EXHIBIT 99.03

PRICE LEGACY CORPORATION
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET—UNAUDITED
As of June 30, 2002
(dollars in thousands)

        The following unaudited Pro Forma Condensed Consolidated Balance Sheet has been presented as if the sales of the two self-storage properties and the acquisition of Dulles Town Crossing by the Company had occurred on June 30, 2002. The unaudited Pro Forma Condensed consolidated Balance Sheet should be read in conjunction with the consolidated financial statements of the Company included in the Quarterly Reports on Form 10-Q for the fiscal quarter ended June 30, 2002. In management's opinion, all pro forma adjustments have been made that are necessary to reflect this transaction. The unaudited Pro Forma Condensed Consolidated Balance Sheet is not necessarily indicative of what the actual financial position would have been at June 30, 2002, does not include other transactions occurring after June 30, 2002, nor does it purport to present the future financial position of the Company.

		As of June 30, 2002
		Historical		Pro Forma Adjustments		Company Pro Forma
ASSETS:
Real estate assets		$	1,067,029	$	39,475	$	1,106,504
Other Assets			151,928		9,794		161,722
	Total Assets		1,218,957		49,269		1,268,226
LIABILITIES AND STOCKHOLDERS' EQUITY:
Mortgages and notes payable			506,971		40,863		547,834
Accounts payable and other liabilities			26,333		65		26,398
	Total Liabilities		533,304		40,928		574,232
Minority interest			595		—		595
Stockholders' equity			685,058		8,341		693,399
Total liabilities and stockholders' equity		$	1,218,957	$	49,269	$	1,268,226