company.

ABOUT THE COMPANY...

        The Company acquires, operates, develops and sells open-air shopping centers nationwide. Price Legacy has 55 properties which comprise approximately 8.4 million square feet of gross leasable area. The Company manages its properties through regional offices located in California, Arizona, Utah, Virginia and Florida. Price Legacy has its corporate offices in San Diego, California, is organized as a REIT and has a taxable REIT subsidiary, Excel Legacy Holdings, Inc. Price Legacy is committed to providing an environment of stability and growth for its shareholders and tenants. The following pages summarize some information concerning the Company. If you have any questions please email us at InvestorRelations@pricelegacy.com. For more information on Price Legacy, please visit the company's web site at www.PriceLegacy.com.

FOURTH QUARTER REVIEW

        During this quarter the Company completed the acquisition of the Florida portfolio for approximately $240 million adding approximately 2.4 million square feet of gross leasable area.    The Florida portfolio contributed approximately $3 million of net income before debt service for the quarter. A loss of approximately $700,000 from the Company's hospitality properties was recognized during the quarter. The Company is marketing these properties for sale as a part of its continuing strategy to sell non-core properties. The company sold 4 properties during the quarter for approximately $47 million. The Company also celebrated the opening of Newport on the Levee in Newport, Kentucky. Newport on the Levee is Greater Cincinnati's new leisure-time center. This 10-acre, 500,000-square-foot project, located next to the Newport Aquarium along the Ohio River in Newport, provides a variety of entertainment, shopping and dining destinations in an inviting, exciting environment. The first tenants to open at Newport on the Levee were its theater entertainment venues, including Firstar IMAX Theaters, Shadowbox Cabaret and AMC Newport on the Levee 20. Other entertainment, dining and retail venues at Newport on the Levee will continue to open throughout 2002.

2

Shareholder Information

Corporate Offices

Price Legacy Corporation
Excel Centre
17140 Bernardo Center Drive, Suite 300
San Diego, CA 92128
Phone: 858-675-9400
Fax: 858-675-9405
www.PriceLegacy.com

Exchange Listing

Common Stock:
American Stock Exchange, symbol XLG

Series A Preferred Stock:
NASDAQ, symbol PRENP

Transfer Agent and Registrar

        Questions about dividend payments, shareholder accounts, lost certificates, stock transfers, and name or address changes should be directed to:

Mellon Investor Services
Stock Transfer Department
P.O. Box 54261
Terminal Annex
Los Angeles, CA 90054
Phone: 800-522-6645
www.chasemellon.com

Shareholder/Investor Relations

Sharon Filbig
17140 Bernardo Center Drive, Suite 300
San Diego, CA 92128
Phone: 858-675-9400
Email: investorrelations@pricelegacy.com

3

Diluted Net Income & Funds from Operations
per Common Share⁽¹⁾

(1)

For complete information and a definition of Funds from Operations please see accompanying notes contained in the Company's Form 10Q filed and 10K to be filed with the Securities and Exchange Commission.

(2)

This quarter's net income per common share and Funds from Operations per common share were significantly influenced by the weighted average shares outstanding for the quarter. Although the common shares outstanding at the end of the quarter exceeded 40 million due to the shares issued in connection with the merger on September 18, 2001, the weighted average common shares outstanding for the quarter was approximately 16 million. The effect of the additional common shares issued in the merger is that in the future, the net income per common share and Funds from Operations per common share will be less than reported this quarter.

4

Price Legacy Corporation
Quarterly Operating Highlights
(in thousands, except per share data)

	Three Months Ended December 31, 2001
Net Income	$	8,534
Net Income (loss) per common share — Diluted	$	0.08
Funds from Operations before preferred dividend	$	12,947
Funds from Operations available to common shareholders	$	1,010
Funds from Operations per Common Share — Diluted	$	0.02
EBITDA	$	18,523

Portfolio Highlights

Operating Real Estate
	Number of Properties		55 properties
	Gross Leasable Area		8.4 million sq. ft.
	Percent Leased (Retail)		92.5%
	Average Rent per Leased Square Foot		$11.50
Real Estate Under Development
	Redhawk Center — Temecula, CA		436,000 sq.ft.
	The Shops at Old Mill — Bend, OR
		Phase I (Completed)	151,977 sq.ft.
		Phase II	50,000 sq.ft.
	Excel Pointe Anaheim — Anaheim, CA Phase I		126,000 sq.ft.
	Los Arcos — Scottsdale, AZ		553,000 sq.ft.
	Glendale Commons, Glendale, AZ		To be determined
	Three self-storage sites CA		434,000 sq.ft.

5

Price Legacy Corporation
Consolidated Statements of Income
(unaudited—amounts in thousands, except per share data)

												Predecessor
			Year Ended December 31			Year Ended December 31			Period from November 12 through December 31			Period from January 1 through November 11
			2001			2000			1999			1999
Rental revenues			$	82,932		$	70,771		$	9,251		$	57,416
Expenses
	Operating and maintenance			12,158			7,699			962			7,307
	Property taxes			9,821			8,582			1,412			7,252
	Depreciation and amortization			11,268			9,558			1,086			10,739
	General and administrative			4,311			3,085			268			2,498
		Total expenses		37,558			28,924			3,728			27,796
Operating income				45,374			41,847			5,523			29,620
Interest and other
	Interest expense			(16,793	)		(10,931	)		(848	)		(5,026	)
	Interest income			7,490			2,708			22			482
	Equity in earnings of joint ventures			608			504			—			—
	Merger related costs			—			—			—			(1,819	)
		Total interest and other		(8,695	)		(7,719	)		(826	)		(6,363	)
Income before gain on sale of real estate and investments, net				36,679			34,128			4,697			23,257
	Gain on sale of real estate and investments, net			1,322			164			—			4,717
Net income				38,001			34,292			4,697			27,974
Dividends paid to preferred stockholders				(37,442	)		(33,360	)		—			(33,263	)
Net income (loss) applicable to common stockholders			$	559		$	932		$	4,697		$	(5,289	)
Earnings per common share — basic and diluted			$	.03		$	.07		$	.35		$	(.40	)

For complete information please see accompanying notes contained in the Company's Form 10K to be filed with the Securities and Exchange Commission.

6

Price Legacy Corporation
Quarterly Funds from Operations & Funds Available for Distribution

			Three Months Ended September 30, 2001(2)			Three Months Ended December 31, 2001
Funds From Operations after preferred dividends
	Net Income		$	9,766		$	8,534
	Depreciation & Amortization(1)			2,748			4,413
	Gain (loss) on Sales			(161	)		0
	Funds from Operations (before preferred dividends)			12,353			12,947
	Preferred Stock Distributions			(8,761	)		(11,937	)
	Funds from Operations (after preferred dividends)		$	3,592		$	1,010
		Per Common Share — Diluted	$	0.22		$	0.02
Funds Available for Distribution
	Funds from Operations		$	12,353		$	12,947
	Deferred Rents			(891	)		(1256	)
	Tenant Improvements Paid			(27	)		(281	)
	Leasing Commissions Paid			(28	)		(149	)
	Principal Amortization of Debt — Recurring			(358	)		(341	)
	Other CAPEX			—			—
	Total Funds Available for Distribution		$	11,049		$	10,920
Dividends
	Dividends paid per Preferred A Share		$	8,465		$	9,409
	Dividends paid /accrued in kind per Preferred B Share			296			2,528
	Total Distributions		$	8,761		$	11,937
Shares Outstanding			at September 30, 2001			at December 31, 2001
	Weighted Average Common Shares Outstanding			16,740			40,726
	Common Shares Outstanding			40,726			40,726
	83/4% Series A Cumulative Redeemable Preferred Stock			27,269			27,413
	9% Series B Convertible Redeemable Preferred Shares			19,666			19,667

(1)

Includes depreciation and amortization of joint venture partnerships.

(2)

This quarter's net income per common share and Funds from Operations per common share were significantly influenced by the weighted average share count for the quarter. Although the common shares outstanding at the end of the quarter exceeded 40 million due to the shares issued in connection with the merger on September 18, 2001, the weighted average common shares outstanding for the quarter was approximately 16 million. The effect of the additional common shares issued in the merger is that in the future, the net income per common share and Funds from Operations per common share will be less than reported this quarter.

7

Price Legacy Corporation
Market/Operational Information

Market Data Closing Price as of November 14, 2001 & December 31, 2001

		September 30, 2001			December 31, 2001
		($in thousands)			($in thousands)
Common Stock Information
	Shares Outstanding		40,726			40,726
	Market Price Per Share	$	3.22		$	3.16
	Common Equity	$	131,188		$	128,694
83/4% Series A Cumulative Redeemable Preferred
	Shares Outstanding		27,269			27,413
	Market Price Per Share	$	14.95		$	15.00
	Series A Equity	$	407,672		$	411,195
9% Series B Convertible Redeemable Preferred
	Shares Outstanding		19,667			19,667
	Issuance Price per Share	$	5.56		$	5.56
	Series B Equity	$	109,349		$	109,349
Market Capitalization Calculations
	Equity Market CAP	$	648,209		$	649,238
	Total Debt	$	289,989		$	503,029
	Total Market CAP	$	938,198		$	1,152,267
	Total Debt to Total Market CAP		31	%		44	%
Immediate Capital Availability
	Cash at September 30	$	23,122		$	22,881
	Available under Line of Credit		86,000			68,500
	Total Line of Credit	$	100,000		$	100,000
Dividend Data
	83/4% Series A Preferred Dividend per Share	$	8,465		$	9,409
	9% Series B Preferred Dividend per Share (Paid in Kind)		296			2,528
	Total	$	8,761		$	11,937
Operational Statistics
Net Income		$	9,766		$	8,534
Interest Expense			4,012			5,851
Depreciation and amortization			2,594			4,138
Gain on sale of Real Estate			(161	)		—
EBITDA			16,211			18,523
Interest expense			4,012			5,851
Capitalized interest			430			362
Recurring principal debt payments			358			341
Other CAPEX			—			—
Preferred cash distributions			8,465			9,409
Fixed Charges			13,265			15,963
Fixed charge coverage ratio			1.22			1.16
Interest expense			4,012			5,851
Capitalized interest			430			362
Recurring principal debt payments			358			341
Debt service			4,800			6,554
Debt coverage ratio			3.38			2.44

8

PRICE LEGACY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

			December 31 2001			December 31 2000
ASSETS
Real estate assets
	Land and land improvements		$	419,151		$	247,470
	Building and improvements			618,222			302,915
	Construction in progress			27,471			4,436
				1,064,844			554,821
	Less accumulated depreciation			(19,420	)		(9,365	)
				1,045,424			545,456
Investment in real estate joint ventures				24,828			14,515
Cash and cash equivalents				22,881			49,996
Accounts receivable				2,706			3,032
Notes receivable				55,167			13,388
Note receivable from affiliates				—			25,377
Deferred rents				6,427			3,352
Other assets				35,961			7,289
Total assets			$	1,193,394		$	662,405
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
	Mortgages and notes payable		$	452,523		$	150,709
	Revolving line of credit			31,500			44,300
	Accounts payable and other liabilities			19,006			4,287
		Total liabilities		503,029			199,296
Minority interests				595			—
Stockholders' equity
	Series A preferred stock, cumulative, redeemable, $0.0001 par value, 27,849,771 shares authorized, 27,413,467 and 23,868,808 shares issued and outstanding			399,615			353,404
	Series B preferred stock, cumulative, redeemable, $0.0001 par value, 27,458,855 shares authorized, 19,666,754 and 0 shares issued and outstanding			106,234			—
	Common stock, $0.0001 par value, 94,691,374 shares authorized, 40,726,191 and 13,309,006 issued and outstanding			4			1
	Additional paid-in capital			192,599			112,587
	Accumulated other comprehensive loss			(106	)		—
	Warrants			3,113			—
	Retained deficit			(2,324	)		(2,883	)
	Notes receivable from officers for common shares			(9,365	)		—
	Total stockholders' equity			689,770			463,109
	Total liabilities and stockholders' equity		$	1,193,394		$	662,405

For complete information please see accompanying notes contained in the Company's Form 10K to be filed with the Securities and Exchange Commission.

9

Price Legacy Corporation
Supplemental Disclosure — Quarter End December 31, 2001
Real Estate Portfolio — Property List

	Property Name	City	State	Year Acquired	GLA	Leased GLA	Percent Occupied	Anchor Owned	Anchors Not Owned
	Retail Properties
1	Tucson	Marana	AZ	1999	40,087	40,087	100.0%	PETsMART	Costco, Home Depot
2	Mesa Pavilions	Mesa	AZ	2001	307,719	252,709	82.1%	Circuit City, PETsMART	Costco, Kmart, Target
3	Brio / Roaring Fork	Scottsdale	AZ	1998	3,700	3,700	100.0%	Roaring Fork Restaurant
4	Studio B	Scottsdale	AZ	1998	2,200	2,200	100.0%	Studio B
5	The Groves	Tempe	AZ	2001	247,995	243,795	98.3%	Circuit City, J.C. Penney	Wal-Mart
6	Chula Vista/Rancho del Rey	Chula Vista	CA	1993	6,700	6,700	100.0%	Burger King	Costco
7	Inglewood	Inglewood	CA	1984	119,880	119,880	100.0%	House2Home	Costco
8	Northridge	Northridge	CA	1988	22,000	22,000	100.0%	Barnes & Noble	Costco
9	San Diego/Rancho San Diego	Rancho San Diego	CA	1998	98,396	98,396	100.0%	Ross, Rite Aid, Petco
10	Redwood City	Redwood City	CA	1982	49,429	49,429	100.0%	Orchard Supp. Hardware	Costco
11	Roseville	Roseville	CA	1997	188,493	188,493	100.0%	Sports Authority, Staples	Costco, Home Depot
12	San Diego/Carmel Mountain	San Diego	CA	1991	35,000	33,500	95.7%	Claim Jumper	Costco
13	San Diego/Morena5	San Diego	CA	1981	322,238	314,238	97.5%	Costco Wholesale
14	San Juan Capistrano	San Juan Capistrano	CA	1987	56,436	56,436	100.0%	PETsMART, Staples	Costco
15	Signal Hill	Signal Hill	CA	1991	154,750	154,750	100.0%	Home Depot, PETsMart	Costco
16	New Britain	New Britain	CT	1982	112,400	112,400	100.0%	Wal-Mart
17	Cypress Creek	Ft. Lauderdale	FL	2001	229,034	218,034	95.2%	Regal Cinemas, Office Depot
18	Oakwood Plaza	Hollywood	FL	2001	868,563	862,725	99.3%	Home Depot, Dave & Buster's
19	Kendale Lakes Plaza	Miami	FL	2001	404,553	403,428	99.7%	Kmart, PETsMART
20	Cross Country Place	W Palm Beach	FL	2001	357,542	346,900	97.0%	Kmart, Winn Dixie, Ross
21	Millenia Plaza1	Orlando	FL	2001	404,427	288,717	71.4%	Home Expo, Linens "N Things
22	Greensburg	Greensburg	IN	2001	272,893	269,693	98.8%	Wal-Mart
23	Terre Haute	Terre Haute	IN	2000	104,259	104,259	100.0%	Lowe's
24	Glen Burnie	Glen Burnie	MD	1985	154,661	136,931	88.5%	Sports Authority, PETsMART	Costco, Home Depot
25	Moorestown2	Maple Shade	NJ	1989	201,351	66,153	32.9%	Sports Authority
26	Wayne3	Wayne	NJ	1991	348,063	331,528	95.2%	Costco, Sports Authority
27	Smithtown	Nesconset	NY	1985	55,580	55,580	100.0%	Levitz	Costco
28	Westbury	Westbury	NY	1992	398,602	398,602	100.0%	Costco, Borders, Marshall's
29	Middletown	Middletown	OH	2000	126,400	126,400	100.0%	Lowe's
30	Philadelphia	Bensalem	PA	1991	307,771	282,706	91.9%	Home Depot
31	Pentagon	Arlington	VA	1993	337,429	337,429	100.0%	Costco, Best Buy, Borders
32	Hampton	Hampton	VA	1987	45,605	45,605	100.0%	Sports Authority
				TOTAL	6,384,156	5,973,403	93.6%

10

	Property Name	City	State	Year Acquired	GLA	Leased GLA	Percent Occupied	Anchor Owned	Anchors Not Owned
	Joint Ventures
33	Fresno (Blackstone Ventures) (50%)	Fresno	CA	1998	85,360	85,360	100.0%	Bed Bath & Beyond, Ross
34	Newport Centre (55%)	Winnipeg	Canada	1992	159,742	140,961	88.0%
35	Newport on the Levee (65%)	Newport	KY	1998	338,913	208,513	61.5%	AMC, Barnes & Noble	Newport Aquarium
36	Shops at the Old Mill District (50%)	Bend	OR	2000	151,977	104,497	68.8%	Regal Cinemas, GAP
				TOTAL	735,992	539,331	73.3%
	Self Storage
37	Azusa4	Azusa	CA	1998	120,615	120,615	100.0%
38	San Diego/Morena4,5	San Diego	CA	1981	120,962	120,962	100.0%
39	San Diego-Murphy's Canyon4	San Diego	CA	1997	298,000	298,000	100.0%
40	Solana Beach4	Solana Beach	CA	1991	316,000	316,000	100.0%
				TOTAL	855,577	855,577	100.0%
		TOTAL RETAIL PORTFOLIO			7,975,725	7,368,311	92.4%
	Non-Retail Properties
	Office Properties
41	Scottsdale City Center	Scottsdale	AZ	2000	65,823	56,304	87.8%
42	Sacramento/Bradshaw	Sacramento	CA	1998	126,005	126,005	100.0%	AT&T
43	Excel Centre	San Diego	CA	2000	82,157	82,157	100.0%	Price Legacy, UBS Painewebber
44	Hollywood/Oakwood Business Ctr	Hollywood	FL	2001	141,150	129,205	91.5%	KOS Pharmaceuticals
				TOTAL	415,135	395,186	94.8%
	Hospitality
45	Grand Hotel	Grand Tuscyan	AZ	1998	121 rooms	121 rooms
46	Daniel's Head	Bermuda		2000	98 Rooms	98 Rooms
				TOTAL	—	—
	TOTAL NON-RETAIL PORTFOLIO				415,135	393,671	94.8%
	Development and Other Properties
47	Scottsdale Towers Land	Scottsdale	AZ	1998	N/A	N/A		Under Development
48	Tucson	Marana	AZ	1999	N/A	N/A		Land
49	Excel Pointe Anaheim (88%)	Anaheim	CA	1998	—	—		Under Development
50	Pacific Beach — Self Storage	San Diego	CA	2000	140,000	N/A		Under Development
51	San Juan Capistrano — Self Storage	San Juan Capistrano	CA	2000	88,000	N/A		Under Development
52	Redhawk Towne Center	Temecula	CA	1999	419,284	N/A		Under Development
53	Walnut Creek — Self Storage	Walnut Creek	CA	2000	N/A	N/A		Under Development
54	Yosemite Land	Yosemite	CA	1998	N/A	N/A		Land
55	International Business Park (50%)	Orlando	FL	1999	N/A	N/A		Land
56	Shepherd Creek	Salt Lake City	UT	2001	N/A	N/A		Land
				TOTAL	647,284	—
	TOTAL DEVELOPMENT PROPERTIES				647,284	—
		TOTAL PORTFOLIO			8,390,860	7,761,982	92.5%

NOTES:

1.

Home Depot, Linens 'N Things, and Floral Supply Mart open first quarter 2002

2.

Lowe's to open third quarter 2002.

3.

Excludes un-leasable third floor GLA

4.

Master leased for operations to Price Self-Storage

5.

Single property, two tenant types, total property count is 55.

11

Price Legacy Corporation
Property Portfolio

Real Estate Portfolio — Top Ten Tenants
(Ranked by Annualized Minimum Rent¹)

	Tenant	Number of Leases	Leased GLA (000's)	% of Leased GLA		AMR (000's)		% of AMR
1	Costco	4	618,192	8.0	%	$	8,573	9.7	%
2	Price Self Storage	4	855,577	11.0	%		5,100	5.8	%
3	Kmart	4	461,829	6.0	%		4,107	4.7	%
4	The Sports Authority	7	306,722	4.0	%		3,780	4.3	%
5	Home Depot	3	356,453	4.6	%		3,505	4.0	%
6	AMC	2	122,557	1.6	%		2,488	2.8	%
7	Marshall's	4	146,176	1.9	%		2,433	2.8	%
8	AT&T Wireless	1	126,005	1.6	%		2,056	2.3	%
9	PETsMART	7	169,890	2.2	%		2,021	2.3	%
10	BJ's Wholesale Club	2	218,505	2.8	%		1,922	2.2	%
		38	3,381,906	43.6	%	$	35,985	40.9	%

1

Annualized Minimum Rent includes the joint-venture AMR but does not include percentage rents or expense reimbursements.

12

Real Estate Portfolio — Lease Expiration Schedule

Year	Total Number Leases Expiring	Leases w/Options	Leased GLA	% of Leased GLA		AMR Expiring		% of AMR
2002	49	18	314,088	4.2	%	$	3,660,306	4.4	%
2003	41	26	186,325	2.5	%		2,851,874.3	3.4	%
2004	56	40	209,179	2.8	%		3,408,115.6	4.1	%
2005	68	45	399,781	5.4	%		5,469,207.8	6.5	%
2006	37	23	288,578	3.9	%		4,655,533.2	5.6	%
2007	28	22	140,292	1.9	%		2,189,316.0	2.6	%
2008	16	11	149,185	2.0	%		2,059,018.6	2.5	%
2009	36	27	1,361,245	18.4	%		17,172,872.8	20.5	%
2010	30	27	410,916	5.5	%		7,149,147.4	8.5	%
2011+	90	75	3,954,434	53.3	%		35,223,482.0	42.0	%
TOTAL	451	314	7,414,023	100.0	%	$	83,838,874	100.0	%

Retail Vacancy & Net Absorbtion Change Analysis — Three Months Ended December 31, 2001

	Total SF		Leased SF		% Leased		Rent/Leased SF
October 1, 2001	6,529,261		6,027,269		92.3	%	12.14
Acquisitions	2,405,269		2,249,009		93.5	%	10.17
Net Absorption	—		14,263		—		9.61
Disposals	(544,210	)	(528,559	)	97.1	%	15.32
December 31, 2001	8,390,680		7,761,982		92.5	%	11.50

New Leases Signed Year-To-Date
(includes "Development and Other Properties")

Number		41
SF (000's)		119,571
Average Rent/SF	$	17.55

Vacancies
(excludes "Development and Other Properties")

SF (000's)		627,363
Average Rate/SF	$	12.75

13

Price Legacy Corporation
Supplemental Disclosure — Quarter End December 31, 2001
Real Estate Portfolio — Geographic Distribution

RETAIL PORTFOLIO

State / Country	Number of Properties	GLA	Percent Leased		Rent / Leased SF		AMR		% of Total AMR
Arizona	5	601,701	90.2	%	$	11.22	$	6,087,302	7.5	%
Bermuda	0	N/A	N/A			N/A		0	N/A
California	15	1,994,259	99.5	%		9.27		18,399,707	22.6
Canada	1	156,922	88.0	%		9.44		1,478,833	1.8	%
Connecticut	1	112,400	100.0	%		5.97		671,100	0.8	%
Florida	5	2,264,119	93.6	%		10.03		21,269,238	26.1	%
Indiana	2	377,152	83.8	%		7.68		2,428,397	3.0	%
Kentucky	1	338,913	61.5	%		13.28		2,769,740	0
Maryland	1	154,661	88.5	%		12.78		1,750,521	2.1	%
New Jersey	2	549,414	38.4	%		24.52		5,179,046	6.4	%
New York	2	454,182	100.0	%		18.35		8,332,028	10.2	%
Ohio	1	126,400	100.0	%		5.14		650,000	0.8	%
Oregon	1	151,977	68.8	%		16.53		1,727,284	2.1	%
Pennsylvania	1	307,771	91.9	%		10.82		3,059,829	3.8	%
Virginia	2	383,034	100.0	%		20.08		7,691,880	9.4	%
	40	7,972,905	92.4	%	$	11.06	$	81,494,907	100.0	%
Region
West	21	2,747,937	96	%		9.96		26,214,294	32.2	%
Outside U.S.	1	156,922	88.0	%		9.44		1,478,833	1.8	%
East	18	5,068,046	90.7	%		11.82		53,801,780	66.0	%
	40	7,972,905	92.4	%	$	11.06	$	81,494,907	100.0	%

14

Price Legacy Corporation
Supplemental Disclosure — Quarter End December 31, 2001
Real Estate Portfolio — Geographic Distribution

NON-RETAIL PORTFOLIO

State / Country	Number of Properties	GLA	Percent Leased		Rent / Leased SF		AMR		% of Total AMR
Arizona	2	65,823	87.8	%	$	19.36	$	1,119,241	17.0	%
Bermuda	1	N/A	N/A			N/A		0	N/A
California	2	208,162	100.0	%		18.64		3,880,487	58.9	%
Florida	1	141,150	91.5	%		12.3		1,592,812	24.2	%
	6	415,135	95.2	%	$	16.68	$	6,592,540	100.0	%
Region
West	4	273,985	64.1	%		18.80		4,999,728	76	%
Outside U.S.	1	N/A	N/A			N/A		0	N/A
East	1	141,150	0.92			12.33		1,592,812	0.24
	6	415,135	95.2	%	$	16.68	$	6,592,540	100.0	%

DEVELOPMENT AND PROPOSED ACQUISITIONS PROPERTIES

State / Country	Number of Properties	GLA	Percent Leased	Rent / Leased SF	AMR	% of Total AMR
Arizona	2	N/A	N/A	N/A	N/A	N/A
California	6	647,284	N/A	N/A	N/A	N/A
Florida	1	N/A	N/A	N/A	N/A	N/A
	9	647,284	N/A	N/A	N/A	N/A
Region
West	8	647,284	N/A	N/A	N/A	N/A
Outside U.S.	—	N/A	N/A	N/A	N/A	N/A
East	1	N/A	N/A	N/A	N/A	N/A
	9	647,284	N/A	N/A	N/A	N/A

15

2001 Acquisitions & Dispositions Schedule

ACQUISITIONS

				Purchase Price
Property Name		Property Type(1)	Month Acquired										Anchor Tenants
	Location			Cash		Stock		Debt		Total		GLA
Land	Anaheim, CA	L	Jan-01	$	23,288,000		—	$	—	$	23,288,000
Land	Walnut Creek, CA	L	Jan-01		2,816,000		—		—		2,816,000
Mesa Pavilions	Mesa, AZ	S	May-01		10,182,715		—		21,184,000		31,366,715	308,432	Circuit City, Sports Authority, Home Place
The Groves	Tempe, AZ	S	May-01		10,042,354		—		14,137,000		24,179,354	247,948	Circuit City, Michael's, Petsmart
Greenburg	Greenburg, IN	S	Jun-01		19,300,000		—		18,300,000		37,600,000	272,893	Wal-Mart
Oakwood Plaza	Hollywood, FL	S	Nov-01		23,377,600		—		66,734,233		90,111,833	889,956	Dave & Buster's
Oakwood Business Cnt.	Hollywood, FL	O	Nov-01		3,137,679		—		10,195,821		13,333,500	141,150	Trader Publishing Co.
Kendale Lakes Plaza	Miami, FL	S	Nov-01		7,040,695		—		29,009,305		36,050,000	402,801	K-Mart
Cross Country Plaza	West Palm Beach, FL	S	Nov-01		8,364,486		—		32,332,414		40,696,900	351,341	K-Mart, Winn Dixie
Cypress Creek Station	Ft. Lauderdale, FL	S	Nov-01		5,430,332		—		23,369,668		28,800,000	229,034	Regal Cinemas, Office Depot
Millenia Plaza	Orlando, FL	S	Nov-01		7,787,577		—		21,675,000		29,462,577	404,492	Home Depot
				$	120,767,438	$	—	$	236,937,441	$	357,704,879	829,273

DISPOSITIONS

					Selling Price
Property Name		Property Type(1)		Month Sold								Anchor Tenants
	Location				Cash		Debt		Total		GLA
Aurora	Aurora, CO	T		Jan-01	$	1,592,380		—	$	1,592,380	7,300	Red Robin
Scottsdale Land	Scottsdale, AZ	L	(2)	Feb-01		500,000		—		500,000	59,433	N/A
Bradshaw	Sacramento, CA	O		Jun-01		5,125,000		—		5,125,000	30,000	AT&T Cellular
Southeast San Diego	San Diego, CA	T		Sep-01		1,680,000		—		1,680,000	8,875	Burger King
Desert Fashion Plaza	Palm Springs, CA	S		Nov-01		17,021,623		—		17,021,623	96,090	Saks Fifth Ave.
Westminster Promenade	Westminster, CO	S		Dec-01		13,500,000		—		13,500,000	228,726	AMC
Seekonk Shopping Ctr.	Seekonk, MA	S		Dec-01		15,250,000		—		15,250,000	213,994	Sports Authority
Land	Tusayan, AZ	L		Dec-01		1,362,000		—		1,362,000	—	N/A
					$	56,031,003	$	—	$	56,031,003	644,418

(1)

L - - Land, S - Shopping Center, T - Single Tenant Property, O - Office

(2)

Partial sale of land

16

Real Estate Portfolio — Schedule of Debt

Property			Location	Interest Rate	Spread	Maturity	Balance (000's)
Fixed Rate Debt:
	Property Specific Debt
	Capital Lease of Excel Centre		San Diego, CA	4.30%	—	12/01/04	$	11,572
	Greensburg (Capital Lease)		Greensburg, IN	9.00%	—	06/05/01		18,300
	Murphy Canyon		San Diego, CA	9.00%	—	04/01/04		8,681
	Middleton/Lowes		Middletown, Ohio	7.625%	—	02/01/14		3,429
	Terre Haute/Lowes		Terre Haute, IN	8.75%	—	06/01/03		3,440
	Scottsdale City Centre		Scottsdale, AZ	8.125%	—	02/01/06		1,834
	Anaheim—RIST		Anaheim, CA	6.00%	—	12/01/06		6,313
	Kendale		Miami, FL	8.18%	—	02/01/09		28,986
	Oakwood Plaza		Hollywood, FL	8.18%	—	02/01/09		66,681
	Cross County		West Palm Beach, FL	9.00%	—	01/01/10		32,312
	Cypress Creek		Ft. Lauderdale, FL	8.18%	—	02/01/09		23,351
	Oakwood Business		Hollywood, FL	8.18%	—	02/01/09		10,188
	Newport on the Levee		Newport, KY		—
		Firstar		12.50%	—	03/01/02		4,737
		IMAX
		Bonds		8.50%
	One North First Street		Scottsdale, AZ	8.25%	—	06/25/05
	TOTAL FIXED RATE PROPERTY SPECIFIC DEBT						$	219,824
	Credit Facility Debt
		Senior Notes		10.00%	—	11/01/04	$	2,264
		Convertible Debentures		9.00%	—	11/01/04		2,831
		TOTAL FIXED RATE NON-PROPERTY SPECIFIC DEBT					$	5,095
	TOTAL FIXED RATE DEBT						$	224,919
Variable Rate Debt:			Assumed Libor rate:	1.87%
	Property Specific Debt
	Contruction Loans Payable (self storage)		Various	Libor	2.75%	04/01/03	$	7,167	1
	Tempe/Groves		Tempe, AZ	Libor	2.05%	12/01/06		17,064
	Mesa/Pavillions		Mesa, Arizona	Libor	2.05%	12/01/06		16,166
	Millenia Plaza		Orlando, FL	Libor	2.25%	04/01/03		21,675
	Bermuda—Bank of Butterfield		Bermuda	Bermuda Base Rate	3.00%			6,000	2
	Newport on the Levee		Newport, KY
		Construction/loan		Libor	3.10%	01/03/03		26,706
	GMAC Commercial Mortgage		Various	Libor	0.98%	06/01/04		121,375
		TOTAL SECURED VARIABLE RATE DEBT					$	216,153
		TOTAL VARIABLE RATE DEBT					$	216,153
			Total Weighted Average Fixed Rate Debt:					8.25%
			Total Weighted Average Variable Rate Debt:					3.52%
Unsecured Line of Credit			Assumed Libor rate:	1.87%

				Interest Rate	Spread	Maturity	Balance
	Fleet Revolver			Libor	1.75%	09/01/04	$	31,500
		TOTAL VARIABLE RATE DEBT					$	31,500
	Other			12.50%	—	04/01/02	$	6,000
		TOTAL FIXED RATE DEBT					$	6,000
	TOTAL DEBT						$	478,572
IMAX Equipment Loan (to be marked paid in full in first quarter 2002 in exchange for equipment — no interest)							$	5,451
								484,023	3
			Total Weighted Average All Debt:					5.87%

1

Uses 90-day LIBOR rate

2

Rate changes to fixed 9.25% beginning May 2002 and loan matures May 2012

3

Per financial statements

17

QuickLinks

EXHIBIT 99.1

Supplemental Financial & Property Information December 31, 2001
Supplemental Financial & Property Information
Table of Contents
Shareholder Information
Diluted Net Income & Funds from Operations per Common Share⁽¹⁾
Price Legacy Corporation Quarterly Operating Highlights (in thousands, except per share data)
Price Legacy Corporation Consolidated Statements of Income (unaudited—amounts in thousands, except per share data)
Price Legacy Corporation Quarterly Funds from Operations & Funds Available for Distribution
Price Legacy Corporation Market/Operational Information
PRICE LEGACY CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
Price Legacy Corporation Property Portfolio
ACQUISITIONS
DISPOSITIONS