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): August 12, 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 92128
(Address of principal executive offices) (Zip code)

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

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 June 30, 2002.

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: August 12, 2002	PRICE LEGACY CORPORATION
	By:	/s/  JAMES Y. NAKAGAWA James Y. Nakagawa Chief Financial Officer

EXHIBIT INDEX

99.1

Supplemental Disclosure of Price Legacy Corporation for the Quarter Ended June 30, 2002.

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ITEM 9. REGULATION FD DISCLOSURE

SIGNATURES
EXHIBIT INDEX

EX-99.1

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Supplemental Financial & Property Information
June 30, 2002

        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, gains (losses) from sales of depreciable operating real estate, and provisions for asset impairment. 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
	Second Quarter Review	2
	Shareholder Information	3
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		10
Property Portfolio
	Portfolio Composition	11
	Top Ten Tenants	13
	Lease Expiration	13
	Retail Vacancy & Absorption Change	14
	Geographic Diversification	15
	Acquisitions & Dispositions	17
Debt Schedule		18

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...

        Price Legacy has its common stock listed on the American Stock Exchange under the symbol XLG. The Company's Series A Preferred Stock is listed on the NASDAQ under the symbol PRENP. Price Legacy is a fully-integrated real estate company with internal acquisition, disposition, development, property management, leasing, marketing and accounting personnel. The Company acquires, operates, develops and sells open-air shopping centers nationwide. Price Legacy has 54 properties which comprise approximately 8.7 million square feet of gross leasable area. The Company manages its properties through regional offices located in Arizona, California, Florida, Virginia and Utah. 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.

SECOND QUARTER REVIEW

        During the second quarter of 2002 the Company completed the acquisition of 4 shopping centers located in Arizona, Florida and South Carolina and a land parcel adjacent to our Cypress Creek Shopping Center in Fort Lauderdale, Florida for a total purchase price of approximately $55.2 million. We funded these purchases using proceeds from tax-deferred exchanges, assuming a $5.8 million mortgage and drawing from our unsecured line of credit. In May 2002, the Company bought a neighborhood shopping center in Ocala, Florida. The two year old center was purchased with available cash for approximately $7.2 million. It comprises 70,000 square feet of GLA and is anchored by Publix Super Market, Dollar Tree and Block Buster Video. In Greenville, South Carolina the Company purchased a regional shopping center with cash for approximately $29.5 million. The center was built in 2000 and comprises 299,000 square feet of GLA anchored by Ingles, Ross, Old Navy, T.J. Maxx and Goody's. The Company also purchased Rice Creek Village in Columbia, South Carolina which is anchored by Publix. This neighborhood shopping center, completed in March of this year, was purchased for approximately $8 million. In Arizona, the Company purchased a neighborhood shopping center located in Phoenix for approximately $9.8 million. The center is anchored by Safeway and was constructed in 2001.

        The Company also is continuing its strategy to dispose of non-core assets. During the second quarter the Company sold a land parcel associated with a property the Company owns in Hollywood, Florida, and a shopping center located in Glen Burnie, Maryland generating total sales proceeds of $16.2 million. We also sold three recently built self-storage properties for $26.3 million in exchange for $12.3 million in notes receivable with a participating interest and the assumption of debt by the buyer. For details of the purchases please see the Acquisitions & Dispositions Summary on page 19. The financial results for the periods ended June 30, 2002 compared to the periods ended June 30, 2001 were influenced by the shares outstanding. These financial results represent the company's results as a new combined entity following the merger between Price Enterprises, Inc., and Excel Legacy Corporation to form Price Legacy Corporation. The average weighted shares outstanding for the two comparative quarters during 2002 and 2001 were 41.3 million (62.3 million for the diluted funds from operations calculation) and 13.3 million respectively.

2

        Finally, the Company announced that it was added as a member of the Russell 3000® Index effective July 1, 2002, as a result of the reconstitution of the Frank Russell Company's family of U.S. indexes. The Company was also added as a member of the small-cap Russell 2000® Index which measures the performance of the 2,000 smallest companies in the Russell 3000® Index.

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

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.

4

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

	Three Months Ended June 30, 2002
Net Income	$	10,144
Net loss applicable to common shares	$	(2,039	)
Net loss per common share—Diluted	$	(0.05	)
Funds from Operations before preferred dividend	$	17,955
Funds from Operations available to common shareholders	$	5,772
Funds from Operations per Common Share—Diluted	$	0.13
EBITDA	$	21,966

Portfolio Highlights

Operating Real Estate
	Number of Properties			54
	Gross Leasable Area			8.7	million sq. ft.
	Percent Leased (Retail)			93.9	%
	Average Rent per Leased Square Foot		$	11.32
Real Estate Under Development
	Redhawk Towne Center—Temecula, CA			430,000	sq.ft.
	The Shops at the Old Mill District—Bend, OR
		Phase I (Completed)		152,591	sq.ft.
		Phase II		50,000	sq.ft.
	Newport on the Levee—Newport, KY			341,845	sq.ft.
	Anaheim Garden Walk—Anaheim, CA Phase I			250,000	sq.ft.
	Los Arcos—Scottsdale, AZ			552,000	sq.ft.

5

PRICE LEGACY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited—amounts in thousands, except per share data)

			Second Quarter Three Months Ended June 30						Year-to-Date Six Months Ended June 30
			2002			2001			2002			2001
Rental revenues			$	32,151		$	18,633		$	60,985		$	35,903
Expenses
	Operating and maintenance			5,141			2,501			10,134			4,752
	Property taxes			3,316			2,193			6,488			4,298
	Depreciation and amortization			4,237			2,224			8,576			4,364
	General and administrative			1,652			823			4,457			1,690
	Provision for asset impairment			2,528			—			2,528			—
		Total expenses		16,874			7,741			32,183			15,104
Operating income				15,277			10,892			28,802			20,799
Interest and other
	Interest expense			(5,841	)		(3,532	)		(12,278	)		(6,930	)
	Interest income			1,119			1,796			2,388			3,643
	Equity in earnings of joint ventures			136			204			314			342
		Total interest and other		(4,586	)		(1,532	)		(9,576	)		(2,945	)
Income before gain on sale of real estate				10,691			9,360			19,226			17,854
	Net gain on sale of real estate			3			1,250			291			1,159
Income before discontinued operations				10,694			10,610			19,517			19,013
Discontinued operations:
	Income from operations			293			352			632			688
	Loss on sale of real estate			(843	)		—			(843	)		—
				(550	)		352			(211	)		688
Net income				10,144			10,962			19,306			19,701
Dividends to preferred stockholders				(12,183	)		(8,386	)		(24,308	)		(16,744	)
Net (loss) income applicable to common stockholders			$	(2,039	)	$	2,576		$	(5,002	)	$	2,957
Basic and diluted net (loss) income per common share			$	(.05	)	$	.19		$	(.12	)	$	.22
Weighted average common shares outstanding
	Basic and diluted			40,727			13,309			40,727			13,309
Dividends per preferred share			$	.35		$	.35		$	.70		$	.70

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

6

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

			Three Months Ended
			31-Dec-01			31-Mar-02			30-Jun-02
Funds From Operations after preferred dividends
	Net Income		$	8,534		$	9,162		$	10,144
	Depreciation & Amortization(1)			4,413			4,547			4,440
	Asset impairment			—			—			2,528
	Gain (loss) on Sales of Depreciable Real Estate			—			—			843
	Funds from Operations (before preferred dividends)			12,947			13,709			17,955
	Preferred Stock Distributions			(11,937	)		(12,126	)		(12,183	)
	Funds from Operations (after preferred dividends)		$	1,010		$	1,583		$	5,772
		Per Common Share—Diluted	$	0.02		$	0.04		$	0.13
Funds Available for Distribution
	Funds from Operations		$	12,947		$	13,709		$	17,955
	Deferred Rents			(1,256	)		(1,512	)		(819	)
	Tenant Improvements Paid			(281	)		(273	)		(386	)
	Leasing Commissions Paid			(149	)		(18	)		(25	)
	Principal Debt Payments—Recurring			(341	)		(637	)		(657	)
	Other CAPEX			—			—			—
	Total Funds Available for Distribution		$	10,920		$	11,269		$	16,068
Dividends
	Preferred A Shares		$	9,409		$	9,602		$	9,602
	Preferred B Shares (paid /accrued in kind)			2,527			2,524			2,581
	Total Distributions		$	11,936		$	12,126		$	12,183

		at December 31, 2001	at March 31, 2002	at June 30, 2002
Shares Outstanding
	Weighted Average Common Shares Outstanding	40,726	40,727	40,727
	Common Shares Outstanding	40,726	40,727	40,727
	83/4% Series A Cumulative Redeemable Preferred Stock	27,413	27,434	27,434
	9% Series B Convertible Redeemable Preferred Shares	19,667	19,667	19,667

(1)

Includes depreciation and amortization of joint venture partnerships. Excludes depreciation and amortization of non-real estate assets.

7

Price Legacy Corporation
Market/Operational Information

Market Data Closing Price as of December 31, 2001, March 31, 2002 & June 30, 2002, respectively

		December 31, 2001			March 31, 2002			June 30, 2002
Common Stock Information
	Shares Outstanding		40,726			40,727			40,727
	Market Price Per Share	$	3.16		$	3.20		$	3.85
	Common Equity	$	128,694		$	130,323		$	156,799
83/4% Series A Cumulative Redeemable Preferred
	Shares Outstanding		27,413			27,434			27,434
	Market Price Per Share	$	15.00		$	15.50		$	16.10
	Series A Equity	$	411,195		$	425,227		$	441,687
9% Series B Convertible Redeemable Preferred
	Shares Outstanding		19,667			19,667			19,667
	Issuance Price per Share	$	5.56		$	5.56		$	5.56
	Series B Equity	$	109,349		$	109,349		$	109,349
Market Capitalization Calculations
	Equity Market CAP	$	649,238		$	664,899		$	707,835
	Total Debt	$	503,029		$	513,936		$	533,304
	Total Market CAP	$	1,152,267		$	1,178,835		$	1,241,139
	Total Debt to Total Market CAP		44	%		44	%		43	%
Immediate Capital Availability
	Cash	$	28,042		$	30,546		$	16,728
	Available under Line of Credit		68,500			65,100			45,600
	Total Line of Credit	$	100,000		$	100,000		$	100,000
Dividend Data
	83/4% Series A Preferred Dividend per Share	$	9,409		$	9,602		$	9,602
	9% Series B Preferred Dividend per Share (Paid in Kind)		2,528			2,524			2,581
	Total	$	11,937		$	12,126		$	12,183

8

	Three Months Ended
	31-Dec-01		31-Mar-02			30-Jun-02
Operational Statistics
Net Income	$	8,534	$	9,162		$	10,144
Interest Expense		5,851		6,437			5,841
Depreciation and Amortization		4,138		4,426			4,323
Asset Impairment		—		—			2,528
(Gain)/loss on sale of Real Estate		—		(287	)		(840	)
EBITDA (a)		18,523		19,738			21,996
Interest Expense		5,851		6,437			5,841
Capitalized Interest		362		572			521
Principal Debt Payments—Recurring		341		637			657
Preferred Cash Distributions		9,409		9,602			9,602
Fixed Charges (b)		15,963		17,248			16,621
Fixed charge coverage ratio (a/b)		1.16		1.14			1.32
Interest Expense		5,851		6,437			5,841
Capitalized Interest		362		572			521
Principal Debt Payments—Recurring		341		637			657
Debt service (c)		6,554		7,646			7,019
Debt coverage ratio (a/c)		2.44		2.58			3.13

9

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

			June 30 2002			December 31 2001
			(unaudited)
ASSETS
Real estate assets
	Land and land improvements		$	422,295		$	419,151
	Building and improvements			650,905			618,222
	Construction in progress			20,501			27,471
				1,093,701			1,064,844
	Less accumulated depreciation			(26,672	)		(19,420	)
				1,067,029			1,045,424
Investment in real estate joint ventures				25,957			24,828
Cash and cash equivalents				16,728			28,042
Accounts receivable, net of allowance of $1,757 and $1,680				3,297			2,706
Notes receivable				63,044			55,167
Deferred rents				8,758			6,427
Other assets				34,144			30,800
		Total assets	$	1,218,957		$	1,193,394
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
	Mortgages and notes payable		$	452,571		$	452,523
	Revolving line of credit			54,400			31,500
	Accounts payable and other liabilities			26,333			19,006
		Total liabilities		533,304			503,029
Commitments
Minority interests				595			595
Stockholders' equity
	Series A preferred stock, cumulative, redeemable, $0.0001 par value, 27,849,771 shares authorized, 27,434,166 and 27,413,467 shares issued and outstanding			399,615			399,615
	Series B preferred stock, junior, convertible, redeemable, $0.0001 par value, 27,458,855 shares authorized, 19,666,754 shares issued and outstanding			106,234			106,234
	Common stock, $0.0001 par value, 94,691,374 shares authorized, 40,726,675 and 40,726,191 issued and outstanding			4			4
	Additional paid-in capital			196,020			195,712
	Accumulated other comprehensive loss			(123	)		(106	)
	Accumulated deficit			(7,327	)		(2,324	)
	Notes receivable from officers for common shares			(9,365	)		(9,365	)
		Total stockholders' equity		685,058			689,770
	Total liabilities and stockholders' equity		$	1,218,957		$	1,193,394

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

10

Price Legacy Corporation
Supplemental Disclosure—Quarter End June 30, 2002
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	253,654	82.4%	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	—	0.0%	Studio B
5 The Groves		Tempe	AZ	2001	247,995	245,195	98.9%	Circuit City, J.C. Penney	Wal-Mart
6 Pinnacle Peak		Phoenix	AZ	2002	70,428	68,723	97.6%	Safeway
7 Chula Vista/Rancho del Rey		Chula Vista	CA	1993	6,700	6,700	100.0%	Burger King	Costco
8 Inglewood		Inglewood	CA	1984	119,880	50,000	41.7%	Colonial Treasures	Costco
9 Northridge		Northridge	CA	1988	22,000	22,000	100.0%	Barnes & Noble	Costco
10 San Diego/Rancho San Diego		Rancho San Diego	CA	1998	98,396	98,396	100.0%	Ross, Rite Aid, Petco
11 Redwood City		Redwood City	CA	1982	49,429	49,429	100.0%	Orchard Supp. Hardware	Costco
12 Roseville		Roseville	CA	1997	188,493	188,493	100.0%	Sports Authority, Staples	Costco, Home Depot
13 San Diego/Carmel Mountain		San Diego	CA	1991	35,000	35,000	100.0%	Claim Jumper	Costco
14 San Diego/Morena(4)		San Diego	CA	1981	322,238	314,238	97.5%	Costco Wholesale
15 San Juan Capistrano		San Juan Capistrano	CA	1987	56,436	56,436	100.0%	PETsMART, Staples	Costco
16 Signal Hill		Signal Hill	CA	1991	154,750	154,750	100.0%	Home Depot, PETsMart	Costco
17 New Britain		New Britain	CT	1982	112,400	112,400	100.0%	Wal-Mart
18 Cypress Creek		Ft. Lauderdale	FL	2001	229,034	215,734	94.2%	Regal Cinemas, Office Depot
19 Oakwood Plaza		Hollywood	FL	2001	868,373	867,123	99.9%	Home Depot, BJ's Wholsale
20 Kendale Lakes Plaza		Miami	FL	2001	404,553	293,628	72.6%	Kmart, PETsMART
21 Cross County		W Palm Beach	FL	2001	357,537	346,895	97.0%	Kmart, Winn Dixie, Ross
22 Millenia Plaza(1)		Orlando	FL	2001	404,427	404,427	100.0%	Home Expo, Linens 'N Things, Home Depot
23 Heather Island		Ocala	FL	2002	70,970	69,635	98.1%	Publix Supermarket
24 Greensburg		Greensburg	IN	2001	272,893	269,693	98.8%	Wal-Mart
25 Terre Haute		Terre Haute	IN	2000	104,259	104,259	100.0%	Lowe's
26 Newport on the Levee(5)		Newport	KY	1998	341,845	235,894	69.0%	AMC, Barnes & Noble	Newport Aquarium
27 Moorestown(2)		Maple Shade	NJ	1989	201,351	201,351	100.0%	Sports Authority, Lowe's
28 Wayne		Wayne	NJ	1991	348,063	331,528	95.2%	Costco, Sports Authority
29 Smithtown		Nesconset	NY	1985	55,580	55,580	100.0%	Levitz	Costco
30 Westbury		Westbury	NY	1992	398,602	398,602	100.0%	Costco, Borders, Marshall's
31 Middletown		Middletown	OH	2000	126,400	126,400	100.0%	Lowe's
32 Philadelphia		Bensalem	PA	1991	307,771	297,731	96.7%	Home Depot
33 Rice Creek Village		Columbia	SC	2002	66,471	54,071	81.3%	Publix
34 Cherrydale Point		Greenville	SC	2002	299,128	293,728	98.2%	Ingles Markets, Goody's, Ross Stores
35 Pentagon		Arlington	VA	1993	337,429	337,429	100.0%	Costco, Best Buy, Borders
36 Hampton		Hampton	VA	1987	45,605	45,605	100.0%	Sports Authority
				TOTAL	7,078,142	6,648,514	93.9%

11

	Joint Ventures
37 Fresno (Blackstone Ventures) (50%)		Fresno	CA	1998	85,360	85,360	100.0%	Bed Bath & Beyond, Ross
38 Newport Centre (55%)		Winnipeg	Canada	1992	159,743	128,641	80.5%
39 Shops at the Old Mill District (50%)		Bend	OR	2000	152,262	110,892	72.8%	Regal Cinemas, GAP
				TOTAL	397,365	324,893	81.8%
	Self Storage
40 Azusa(3)		Azusa	CA	1998	120,615	120,615	100.0%
41 San Diego/Morena(3,4)		San Diego	CA	1981	120,962	120,962	100.0%
42 San Diego-Murphy's Canyon(3)		San Diego	CA	1997	298,000	298,000	100.0%
43 Solana Beach(3)		Solana Beach	CA	1991	316,000	316,000	100.0%
				TOTAL	855,577	855,577	100.0%
		TOTAL RETAIL PORTFOLIO			8,331,084	7,828,984	94.0%
	Non-Retail Properties Office Properties
44 Scottsdale City Center		Scottsdale	AZ	2000	65,971	57,379	87.0%
45 Sacramento/Bradshaw		Sacramento	CA	1998	126,005	126,005	100.0%	AT&T
46 Excel Centre		San Diego	CA	2000	82,157	82,157	100.0%	Price Legacy, UBS Painewebber
47 Hollywood/Oakwood Business Ctr		Hollywood	FL	2001	141,150	133,159	94.3%	KOS Pharmaceuticals
				TOTAL	415,283	398,700	96.0%
	Hospitality
48 Grand Hotel		Grand Tusayan	AZ	1998	121 rooms	121 rooms
				TOTAL	—	—
		TOTAL NON-RETAIL PORTFOLIO			415,283	398,700	96.0%
	Development and Other Properties
49 Scottsdale Towers Land		Scottsdale	AZ	1998	N/A	N/A		Land
50 Tucson		Marana	AZ	1999	N/A	N/A		Land
51 Pointe Anaheim Garden Walk (88%)		Anaheim	CA	1998	—	—		Under Development
52 Redhawk Towne Center		Temecula	CA	1999	419,284	N/A		Under Development
53 Yosemite Land		Yosemite	CA	1998	N/A	N/A		Land
54 International Business Park		Orlando	FL	1999	N/A	N/A		Land
55 Shepherd Creek		Salt Lake City	UT	2001	N/A	N/A		Land
				TOTAL	419,284	—
		TOTAL DEVELOPMENT PROPERTIES			419,284	—
		TOTAL PORTFOLIO			8,746,367	8,227,684	94.1%

NOTES:

1.

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

2.

Lowe's opened June 5, 2002

3.

Master leased for operations to Price Self-Storage

4.

Single property, two tenant types, total property count is 54

5.

Consolidated Joint Venture

12

Price Legacy Corporation
Property Portfolio

Real Estate Portfolio—Top Ten Tenants
(Ranked by Annualized Minimum Rent(1))

	Tenant	Number of Leases	Leased GLA (000's)	% of Leased GLA		AMR (000's)		% of AMR
1	Costco	4	618,192	7.5	%	$	8,573	9.2	%
2	Price Self Storage	4	855,577	10.4	%		5,350	5.7	%
3	Home Depot	4	472,163	5.7	%		4,164	4.5	%
4	K-Mart	4	461,829	5.6	%		4,107	4.4	%
5	The Sports Authority	6	266,472	3.2	%		3,457	3.7	%
6	AMC Theaters	2	122,557	1.5	%		2,488	2.7	%
7	Marshall's	4	146,176	1.8	%		2,433	2.6	%
8	AT&T Wireless	1	126,005	1.5	%		2,056	2.2	%
9	Lowe's	3	365,857	4.4	%		2,008	2.2	%
10	Linens N Things	4	138,936	1.7	%		2,006	2.2	%
		36	3,573,764	43.4	%	$	36,642	39.3	%

1

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

Real Estate Portfolio—Lease Expiration Schedule
(excludes month-to-month leases and Newport Centre)

Year	Total Number Leases Expiring	Leases w/ Options	Leased GLA	% of Leased GLA		AMR Expiring		% of AMR
2002	40	12	253,634	3.1	%	$	2,396,878	2.6	%
2003	56	30	202,530	2.5	%		3,161,957	3.4	%
2004	62	41	244,521	3.0	%		3,642,086	3.9	%
2005	93	59	445,221	5.4	%		5,945,125	6.4	%
2006	68	31	373,747	4.5	%		5,913,483	6.3	%
2007	48	28	271,338	3.3	%		3,922,498	4.2	%
2008	13	12	114,915	1.4	%		1,651,215	1.8	%
2009	34	32	1,186,049	14.4	%		15,662,844	16.8	%
2010	33	31	477,298	5.8	%		7,741,565	8.3	%
2011+	125	77	4,534,861	55.1	%		42,230,537	45.3	%
TOTAL	572	353	8,104,114	98.5	%	$	92,268,188	99.0	%

Retail Vacancy & Net Absorption Change Analysis—Three Months Ended June 30, 2002

	Total SF		Leased SF		% Leased		Rent/Leased SF
April 1, 2002	8,394,489		7,901,479		94.1	%	11.37
Acquisitions	506,997		486,157		95.9	%	10.04
Net Absorption	(458	)	(23,021	)	—		7.53
Disposals	(154,661	)	(136,931	)	88.5	%	12.83
June 30, 2002	8,746,367		8,227,684		94.1	%	11.32

13

New Leases Signed Year-To-Date

	Retail Leases		Ground Leases
Number		14		2
Building SF		32,594		94,558
Land SF		—		405,451
Average Rent/SF	$	17.14	$	4.45

Vacancies—Prior Tenant Average Rent/SF
(excludes vacancies from new construction or acquisition)

SF		518,683
Average Rate/SF	$	8.18

14

Price Legacy Corporation
Supplemental Disclosure—Quarter End June 30, 2002
Real Estate Portfolio—Geographic Distribution

RETAIL PORTFOLIO

State / Country	Number of Properties	GLA	Percent Leased		Rent / Leased SF		AMR		% of Total AMR
Arizona	6	672,129	91.0	%	$	11.76	$	7,190,778	8.3	%
California	15	1,994,259	96.1	%		9.36		17,943,013	20.8	%
Canada	1	159,743	80.5	%		6.57		844,756	1.0	%
Connecticut	1	112,400	100.0	%		5.97		671,100	0.8	%
Florida	6	2,334,894	94.1	%		10.09		22,170,299	25.7	%
Indiana	2	377,152	99.2	%		6.49		2,428,397	2.8	%
Kentucky	1	341,845	69.0	%		17.02		4,016,005	4.7	%
New Jersey	2	549,414	97.0	%		11.57		6,163,769	7.1	%
New York	2	454,182	100.0	%		18.35		8,332,028	9.6	%
Ohio	1	126,400	100.0	%		5.14		650,000	0.8	%
Oregon	1	152,262	72.8	%		17.15		1,901,364	2.2	%
Pennsylvania	1	307,771	96.7	%		10.57		3,147,137	3.6	%
South Carolina	2	365,599	95.1	%		9.29		3,231,144	3.7	%
Virginia	2	383,034	100.0	%		20.03		7,670,802	8.9	%
	43	8,331,084	94.0	%	$	11.03	$	86,360,592	100.0	%
Region
West	22	2,818,650	93.6	%		10.25		27,035,155	31.3	%
Outside U.S.	1	159,743	80.5	%		6.57		844,756	1.0	%
East	20	5,352,691	94.6	%		11.55		58,480,681	67.7	%
	43	8,331,084	94.0	%	$	11.03	$	86,360,592	100.0	%

Price Legacy Corporation
Supplemental Disclosure—Quarter End June 30, 2002
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	65,971	87.0	%	$	20.29	$	1,164,067	17.2	%
California	2	208,162	100.0	%		19.01		3,957,966	58.4	%
Florida	1	141,150	94.3	%		12.43		1,654,839	24.4	%
	5	415,283	96.0	%	$	17.00	$	6,776,872	100.0	%
Region
West	4	274,133	96.9	%	$	19.29		5,122,033	75.6	%
East	1	141,150	94.3	%		12.43		1,654,839	24.4	%
	5	415,283	96.0	%	$	17.00	$	6,776,872	100.0	%

15

Price Legacy Corporation
Supplemental Disclosure—Quarter End June 30, 2002
Real Estate Portfolio—Geographic Distribution

DEVELOPMENT AND OTHER 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	3	419,284	N/A	N/A	N/A	N/A
Florida	1	N/A	N/A	N/A	N/A	N/A
	7	419,284	N/A	N/A	N/A	N/A
Region
West	6	419,284	N/A	N/A	N/A	N/A
East	1	N/A	N/A	N/A	N/A	N/A
	7	419,284	N/A	N/A	N/A	N/A

16

Past 12 Months Acquisitions & Dispositions Schedule

ACQUISITIONS

				Purchase Price
Property Name		Property Type(1)	Month Acquired										Anchor Tenants
	Location			Cash		Stock		Debt		Total		GLA
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
Heather Island Plaza	Ocala, FL	S	May-02		7,163,348		—		—		7,163,348	70,970	Publix
Cherrydale Point	Greenville, SC	S	Jun-02		29,500,000		—		—		29,500,000	299,128	Ingles, Goody's, Ross
Rice Creek Village	Columbia, SC	S	Jun-02		8,034,942		—		—		8,034,942	66,471	Publix
Safeway Center	Phoenix, AZ	S	Jun-02		9,815,578		—		—		9,815,578	70,428	Safeway
				$	109,652,237	$	—	$	183,316,441	$	238,454,810	2,925,771

DISPOSITIONS

				Selling Price
		Property Type(1)	Month Sold								Anchor Tenants
Property Name	Location			Cash		Debt		Total		GLA
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
Land	Marana, AZ	L	Mar-02		683,000		—		683,000	—	N/A
Land	Hollywood, FL	L	Mar-02		1,410,000		—		1,410,000	—	N/A
Land	Hollywood, FL	L	Mar-02		1,100,000		—		1,100,000	—	N/A
Glen Burnie	Glen Burnie, MD	S	Jun-02		15,099,000		—		15,099,000	154,661	Costco, Home Depot
Pacific Beach Self-Storage	San Diego, CA	SS	Jun-02		—		11,632,000		11,632,000		Price Self-Storage
San Juan Capistrano Self-Storage	San Juan Cap., CA	SS	Jun-02		—		6,918,000		6,918,000		Price Self-Storage
Walnut Creek Self Storage	Walnut Creek, CA	SS	Jun-02		—		7,708,000		7,708,000		Price Self-Storage
				$	48,813,623	$	26,258,000	$	52,006,623	547,685

(1)

L—Land, S—Shopping Center, SS- Self Storage, T—Single Tenant Property, O—Office

17

Real Estate Portfolio—Schedule of Debt—June 30, 2002

Property			Location	Interest Rate		Spread		Maturity	Balance (000's)
Fixed Rate Debt:
	Property Specific Debt
	Excel Centre (Capital Lease)		San Diego, CA	4.43	%	—		12/01/04	$	11,612
	Greensburg (Capital Lease)		Greensburg, IN	9.00	%	—		06/05/01		19,300
	Scottsdale City Centre (Capital Lease)		Scottsdale, AZ	4.02	%			06/20/04		3,100
	Murphy Canyon		San Diego, CA	9.00	%	—		04/01/04		8,637
	Middleton/Lowes		Middletown, Ohio	7.625	%	—		02/01/14		3,341
	Terre Haute/Lowes		Terre Haute, IN	8.75	%	—		06/01/03		3,392
	Scottsdale City Centre		Scottsdale, AZ	8.125	%	—		02/01/06		1,756
	Phoenix-Morgan Stanley-Wells		Phoenix, AZ	8.450	%	—		02/01/17		4,444
	Phoenix-Greenwich Cap-Midland		Phoenix, AZ	7.240	%	—		10/01/11		1,331
	Anaheim—RIST		Anaheim, CA	6.00	%	—		12/01/06		6,313
	Kendale*		Miami, FL	8.18	%	—		02/01/09		28,856
	Oakwood Plaza*		Hollywood, FL	8.18	%	—		02/01/09		66,382
	Cross County*		West Palm Beach, FL	9.00	%	—		01/01/10		32,203
	Cypress Creek*		Ft. Lauderdale, FL	8.18	%	—		02/01/09		23,246
	Oakwood Business*		Hollywood, FL	8.18	%	—		02/01/09		10,142
	TOTAL FIXED RATE PROPERTY SPECIFIC DEBT								$	224,055
	Credit Facility Debt
		Senior Notes		10.00	%	—		11/01/04	$	2,264
		Convertible Debentures		9.00	%	—		11/01/04		2,827
		TOTAL FIXED RATE NON-PROPERTY SPECIFIC DEBT							$	5,091
	TOTAL FIXED RATE DEBT								$	229,146
Variable Rate Debt:			Assumed Libor rate:	1.84	%
			Prime rate	4.75	%
	Property Specific Debt
	Tempe/Groves		Tempe, AZ	Libor		2.05	%	12/01/06		16,893
	Mesa/Pavillions		Mesa, Arizona	Libor		2.05	%	12/01/06		16,004
	Millenia Plaza		Orlando, FL	Libor		2.25	%	04/01/03		21,945
	Newport on the Levee		Newport, KY
		Construction/loan		Libor		3.10	%	01/03/03		37,019
		Firstar		Prime		0.50	%	03/01/03		4,738
	GMAC Commercial Mortgage		Various	Libor		0.98	%	06/01/04		121,375
		TOTAL SECURED VARIABLE RATE DEBT							$	217,974
		TOTAL VARIABLE RATE DEBT							$	217,974

18

				Total Weighted Average Fixed Rate Debt:						8.12	%
				Total Weighted Average Variable Rate Debt:						3.52	%
Unsecured Line of Credit			Assumed Libor rate:	1.88	%
				Interest Rate		Spread		Maturity		Balance
	Fleet Revolver			Libor		1.75	%	09/01/04	$	54,400
		TOTAL VARIABLE RATE DEBT							$	54,400
	TOTAL DEBT								$	501,520
	IMAX Equipment Loan (to be marked paid in full in 2002 in exchange for equipment—no interest)								$	5,451
									$	506,971
				Total Weighted Average All Debt:						5.63	%

*

Interest rate swapped to LIBOR +3.08 to LIBOR +3.88 as of May 1, 2002

19

QuickLinks

Supplemental Financial & Property Information June 30, 2002
Supplemental Financial & Property Information Table of Contents
Shareholder Information
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 OPERATIONS (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 Supplemental Disclosure—Quarter End June 30, 2002 Real Estate Portfolio—Property List
Price Legacy Corporation Property Portfolio
Real Estate Portfolio—Top Ten Tenants (Ranked by Annualized Minimum Rent(1))
Real Estate Portfolio—Lease Expiration Schedule (excludes month-to-month leases and Newport Centre)
Price Legacy Corporation Supplemental Disclosure—Quarter End June 30, 2002 Real Estate Portfolio—Geographic Distribution
Price Legacy Corporation Supplemental Disclosure—Quarter End June 30, 2002 Real Estate Portfolio—Geographic Distribution
Price Legacy Corporation Supplemental Disclosure—Quarter End June 30, 2002 Real Estate Portfolio—Geographic Distribution
Past 12 Months Acquisitions & Dispositions Schedule
ACQUISITIONS
DISPOSITIONS
Real Estate Portfolio—Schedule of Debt—June 30, 2002