President and chief operating officer: Richard Sokolov
Portfolio: In North America, Indianapolis-based Simon Property Group owns 299 properties totaling 203 million square feet.
Spent in 2004: $5.6 billion in acquisitions; $400 million in development and redevelopment.
Plans to spend: NA
The quote: “We’re basically going through all of our properties to come up with programs that accommodate our existing retailers…[and] add more retailers that are doing better sales than the former occupants.”
GENERAL GROWTH PROPERTIES INC.
Chief executive officer: John Bucksbaum
Portfolio: Chicago-based General Growth Properties Inc. owns 221 malls totaling 200 million square feet.
Spent in 2004: Roughly $300 million in redevelopment.
Plans to spend: NA
The quote: “You need to take existing projects and evolve them into what’s most desirable today from the consumers and retailers.” WESTFIELD GROUP
Managing director: Peter Lowy
Portfolio: Australian-based Westfield Group owns 66 malls totaling 68 million square feet in the U.S.
Spent in 2004: $1.2 billion in redevelopment in the U.S.
Plans to spend: Up to $2 billion a year for the next five to seven years on existing assets in the U.S.
The quote: “You can’t just take the amount of square footage and divide by population and say it’s over-retailed.”CBL & ASSOCIATES PROPERTIES INC.
Spent in 2004: $1.1 billion in acquisitions; $385 million in new development.
Plans to spend: $524 million on a single acquisition in January; $650 million in redevelopment in the next two years, and $1.7 billion in new development projects to break ground in the next two years.
The quote: “You can’t develop with the reckless abandonment that we used to. You can’t build projects down the street or across the street or around the corner from an existing mall and expect to be successful.”