December 2006

FEATURES
Cheaper to build than buy
Development isn’t cheap, what with the high prices of concrete, oil and other materials. But it’s still cheaper than buying retail real estate. Consequently, landlords’ development and redevelopment pipelines are full.
Retail to the rescue
Cities are turning to retail and other uses to make redundant sites useful again. Former factory sites, warehouse districts and other rundown parcels are spawning projects that benefit not only the neighborhoods around them, but also their host cities as a whole.
U.K., Germany to join the REIT club
Britain and Germany are scheduled to become the latest European countries to allow REITs next month. Britain in particular has several property companies chomping at the bit to become REITs.
Britain goes mall steam ahead
There are some 30 regional centers on the drawing board for Britain over the next five years which, should they all open, would add 53 million square feet of retail to the country’s stock.
Power centers for auto dealers
Developers are clustering car dealerships around retail projects in specially designed auto parks.
Poconos revival
Where once the Poconos were a place to visit, increasingly they are a place to live for commuters working in NewYork or Philadelphia. And where homes go, so do retailers.
Golden rules for Web site design
Web sites belonging to multimall landlords have to contain a lot of information. But not all on the home page, please, say design experts, who offer some dos and don’ts.
Mexico’s mall boom
Mexico is seeing a flurry of mall development (as many as 70 are currently under construction, according to some estimates), thanks to a growing middle class and easier access to commercial and consumer financing.
Latin America’s confident Congress
Delegates from every country in Latin America attended October’s International Congress of Shopping Centers, in Buenos Aires, and they reported they’re busier than ever.
The lure of Manhattan
It’s hard and expensive to find sites in Manhattan, but worth the struggle, say some developers and retailers who are succeeding after years of struggle.
Philippines out front
Many who seek examples of the latest in mall and lifestyle center design go to the U.S. But they might equally consider the Philippines.
REITs reign
Some landlords have switched places in this year’s ICSC ranking of the biggest North American landlords.
Selling Christmas at the mall
Christmas marketing campaigns once entailed putting up a tree and hiring a Santa. Oh, that it were still that simple.
Development in brief

Shopping Centers Today -> December 2006

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REITS REIGN

The largest owners of North American retail space continue to be REITs

As they have for several years, REITs dominate ICSC’s sixth annual ranking of the largest owners of North American shopping centers. As of July 31, no fewer than 23 of the 50 largest companies were REITs (public or private) based in the U.S. or Canada. Further, retail REITs made news this year by being targets in two of the largest takeovers of the year: Pan Pacific Retail Properties merged with Kimco Realty Corp. (also a REIT) in October. Kimco’s portfolio increased by 138 properties, bringing the combined total to about 22.6 million square feet of retail space as a result.

That same month Centro Properties Group (a public company in Australia) acquired Heritage Property Investment Trust. Heritage Property’s holdings comprised 159 shopping centers totaling 32.6 million square feet. Centro Watt, a joint venture between Centro Properties Group and Watt Commercial Properties (a private company based in Los Angeles), will manage those. Separately, U.S.-based companies account for nearly 85 percent of the listings. Canada-based firms represent 12 percent and Australian ones 6 percent. Two Australian companies, with North American properties held primarily in partnership, are making their debut on the list this year. Both of these, Galileo Shopping America Trust and Macquarie CountryWide Trust, entered the U.S. market in partnership with U.S. REITs — New Plan Excel Trust and Regency Centers, respectively — and each is the majority partner in its respective venture.

—Bindu Nair

1. Simon Property Group

Web site: www.simon.com
Indianapolis
President and/or CEO: David Simon
Company type: REIT
Owned GLA (millions of sf) 2006: 200.4
Owned GLA (millions of sf) 2005: 163.7
Number of properties 2006: 286
Number of properties 2005: 295

2. General Growth Properties

Web site: www.generalgrowth.com
Chicago
President and/or CEO: John L.
Bucksbaum, SCSM
Company type: REIT
Owned GLA (millions of sf) 2006: 173.5
Owned GLA (millions of sf) 2005: 142.3
Number of properties 2006: 224
Number of properties 2005: 219

3. Kimco Realty Corp.*

Web site: www.kimcorealty.com
New Hyde Park, N.Y.
President and/or CEO: Milton Cooper
Company type: REIT
Owned GLA (millions of sf) 2006: 167.9
Owned GLA (millions of sf) 2005: 116
Number of properties 2006: 1,266
Number of properties 2005: 829
*At press time, a merger was announced between Developers Diversified and Inland Retail Real Estate Trust (which owns 307 centers with 43.6 million square feet of gross leasable area). The outcome of the merger is not included in this ranking.

4. Developers Diversified Realty Corp.

Web site: www.ddrc.com
Beechwood, Ohio
President and/or CEO: Scott Wolstein
Company type: REIT
Owned GLA (millions of sf) 2006: 114
Owned GLA (millions of sf) 2005: 107
Number of properties 2005: 500
Number of properties 2005: 470

5. The Inland Real Estate Group of Cos.

Web site: www.inlandrealestate.com
Oakbrook, Ill.
President and/or CEO: Daniel Goodwin, chairman
Company type: Private REIT
Owned GLA (millions of sf) 2006: 110
Owned GLA (millions of sf) 2005: 100.5
Number of properties 2006: 907
Number of properties 2005: 832

6. The Macerich Co.

Web site: www.macerich.com
Santa Monica, Calif.
President and/or CEO: Arthur M. Coppola
Company type: REIT
Owned GLA (millions of sf) 2006: 80
Owned GLA (millions of sf) 2005: 58.1
Number of properties 2006: 95
Number of properties 2005: 101

7. CBL & Associates Properties

Web site: www.cblproperties.com
Chattanooga, Tenn.
President and/or CEO: Charles B. Lebovitz
Company type: REIT
Owned GLA (millions of sf) 2006: 71.5
Owned GLA (millions of sf) 2005: 61.8
Number of properties 2006: 112
Number of properties 2005: 119

8. New Plan Excel Realty Trust

Web site: www.newplanexcel.com
New York City
President and/or CEO: Glenn J. Rufrano
Company type: REIT
Owned GLA (millions of sf) 2006: 67.9
Owned GLA (millions of sf) 2005: 45.3
Number of properties 2006: 480
Number of properties 2005: 438

9. Westfield Group

Web site: www.westfield.com
Los Angeles (U.S. office)
Managing Director: Peter Lowy
Company type: Public (Australia)
Owned GLA (millions of sf) 2006: 64.6
Owned GLA (millions of sf) 2005: 70
Number of properties 2006: 59
Number of properties 2005: 68

10. The Mills Corp.

Web site: www.millscorp.com
Chevy Chase, Md.
President and/or CEO: Mark S. Ordan
Company type: REIT
Owned GLA (millions of sf) 2006: 49
Owned GLA (millions of sf) 2005: 36.9
Number of properties 2006: 40
Number of properties 2005: 41

Centro Watt*

Web site: www.centrowatt.com
Plymouth Meeting, Pa.
President and/or CEO: Jim Maginn
Company type: Private
Owned GLA (millions of sf) 2006: 49
Owned GLA (millions of sf) 2005: 15.4
Number of properties 2006: 265
Number of properties 2005: 100
*Centro Watt is a joint venture between Centro Properties Group and Watt Commercial Properties. Watt Commercial owns 3 million square feet separate of the joint venture.

11. Weingarten Realty Investors

Web site: www.weingartenrealty.com
Houston
President and/or CEO: Andrew M. Alexander
Company type: REIT
Owned GLA (millions of sf) 2006: 47.3
Owned GLA (millions of sf) 2005: 36
Number of properties 2006: 295
Number of properties 2005: 287

12. Regency Centers Corp.

Web site: www.regencycenters.com
Jacksonville, Fla.
President and/or CEO: Martin E. Stein Jr.
Company type: REIT
Owned GLA (millions of sf) 2006: 45.9
Owned GLA (millions of sf) 2005: 33.1
Number of properties 2006: 390
Number of properties 2005: 385

13. SmartCentres (formerly First Professional Shopping Centres)

Web site: www.smartcentres.com
Toronto
President and/or CEO: Mitchell Goldhar
Company type: Private
Owned GLA (millions of sf) 2006: 43.6
Owned GLA (millions of sf) 2005: 13.2
Number of properties 2006: 160
Number of properties 2005: 60

14. Pennsylvania Real Estate Investment Trust

Web site: www.preit.com
Philadelphia
President and/or CEO: Ronald Rubin
Company type: REIT
Owned GLA (millions of sf) 2006: 34.5
Owned GLA (millions of sf) 2005: 30.4
Number of properties 2006: 52
Number of properties 2005: 51

15. Ivanhoe Cambridge

Web site: www.ivanhoecambridge.com
Montréal
President and/or CEO: René Tremblay
Company type: Owned by Canadian pension funds
Owned GLA (millions of sf) 2006: 33.8
Owned GLA (millions of sf) 2005: 24.4
Number of properties 2006: 54
Number of properties 2005: 56

16. The Cafaro Co.

Web site: www.cafaro.com
Youngstown, Ohio
President and/or CEO: Anthony M. Cafaro
Company type: Private
Owned GLA (millions of sf) 2006: 31.7
Owned GLA (millions of sf) 2005: 31.8
Number of properties 2006: 52
Number of properties 2005: 52

17. RioCan Real Estate Investment Trust

Web site: www.riocan.com
Toronto
President and/or CEO: Edward Sonshine
Company type: Canada-based REIT
Owned GLA (millions of sf) 2006: 28.8
Owned GLA (millions of sf) 2005: 29.9
Number of properties 2006: 191
Number of properties 2005: 193

18. Cadillac Fairview

Web site: www.cadillacfairview.com
Toronto
President and/or CEO: Peter L. Sharpe
Company type: Owned by a Canadian pension fund
Owned GLA (millions of sf) 2006: 28.7
Owned GLA (millions of sf) 2005: 24.7
Number of properties 2006: 48
Number of properties 2005: 45

19. Garden Commercial Properties

Web site: www.gardencommercial.com
Short Hills, N.J.
President and/or CEO: Leonard A. Wilf
Company type: Private
Owned GLA (millions of sf) 2006: 26.8
Owned GLA (millions of sf) 2005: 26.5
Number of properties 2006: 112
Number of properties 2005: 111

20. Benderson Development Co.

Web site: www.benderson.com
University Park, Fla.
President and/or CEO: Randall Benderson
Company type: Private
Owned GLA (millions of sf) 2006: 25.3
Owned GLA (millions of sf) 2005: 23.6
Number of properties 2006: 294
Number of properties 2005: 268

21. Glimcher Realty Trust

Web site: www.glimcher.com
Columbus, Ohio
President and/or CEO: Michael P. Glimcher
Company type: REIT
Owned GLA (millions of sf) 2006: 25
Owned GLA (millions of sf) 2005: 23.6
Number of properties 2006: 32
Number of properties 2005: 40

22. THF Realty

Web site: www.thfrealty.com
St. Louis
President and/or CEO: Michael Staenberg
Company type: Private
Owned GLA (millions of sf) 2006: 24.3
Owned GLA (millions of sf) 2005: 20.8
Number of properties 2006: 111
Number of properties 2005: 114

23. Taubman Centers

Web site: www.taubman.com
Bloomfield Hills, Mich.
President and/or CEO: Robert S. Taubman
Company type: REIT
Owned GLA (millions of sf) 2006: 24.2
Owned GLA (millions of sf) 2005: 19.4
Number of properties 2006: 22
Number of properties 2005: 22

24. Forest City Enterprises

Web site: www.fceinc.com
Cleveland
President and/or CEO: Charles A. Ratner
Company type: Public
Owned GLA (millions of sf) 2006: 21.7
Owned GLA (millions of sf) 2005: 14.1
Number of properties 2006: 44
Number of properties 2005: 44

25. Equity One

Web site: www.equityone.net
North Miami Beach, Fla.
President and/or CEO: Chaim Katzman* Company type: REIT
Owned GLA (millions of sf) 2006: 20.1
Owned GLA (millions of sf) 2005: 19.6
Number of properties 2006: 188
Number of properties 2005: 182
*Jeffrey Olson will become CEO and president in 2007.

26. Casto

Web site: www.donmcasto.com
Columbus, Ohio
President and/or CEO: Don M. Casto III and Frank S. Benson III
Company type: Private
Owned GLA (millions of sf) 2006: 20
Owned GLA (millions of sf) 2005: 18.6
Number of properties 2006: 88
Number of properties 2005: 81

27. Pyramid Cos.

Web site: www.pyramidmg.com
Syracuse, N.Y.
President and/or CEO: Michael Bovalino
Company type: Private
Owned GLA (millions of sf) 2006: 19.5
Owned GLA (millions of sf) 2005: 18.7
Number of properties 2006: 20
Number of properties 2005: 20

28. Galileo Shopping America Trust

Web site: www.galileofunds.com.au
Sydney, Australia
President and/or CEO: Neil Werrett
Company type: Public (Australia)
Owned GLA (millions of sf) 2006: 19.2
Number of properties 2006: 132

29. Federal Realty Investment Trust

Web site: www.federalrealty.com
Rockville, Md.
President and/or CEO: Donald C. Wood
Company type: REIT
Owned GLA (millions of sf) 2006: 18.4
Owned GLA (millions of sf) 2005: 17.4
Number of properties 2006: 80
Number of properties 2005: 80
Rank in 2005: 30

30. RD Management

Web site: www.rdmanagement.com
New York City
President and/or CEO: Richard J. Birdoff
Company type: Private
Owned GLA (millions of sf) 2006: 18
Owned GLA (millions of sf) 2005: 18
Number of properties 2006: 200
Number of properties 2005: 200

31. Ramco-Gershenson

Properties Trust Web site: www.ramco-gershenson.com
Southfield, Mich.
President and/or CEO: Dennis Gershenson
Company type: REIT
Owned GLA (millions of sf) 2006: 17.9
Owned GLA (millions of sf) 2005: 14.9
Number of properties 2006: 79
Number of properties 2005: 81

32. Macquarie CountryWide Trust

Web site: www.macquarie.com.au/countrywide
Sydney, Australia
President and/or CEO: Steven Sewell
Company type: Public (Australia)
Owned GLA (millions of sf) 2006: 17.1
Number of properties 2006: 145

33. First Capital Realty*

Web site: www.firstcapitalrealty.ca
Toronto
President and/or CEO: Dori Segal
Company type: Public (Canada)
Owned GLA (millions of sf) 2006: 16.8
Owned GLA (millions of sf) 2005: 14.7
Number of properties 2006: 144
Number of properties 2005: 121
*First Capital Realty also owns 18 percent of Equity One’s shares. Those shares are not factored into the ranking.

34. Edens & Avant

Web site: www.edensandavant.com
Columbia, S.C.
President and/or CEO: Terry S. Brown
Company type: Private
Owned GLA (millions of sf) 2006: 16.7
Owned GLA (millions of sf) 2005: 18.6
Number of properties 2006: 153
Number of properties 2005: 175

35. Calloway Real Estate Investment Trust

Web site: www.callowayreit.com
Toronto
President and/or CEO: Simon Nyilassy
Company type: Canada-based REIT
Owned GLA (millions of sf) 2006: 15.9
Owned GLA (millions of sf) 2005: 16.5
Number of properties 2006: 96
Number of properties 2005: 91

36. Vestar Development Co.

Web site: www.vestar.com
Phoenix
President and/or CEO: Lee T. Hanley
Company type: Private
Owned GLA (millions of sf) 2006: 15.7
Owned GLA (millions of sf) 2005: 14
Number of properties 2006: 28
Number of properties 2005: 34

37. Vornado Realty Trust

Web site: www.vornado.com
Paramus, N.J.
President and/or CEO: Steven Roth
Company type: REIT
Owned GLA (millions of sf) 2006: 15.3
Owned GLA (millions of sf) 2005: 13.1
Number of properties 2006: 86
Number of properties 2005: 65

38. National Realty & Development Corp.

Web site: www.nrdc.com
Purchase, N.Y.
President and/or CEO: John G. Orrico
Company type: Private
Owned GLA (millions of sf) 2006: 14.5
Owned GLA (millions of sf) 2005: 15.9
Number of properties 2006: 80
Number of properties 2005: 85

39. Phillips Edison & Co.

Web site: www.phillipsedison.com
Cincinnati
President and/or CEO: Jeffrey Edison, principal; Michael Phillips, principal
Company type: Private
Owned GLA (millions of sf) 2006: 14.4
Owned GLA (millions of sf) 2005: 10.9
Number of properties 2006: 115
Number of properties 2005: 92

40. Colonial Properties Trust

Web site: www.colonialprop.com
Birmingham, Ala.
President and/or CEO: Thomas H. Lowder
Company type: REIT
Owned GLA (millions of sf) 2006: 13.9
Owned GLA (millions of sf) 2005: 11.5
Number of properties 2006: 49
Number of properties 2005: 44

41. J.J. Gumberg

Web site: www.jjgumberg.com
Pittsburgh
President and/or CEO: Ira J. Gumberg
Company type: Private
Owned GLA (millions of sf) 2006: 13.8
Owned GLA (millions of sf) 2005: 10.4
Number of properties 2006: 32
Number of properties 2005: 32

42. W/S Development Associates (listed last year as S.R. Weiner & Associates)

Web site: www.srweiner.com
Chestnut Hill, Mass.
President and/or CEO: Jeremy M. Sclar
Company type: Private
Owned GLA (millions of sf) 2006: 13.5
Owned GLA (millions of sf) 2005: 12.6
Number of properties 2006: 77
Number of properties 2005: 72

43. Prudential Real Estate Investors

Web site: www.prudential.com
Parsippany, N.J.
President and/or CEO: Charles F. Lowrey
Company type: Real estate investment adviser
Owned GLA (millions of sf) 2006: 13.1
Owned GLA (millions of sf) 2005: 13.5
Number of properties 2006: 83
Number of properties 2005: 81
Rank in 2005: 39

44. RREEF

Web site: www.dbrealestate.com/rreef
San Francisco, Chicago, New York
Managing Partner: Stephen Steppe
Company type: Real estate investment adviser
Owned GLA (millions of sf) 2006: 12.6
Owned GLA (millions of sf) 2005: 11.2
Number of properties 2006: 56
Number of properties 2005: 51

45. Hull Storey Retail Group

Web site: www.hullstorey.com
Augusta, Ga.
President and/or CEO: John Gibson
Company type: Private
Owned GLA (millions of sf) 2006: 10.8
Owned GLA (millions of sf) 2005: 10.1
Number of properties 2006: 54
Number of properties 2005: 50

46. LaSalle Investment Management

Web site: www.lasalle.com
Chicago
President and/or CEO: Lynn Thurber
Company type: Real estate investment management firm
Owned GLA (millions of sf) 2006: 10.3
Number of properties 2006: 47

47. Gregory Greenfield & Associates

Web site: www.greggreenfield.com
Atlanta
President and/or CEO: Gregory R. Greenfield
Company type: Private
Owned GLA (millions of sf) 2006: 10.1
Owned GLA (millions of sf) 2005: 12
Number of properties 2006: 15
Number of properties 2005: 17

Aronov Realty

Web site: www.aronov.com
Montgomery, Ala.
President and/or CEO: Jake Aronov
Company type: Private
Owned GLA (millions of sf) 2005: 10.1
Owned GLA (millions of sf) 2005: 11.5
Number of properties 2006: 42
Number of properties 2005: 47

48. Donahue Schriber

Web site: www.donahueschriber.com
Costa Mesa, Calif. President and/or CEO: Patrick Donahue
Company type: Private REIT
Owned GLA (millions of sf) 2006: 10
Number of properties 2006: 73

Data correct as of July 31, 2006, though the Pan Pacific-Kimco deal and the Centro-Heritage transaction were taken into account (see page 153). When available, total GLA for the center was counted. Some properties and square footage might be jointly owned. We did not count properties that are managed but not owned by the company or properties outside North America.

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