General Growth Properties, Inc. 2000 ANNUAL REPORT OUR VISION IS TO BE A CUSTOMer BUILT COMPANY GIVING OUR core consumers FINANCIAL HIGHLIGHTS CUSTOMERS WHAT COMPANY PROFILE (LIFT) SHAREHOLDER LETTER 2 THEY WANT, WHEN consumers 8–11 THEY WANT IT, Fulfill the needs of consumers while being an integral part of the community
AND WHERE THEY CONSUMER MARKETING WANT IT. CONSUMER TECHNOLOGY owners owners 12–15 Deliver superior results through the creation of value in retail real estate
OWNER PROGRAMS OWNER DEVELOPMENTS/RENOVATIONS
retailers 16–19 Build strong partnerships and create marketplaces that enable our retailers retailers to achieve their objectives PORTFOLIO REVIEW RETAILER TECHNOLOGY LEASING/SPECIALTY LEASING
employees 20-22 Support and develop GGP employees with programs and benefits that reward excellence
GGP LEARNING MALL HUMAN RESOURCES employees PORTFOLIO 23–30 FINANCIAL REVIEW 31–72 DIRECTORS AND OFFICERS 73 CORPORATE INFORMATION 74 OWNED SHOPPING CENTERS AT YEAR END
1995 6‡
1996 ‡∞ INCLUDES CENTERMARK
COMPANY PROFILE General Growth Properties and its predecessor companies have been in the shopping 1997 6› center business for nearly fifty years. It is one of the largest regional mall Real Estate Investment Trusts (REITs) in the United States. General Growth owns, develops, operates and/or manages shopping malls in 37 1998 °› states. As of year-end 2000, GGP had ownership interests in, or management responsibility for, 132 regional 1999 ·‹ shopping malls totaling more than 116 million square feet of retail space. The total retail space is inclusive 2000 ·∞ of more than 15,000 retailers nationwide. General Growth provides investors with the opportunity to participate in the ownership of high-quality, income-producing real estate while maintaining liquidity. Our primary TOTAL SQUARE FOOTAGE IN MILLIONS objective is to provide increasing dividends and capital appreciation for our shareholders. 1995 ∞‹
Creating shareholder value is the company’s mission. The Bucksbaum family, which founded General Growth, 1996 §⁄ INCLUDES CENTERMARK is still engaged in the operation of the company’s day-to-day business activities. As owners of a major 1997 ∞¤ stake in the company, General Growth management’s interests are aligned with those of each and every GGP shareholder. 1998 ‡⁄
1999 °‹
2000 °§
REAL ESTATE ASSETS AT COST IN MILLIONS
1995 $⁄,··§
1996 $¤,¤‹° FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 1997 $¤,∞·‚
% CHANGE 1998 $›,‡§‚ 2000 VS. 1999 2000 1999 1998 1997 1996 1995 1999 $§,¤‹‡ Total Pro rata Revenues(1) 23% $ 1,111,660 $ 907,021 $ 627,902 $ 448,302 $ 363,388 $ 228,964 Total Pro rata EBITDA(1) 23% $ 662,673 $ 537,381 $ 362,621 $ 248,028 $ 207,301 $ 143,278 2000 $§,‡‹∞ Funds from Operations (FFO) (Before Minority Interests) 20% $ 330,299 $ 274,234 $ 192,274 $ 147,625 $ 108,526 $ 81,214 MALL SHOP SALES IN MILLIONS FFO Per Share 10% $ 4.42 $ 4.02 $ 3.35 $ 2.89 $ 2.44 $ 1.97 1995 $¤,⁄‡∞
(2) Real Estate Assets at Cost 8% $ 6,735,376 $ 6,236,946 $ 4,760,445 $ 2,590,469 $ 2,238,089 $ 1,996,136 1996 $¤,‹∞⁄ EXCLUDES CENTERMARK Total Market Capitalization 14% $ 7,600,348 $ 6,672,167 $ 5,922,023 $ 3,674,164 $ 3,061,402 $ 1,989,051 1997 $¤,§∞⁄ STOCK AND PARTNERSHIP UNITS OUTSTANDING AT YEAR END 1998 $∞,⁄‡§ Shares of Common Stock 52,281,259 51,697,425 39,000,972 35,634,977 30,789,185 27,272,560 1999 $6,·‹⁄ Operating Partnership Units(3) 19,593,705 19,798,192 19,831,354 18,763,955 17,934,410 16,100,461 Shares of Convertible 2000 $‡,››¤ Preferred Stock(3) 13,500,000 13,500,000 13,500,000 — — — Shares of Common Stock Assuming DIVIDEND GROWTH PER SHARE Full Conversion of Operating 1995 $⁄.‡‚ Partnership Units and Convertible Preferred Stock 80,375,914 79,996,567 67,333,276 54,398,932 48,723,595 43,373,021 1996 $⁄.‡¤
1997 $⁄.°‚ MALL DATA DOLLARS IN MILLIONS 1998 $⁄.°°
2000 1999 1998 1997 1996 1995 1999 $⁄.·§
2000 $¤.‚§ Mall Shop Tenant Sales(4) $ 7,442 $ 6,931 $ 5,176 $ 2,651 $ 2,351 $ 2,175
Shopping Center Interests FFO GROWTH DOLLAR/SHARE Owned at Year End 95 93 84 64 75 67 1995 $⁄.·° Mall Shop Square Footage (4) Leased at Year End 91.00% 90.1% 88.6% 85.7% 86.3% 89.2% 1996 $¤.››
1997 $¤.°·
(1) Portfolio results combine the revenues and expenses of General Growth Management, Inc. with the applicable ownership percentage times the revenue and expenses from properties wholly and/or partially owned by the Company. 1998 $‹.‹∞ (2) Real estate assets at cost include the Company's cost of investments in unconsolidated affiliates plus the Company's pro rata share of debt recorded by the unconsolidated affiliates. (3) Operating Partnership Units can be exchanged on a one-for-one basis into shares of the Company's common stock. All of the Convertible Preferred Stock outstanding is convertible 1999 $›.‚¤ into 8,500,950 shares of the Company's common stock. (4) Data is for 100% of the non-anchor gross leasable area, including those centers that are owned in part by unconsolidated affiliates. 2000 $›.›¤ core shareholders’ letter
DEAR SHAREHOLDER: If the year 2000 was the year that the Internet CONSUMER FUNDAMENTALS ⁄‚⁄: The evolution of the regional mall bubble burst, the year 2001 will be the year that profitability is again began as people moved away from the city core and into the burgeoning sustained by good sense and good fundamentals. There is an expression suburbs. It was common business sense that the retailers follow that states, “If you don’t know where you are going, any road will get them. When the downtown was the primary retail location it was you there.” We know where we are going and what road we are traveling. acceptable for stores to be open from 9:00 AM to 5:00 PM Monday It’s the road to value creation and it is paved with solid business fun- thru Friday, mirroring the hours of the workers in the adjoining office damentals. These fundamentals have been one of the strengths and buildings. But, as more and more people moved into the outlying hallmarks of our company. It is our ability to accommodate ever-evolving areas, longer shopping hours were needed. As two-income homes change, yet understand what constitutes sound fundamentals, that became more commonplace, more shopping days were needed. The keeps us on this road. result: Saturday and Sunday soon became primary shopping days. What the year 2001 brings for us is more of the same; meaning that we Today, shoppers are no longer satisfied with the above. They want multi- will stress the fundamentals that have sustained us as industry leaders channel shopping (e.g. Internet), they want 24/7 availability – they want for almost 50 years, while highlighting the “e” in those fundamentals. shopping available to them in their homes, their offices, their schools, By this we mean putting the “e” into our malls, with the beginning stages and on their wireless hand-held units. GGP is giving it to them. This of eCommerce, broadband, and a suite of enhanced applications, all of past year saw us unveil Mallibu.com™, GGP’s online shopping portal. which are making our malls and our retail stores smart. This also means Mallibu.com™ targets the consumer and will ultimately provide eCommerce putting the “e” into leasing, which benefits both our retailers and us by variety, convenience, and value. Mallibu.com™ is designed to enhance – utilizing technology to expedite the store pre-opening process. Putting not replace – the shopping experience, and build traffic and sales for the “e” into employee training means providing computer-based tools our mall retailers. and software that enable our people to learn while at their desktops or at Mallibu.com™ provides our consumers with access to over 100 local home. Putting the “e” into our legal department means creating a more mall web sites (“eMalls”), which will ultimately include over 15,000 efficient and better lease documentation process. And finally, putting virtual stores. Each eMall offers valuable information such as mall the “e” into our accounting systems mean that we will automatically directories, maps, mall hours, events, movie times, job opportunities, Left to Right: track and update budgets, and flag extraordinary items to prevent waste Bernard Freibaum value saving coupons, and much more. In the future, Mallibu.com™ and unnecessary expenditures. It is through these initiatives that we are John Bucksbaum Robert Michaels fundamentally changing and improving our business fundamentals. Matthew Bucksbaum During the last three years, most people would have thought there were nothing other than virtual highways in this country, and that all 2 roads leading to the regional mall were really just leading toward a 3 dead end. The year 2000 has shown everyone just how easy it is for the reckless traveler on the virtual highway to end up in the real graveyard. In comparison, those who stayed the course with General Growth were richly rewarded. During the year, our road was traveled by many new investors resulting in over $500 million of additional market capitalization for GGP shareholders and a total shareholder return of 36.5% for the year. A fundamental requirement for staying on the road to value creation is that our eyes are wide open and that we have a vision as to where we are going. At General Growth our vision is to be a: CUSTOMer BUILT Company giving our core customers what they want, when they want it and where they want it. core is an acronym for Consumers, Owners, Retailers and Employees. By dedicating ourselves to customizing all of our efforts for the benefit of our core customers, we will continually achieve the results that people have come to expect from GGP. We will do this through advanced and innovative processes, as well as basic fundamentals. core s
will allow shoppers to make product purchases online from their local manage our finances prudently. Smart REIT investors study the ratio mall and enjoy the convenience of the Internet on a local level. Through of earnings to dividend payouts and invest in companies that have a these initiatives, GGP is successfully converging the traditional retail low payout ratio. At GGP, this translates into a well thought out plan environment with the digital marketplace. on how to use our undistributed FFO and thus position ourselves to improve our properties and create additional long-term value for our OWNER FUNDAMENTALS ⁄‚⁄: In last year’s Shareholders’ letter, we told owners. This is a fundamental we learned well from managing our you that relative stock valuations between technology stocks and REITs business through the various real estate cycles since the early 1960s, were nonsensical. We quoted The Wall Street Journal as follows: “The and it is also a fundamental we will continue to follow. future has arrived – it is just not evenly distributed yet.” We have always been optimistic that General Growth would eventually be recognized and RETAILER FUNDAMENTALS ⁄‚⁄: Our third core customer is our Retail rewarded by Wall Street for our superior performance, and for recognizing customer. We have a long and prosperous history with our retailers the future without losing sight of what we learned in the past. Indeed due to the relationships we have created with them. While some people that did occur in 2000. GGP produced an overall shareholder return of doubt the importance of relationships in today’s world, we still believe 36.5% for the year 2000. As Owners, you will be pleased to know that in them. By bringing the “e” into the mall, we are opening new frontiers in the year 2000, GGP also had the following accomplishments: that will allow us to forge new partnerships. A great example of this is our partnership with a leading brokerage firm. Last year, this com- • Fully diluted Funds From Operations (“FFO”) pany approached us about creating a Customer Investment Center per share increased to $4.42 for the full year 2000, kiosk and Investor Education Center at Tysons Galleria in McLean, which represents an increase of 10% over 1999. Virginia. It was recognized that today’s customers have more choices • Total FFO for 2000 increased to $330.3 million for spending their time and money, more information than ever before, versus $274.2 million in 1999. Accordingly, total and increased competition for their attention. This meant finding new FFO for the year increased by 20.5% over 1999. ways to reach and engage diverse audiences, and together we did just
• Total sales increased 7.4% and comparable sales that. We took the customer’s need for investment information and increased 2.4% for 2000. created an in-mall experience that stimulates the mind and touches the senses. We expect to further this partnership going forward. The • Annualized sales productivity per square foot investment business has not historically been found in many malls, but increased to $357 for 2000, versus $341 for 1999.
• Total pro-rata revenues for 2000 increased to $1.1 billion, a 22.6% increase over 1999. OPERATING PRINCIPLES GGP IS FOUNDED ON THE FOLLOWING PRINCIPLES, WHICH GUIDE OUR DAILY BUSINESS. WE STRIVE TO: • Pro-rata net operating income (“NOI”) increased 4 to $674.2 million for the year 2000, comprising an 5 ONE Maintain a clear focus on what we do best: FIVE Continue to reduce the percentage distributed increase of 23.4% over 1999. create value and profit by acquiring, developing, from Funds From Operations (“FF0”). Undistributed renovating, and managing regional malls in major FFO represents our least expensive form of capital. • Mall shop occupancy increased to 91% for 2000, and middle markets throughout the United States. Depreciation in real estate requires that we have versus 90.1% for 1999. the funds available to reinvest to keep our proper- TWO Make decisions with your money that we ties interesting, appealing, and attractive to cus- would make with our own. When we act, we are • The average rent for new/renewal leases signed tomers. acting with our own money side by side with yours. during 2000 was $35.24, versus $29.29 for all We are partners with our shareholders. The manage- SIX Keep sight of the reasons why our community leases expiring in 2000. ment and 3,400 employees of General Growth own of shareholders and business partners are invested approximately 32% of the company. in us: performance, security, and liquidity. We will In addition, undistributed FFO for the year 2000 was in excess of $170 be candid in our reporting to you. We will be honest THREE Avoid actions based solely on our current million and for the year 2001 we are estimating undistributed FFO of in telling you what is good in our business and what stock price or for short-term results. We are in a the challenges are. In a business that counts on the over $200 million. Real estate requires constant capital expenditures. long-term business. Our goal is to maximize and successful handling of details, we will work hard These expenditures can take the shape of mall expansions, renovations, increase shareholder value. to keep your confidence as we tend to the details or remerchandising programs; or it may be necessary to replace our FOUR Use conservative reporting methods that at hand. roofs, our parking lots, or our heating and air conditioning units. Today, accurately and meaningfully reflect the operating results of our company. These methods are rec- more than ever, it is paramount to our success that we have the necessary ommended by the National Association of Real capital available to reinvest into our properties. GGP has always under- Estate Investment Trusts (NAREIT), and allow for stood this basic fundamental of real estate, and because of this we accurate comparisons with our competitors. core s
technology is changing that. The technology in our malls will create company financials through “open book” management. If we expect smarter investors and more successful operations for brokerage firms successful performance from our employees, we must ensure that and their thousands of customers. The brokerage partnership above they have the opportunity to access and understand the company’s is only one of countless examples of how we have gone the extra mile financial statements at all times. to make a retailer/service provider more successful. By applying the Training and leadership management is also fundamental to our right fundamentals to our business and to our properties, retailers ongoing success. We view education as a life-long process that does will continue to make our regional malls their venues of choice. not stop when joining the workforce. We give our employees the tools People often categorize the real estate business as being one of landlords to do their jobs more effectively. We recently completed the new GGP and tenants. This is not our business. Our business is to work with our University classrooms in our Chicago corporate office, consisting of retailers to form lasting partnerships. Our business is to create retail over 5,000 square feet dedicated to training and learning. Activities include:
marketplaces that enable our retailers to achieve their goals and • The GGP Learning MallTM, which offers classes for emerging objectives. We do this by creating and maintaining personal relationships managers, leadership training, and advanced leadership training.
not only with national retail chains, but also with regional and local stores. • The GGP Mentoring Program As a result, we are able to sustain our position as the leading developer, • Individual Assessment Programs manager, and operator of regional malls throughout the United States. One fundamental that we stress to all our employees is that it is our job • Individual Development Plans to understand our retailer and to creatively help them achieve success. • Individual and Group Training and Coaching If we can understand their needs, and they can understand ours, both of • Ongoing Performance Appraisals us will benefit. This is how we nurture and grow our retail partnerships. You might ask why we are doing all of these things. The reasons are simple. EMPLOYEE FUNDAMENTALS ⁄‚⁄: People make the difference at GGP. Just as we invest in our properties to maintain and improve them, we We recognize that human capital is our most important asset. Human also invest in our employees. During the past year we restructured capital is a core competency of GGP just like finance, technology, many of our business units in order to create cross-functional business leasing, development, and acquisitions. Sustaining our competitive teams. This new structure takes advantage of our substantial size while advantage requires that we have good employees with good ideas. It is our simultaneously increasing our individual focus. Teamwork is the key to people who bring us our good ideas and it is our people who are responsible our future success. for our value creation. How do we achieve this? We have many tools. One of our primary goals at General Growth is to breed innovation and In previous years we told you about our incentive compensation program, creativity from change. We want creators at GGP, not just problem solvers. Cash Value Added (“CVA”). CVA is our program for creating shareholder Change is occurring at all levels of our core group and we are bringing 6 and company value by measuring our brick and mortar capital invest- our customers into the process. We view change as an opportunity that 7 ments versus the cost of our capital. Through the application of CVA is occurring faster than anytime in history. Our vision of focusing on the at many levels within GGP, we have empowered and motivated our core group will enable us to participate and benefit from these changes, employees, and allowed them to share in the gain resulting from their and through this process we will create value. efforts. CVA recognizes the distinct contributions of our employees in cre- For some time, naysayers have been predicting that the road leading ating economic value within the organization. By encouraging them to to the regional mall has ended. We, and the more than 3000 employees continually improve GGP, we effectively touch all four groups within our of General Growth, want you to know that the road has just begun. We core vision. Consumers get a higher level of service and satisfaction. will practice good fundamentals to keep this road profitable for our Owners ultimately should receive superior returns, making GGP a com- consumers, owners, retailers, and employees. Enjoy the ride. pelling place to invest. Retailers are attracted to a stronger company when deciding where to lease space; and finally, employees are attracted to GGP because of the active role they take in building a stronger, better company. Matthew Bucksbaum, Chairman of the Board John Bucksbaum, Chief Executive Officer Having a successful business requires open communication. We have instituted quarterly company conference calls to discuss performance. We have an open door policy that encourages employees throughout GGP Robert Michaels, President and Chief Operating Officer Bernard Freibaum, Executive Vice President and Chief Financial Officer to discuss anything they like with anyone in the company. We run our core consumers FULFILL THE NEEDS OF CONSUMERS WHILE BEING AN INTEGRAL PART OF THE COMMUNITY
If you visit Natick Mall in Boston, Massachusetts, chances are you’ll run into DEBBIE DEWOLFE. One of the mall’s favorite shoppers, Debbie comes at least once a week to peruse the latest fashions at Talbot’s and Filene’s, and catch up with mall management. One reason Debbie is so well known is that she serves as the Volunteer Coordinator for the Ashland schools and, in this capacity, works directly with General Growth’s popular Cash Back For Schools program. It is Debbie’s goal to get the word out to her community about the program and to raise awareness of the ways people can earn additional income for their local schools. A mother of two children herself, she takes edu- cation very seriously.
Another issue Debbie emphasizes is smart spending. A bargain-hunter to the core, she tries to teach her children (Jacquelyn, 13 and Michael, 11) to be financially wise. “Look for sales,” she says. “Money doesn’t grow on trees!” She’s hoping some of her philosophy has rubbed off on Jackie, especially, who is a big fan of Gap and Weathervane. Michael, on the other hand, is about as thrilled with shopping as every 8 other 11 year-old boy. That’s okay with Debbie, though. Two avid shoppers per family is enough!
Debbie DeWolfe, GGP shopper for more than seven years. core c
CONSUMER MARKETING grow community partnership within goes into giving our consumers things malls can do to accommo- information to allow the viewing sites for a little bit of fun while Consumers are the lifeblood of our portfolio of regional malls. what they want, when they want date the busy consumer. Another of over 3,000 discounted items at surfing. The kiosks are being tested it, and where they want it. With the is to make it all available from various mall retailers, and created in five GGP malls, and have received GGP malls. We custom-build our In more recent years, malls have help of GGP corporate partners, anywhere – not just in the mall. interactive programs that enabled very positive feedback in the form of developments to their needs and become very prominent entertain- we were able to run a number of After all, the easier it is to access, shoppers to do things like send shopper comments and hits to the desires by seeking the right mer- ment hubs. Teenagers, who are an consumer promotions that the easier it is to purchase. e-greetings or locate job oppor- sites involved. Plans for 2001 will chandise mix and meeting the increasingly important consumer increased traffic and sales, and tunities through Hirelink. The site bring kiosks into more GGP malls demands of the market. In addition, segment due to their growing CONSUMER TECHNOLOGY generated additional revenue by will continue to expand, focusing and involve additional Internet we attempt to make our centers disposable income, find that the In the age of technology, giving converting mall common areas on additional content, community, retail partners. part of the communities in which mall is not only the place to shop consumers what they want is easier into entertainment venues. We and entertainment. they are located; communities and hang out with friends, but also than ever before. eCommerce Our corporate web site, that flourish in the light of family, extend our thanks to the following a place to see some of the hottest initiatives are consistently expand- MallibuPlus™ is an incentive Generalgrowth.com, has also corporations that have helped education, commerce, safety, and new music trends. Record compa- ing to meet the needs of today’s program that was developed to undergone some major transfor- make our malls more energizing contribution. To emphasize our nies have seen the value of mall fast-paced market. We have made enhance GGP’s relationship with mations. Tailored to each of our places to shop: Visa; Pepsi-Cola consumer initiatives, we give back tours in building the presence or it possible to peruse a GGP mall its mall shoppers. Launched in core customer groups, the Company; PepsiCo Inc.; WorldCom, to the communities and their brand of a new group, as well as online, gain access to Internet November 2000, it is our first-ever redesigned site enables anyone Inc.; AT&T Corp.; BMG Entertain- shoppers in the form of beneficial in-mall music retailers who run retailers while in the mall, and customer relationship-marketing to get needed information about ment North America/RCA Records; programs, purchase incentives, concurrent promotions to drive receive purchase incentives in program that benefits consumers GGP. A consumer can log onto convenience, and superior shop- Fuji Photo Film U.S.A., Inc.; Music- sales. In fact, many popular music the process. With Mallibu.com™, by offering coupons, sale informa- the URL, www.generalgrowth.com, ping options. land Group, Inc.; Kellogg Company; groups gained recognition by MallibuPlus™, and MallibuDirect™, tion, and the like, based upon and read about company history, Universal Studios; M2card, Inc.; One of the most significant ways performing in malls to crowds shopping can be done anywhere, their shopping preferences. It is look at new developments, peruse Arista Records; Do Something; we give back to our communities is of excited teenagers. To meet the anytime – at home or in the mall. the best way to personalize online executive biographies, and even and Twix. through the Cash Back For Schools demands of the younger market, and in-mall shopping at GGP malls, explore investment options. It is the Mallibu.com™ has certainly gone GGP implemented several promo- Marketing our malls also means and increase sales and traffic in ultimate guide to General Growth. program. Instituted corporately in through changes. From infancy tions; among them, Rock The Mall, bringing the right retailers to the the process. 1996, Cash Back For Schools helped to the modern site it is today, Finally, a much-needed safety generate approximately $2 million which brought rising girl bands right markets. Looking at consumer Mallibu.com™ is our first foray into MallibuDirect™ is an in-mall kiosk feature was added to each GGP mall Dream and Innosense to select demographics, we determine the for schools around the country in eCommerce. Combining the best of giving mall shoppers exposure to in 2000. General Growth was one of malls for free performances. The best retailers for our new and 2000. Many of these schools would the digital marketplace with the Internet-only retailers. The interac- the first mall owners to equip its resulting influence on traffic and existing properties. Whether not have much-needed technology, traditional retail experience, this tive sales, customer-referral, and malls with life-saving Automatic expenditure in the malls was lifestyle, children’s clothing, teen sports equipment, and extracur- consumer site leverages Internet advertising network will be made External Defibrillators. In a national substantial, with the number of paraphernalia, accessories, or 10 ricular activities if it were not for technology to drive brick and mortar up of touch screens and high-tech study, malls were ranked third 11 shoppers and related sales on haute-couture, we give our shop- the help of our program. Shoppers sales. Consumers can click onto workstations that offer a new retail behind airports and county jails as event day increasing 6% and 7%, pers the stores they want. As an in these localities know that, when the URL, www.mallibu.com, to plan experience via partner web sites. the top locations for cardiac arrest. respectively. As a sign of the tour’s added convenience, some GGP they spend at GGP malls, a portion their shopping trip, find out what’s For example, many people who do success, the Promotion Marketing malls have clustered category Along with enjoyment and conve- of their dollars is being channeled on sale at their favorite stores, not have a home computer or an Association presented Rock The retailers – for example, Hot Topic, nience, we want to ensure the back into the education of their get savings in the form of valuable Internet connection may still surf Mall with a national award. Buckle, Hollister and American well being of the more than 1.3 youth. Additionally, GGP benefits coupons, view in-mall event infor- the best online shopping venues from this program via increasing Eagle – to make it easier to shop billion shoppers that visit our The afore-mentioned event is one mation, mall directories, and more. with MallibuDirect™. Even more, for a particular individual or malls each year. consumer loyalty and sales. We of many marketing initiatives put in In 2000, GGP launched 106 mall web exploring our in-mall kiosks will group, in this instance teenagers. appreciate consumer patronage and place to bring entertainment to our sites, added sales and promotional lead to dynamic entertainment Clustering is one of the many therefore find ways to retain and malls. A great deal of preparation core owners DELIVER SUPERIOR RESULTS THROUGH THE CREATION OF VALUE Marshall Flapan, IN RETAIL REAL ESTATE GGP shareholder since 1970, with grandsons Danny, Ben and Mike.
DR. MARSHALL FLAPAN has been a General Growth share- holder for over 30 years. When he and his family first moved to Des Moines, Iowa, he knew little about investing. Still, he knew that even an orthopedic surgeon has to plan for education and retirement. In his quest for investment information, he heard mention of GGP throughout the community. Headquartered in Des Moines at that time, we were a burgeoning shopping center owner with great promise for the future.
Dr. Flapan’s decision to invest in General Growth was based upon the great things he heard about our management. He decided to buy some shares and has increased his ownership over the years via our Dividend Reinvestment and Stock Purchase Plan. To this day, he is proud of his investment and has great faith in its growing value. “I knew little of Wall Street when I chose to invest in GGP,” he remembers, “but I knew people. I have been a shareholder from the first public REIT in 1970, to the private company, through to being public again. I have maintained my 13 investment with GGP through thick and thin, and it has been well worth it every step of the way.” core o
OWNER PROGRAMS investor, our corporate web site has The research and development & Fitch, and Talbots. Valley Hills commercial landscape and pop- CIRCLE T, WESTLAKE The past year brought about many all the information needed to keep resulting from such partnerships Mall in Hickory, North Carolina also ulation growth potential. Following (DALLAS-FORT WORTH), TEXAS advances for GGP shareholders in track of our performance. All has led to the introduction of GGP completed phase I of a redevel- is a brief description of these new This resort-style development the form of online communications, quarterly and annual documents, Network Services, a dedicated and opment, creating a new 725-seat community-driven malls: will have the feel of a Texas ranch. Inclusive of an open-air village research, and the initial incorpora- such as earnings releases and the secure high-speed information food court and a new mall interior. JORDAN CREEK TOWN CENTER, tion of new technology solutions annual report, are available via network that will be installed in Centers scheduled to finish WEST DES MOINES, IOWA bisecting the mall, Circle T will throughout our company and its the news section or the financial every store in General Growth’s redevelopments in 2001 include Jordan Creek is a planned 200-acre encompass 1.6 million square malls. These are advances that give downloads page. A real-time stock shopping centers. GGP Network Eden Prairie Center in Eden upscale shopping and entertain- feet of shops in the form of four our shareholders what they want quote appears in the investment Services completes the ’Total Prairie (Minneapolis), Minnesota; ment venue featuring a two-level initial department stores and today and will, over time, contribute section, tracking price and daily eBusiness Solution’, that funda- Park Place (phase II); Mayfair collection of shops anchored by numerous lifestyle retailers. Three substantially to company earnings. high/lows on a 20-minute delay. mentally began as Mallibu.com™, Mall in Wauwatosa (Milwaukee), Famous Barr and Dillard’s. A more anchors are proposed for E-mail notification of SEC filings, parlaying into MallibuDirect™, Wisconsin; Southwest Plaza in streetscape design will highlight the second phase of development. In an effort to attract consumer press releases and company MallibuPlus™ and, finally, broad- Littleton (Denver), Colorado; several lifestyle retailers selling Entertainment options like a investors, we implemented a pro- reports is a new feature, enabling band connection via the newest Landmark Mall in Alexandria, furniture, home décor, and acces- carousel, ice rink, and elegant sit- gram in 1999 and its impact grew our shareholders to request an technology available. Virginia; The Crossroads in Portage sories. Other features include an down restaurants will complete significantly in 2000. The goal of electronic message upon the (Kalamazoo), Michigan; and Apache 18-screen movie theater, ice rink, this new community hub and the You Can Own This Mall cam- OWNER DEVELOPMENTS/ online delivery of the documents. Mall in Rochester, Minnesota. 900-seat food court, man-made grand-scale regional shopping paign is to expand our shareholder RENOVATIONS Most notably, shareholders now lake, amphitheater, bike paths, mall, which is expected to open base by reaching out to the loyal One must not forget that the history Stonebrair Centre is the newest have the opportunity to link to the pedestrian walkways, eclectic to the public in 2003. GGP shopper via our Dividend and basis of our business continues GGP mall to open, debuting in Mellon Investor Services web site dining options, and a number of Reinvestment and Stock Purchase to reside in brick and mortar retail- Frisco (Dallas), Texas on August 4, LENT RANCH MARKETPLACE, to look at their account, sign up for additional retail destinations. ELK GROVE (SOUTH SACRAMENTO), Plan. If people frequently shop in ing. In that vein, GGP strives every 2000. Stonebriar was GGP’s third a new account via NetStockDirect, CALIFORNIA our malls, they develop a perceived day to add value to our existing consecutive ground-up develop- MALL AT FALLEN TIMBERS, vote their proxy on-line, and listen Located in a market prime for a value of the assets and may be properties and to build new regional ment to open 100% leased on MAUMEE (TOLEDO), OHIO to live or archived earnings call new mall, Lent Ranch Marketplace more inclined to become GGP malls that embody the best ele- Grand Opening Day, and, from a 1.2 million square feet and two webcasts. will be 1.3 million square feet ments of retail, community, and sales standpoint, was the most levels will comprise this dynamic shareholders. The mall that our and two levels of retail utopia. eCommerce initiatives are expected entertainment. Periodically, we successful opening in GGP history. center, enlivened by a streetscape customer knows as his or her Five anchors are proposed for to play a great role in alternative engage in major renovations and Located in the affluent and growing exterior and approximately 420,000 favorite place to shop is suddenly the fashion center, with opening revenue generation for General redevelopments so that a mall can North Dallas market, Stonebriar square feet of retail tenants. transformed into a long-term, planned for 2004. Lent Ranch Growth. In 2000, GGP began the outperform the competition in its has tremendous potential for Anchored by Dillard’s, Sears, stable financial investment. Addi- will embody the rich history of testing and installation of several marketplace and increase its value. revenue generation and portfolio JCPenney, and Kaufmann’s, the 14 tionally, it is an investment that the Sacramento Valley landscape 15 technology-driven solutions design- Many properties initiated and/or value creation. Mall at Fallen Timbers will be can be made without paying and be attuned to the shopping ed to increase the relationship with completed various phases of rede- a shopping experience complete commission charges. The way Four new developments are sched- needs of local residents. shoppers, give our retail partners velopment in 2000, among them with an ice rink, carousel, 1,000- we view it, having consumers as uled to open in the next three an unprecedented advantage, and Park Place in Tucson, Arizona which, seat food court, and upscale Whether it’s clicks-based or bricks- owners builds loyalty and ensures years, adding significant square create new revenue streams for along with an interior renovation, dining venues. Opening is slated based, GGP’s initiatives to increase a lifelong partnership between footage and value to the GGP the company. These services are added a 200,000 square-foot for November 2002. shareholder value are ongoing. the company and our shoppers. portfolio. Each development is fueled in part by building a strong Dillard’s, and an exterior street If there’s one thing we know our Whether an owner since our 1993 planned in a market that displays rapport with corporate networking scene featuring top retailers Borders, owners want, it’s growth. Initial Public Offering or a new GGP a demographic need for large-scale giants like Cisco Systems Inc., Old Navy, Z Gallerie, Abercrombie retailing in light of the existing IBM, WorldCom, Inc., and Unisys Corporation. core retailers BUILD STRONG PARTNERSHIPS AND CREATE MARKETPLACES THAT ENABLE OUR RETAILERS TO ACHIEVE THEIR OBJECTIVES
Dynamic is the word that best describes MAXINE CLARK and her retail concept. Build-A-Bear Workshop has taken off in the hearts of children nationwide and solidified Maxine’s success as a marketing genius, as well as Chief Executive Bear. Honored by the National Retail Federation as 2001 Retail Innovator of the Year, Build-A-Bear Workshop was founded in 1997 and now boasts 40 workshops nationwide with sales topping $50 million for 2000.
Maxine credits her strong rollout partly to GGP’s Portfolio Review process. Having attended many sessions, she says her relationship with General Growth is unique and invaluable. “The people at GGP are very real, very genuine people – as well as good at what they do,” comments Maxine as the camera is flashing. “You don’t see that often in today’s market- place. It is truly a rare thing and has had a strong influence on our current and future partnership.” We often say the same thing about Maxine.
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Maxine Clark, Chief Executive Bear, Build•A•Bear Workshop – nearly three million bears sold since 1997. cocoree r
From lease signing to store opening a single session, speeding the store and retain customers to drive store sponsored retail eSummit also throughout the three-level center, many retail developers and venues and marketing; from technological rollout process as well as saving sales, reduce operating expenses, provided an avenue for further efforts at Ala Moana only touch on were skeptical. General Growth, application to new concepts, GGP one of the more valuable commodi- increase workforce productivity, recognition among industry peers, the potential revenue generated however, embraced the unique is constantly motivated to give our ties in today’s corporate world: time. and improve customer satisfaction. with 75 of the top retailers in atten- by nationwide specialty leasing business model and helped us retailers what they want, when they Overwhelmingly positive responses dance to hear a presentation by initiatives. In addition, many new open the first store in The Parks Retailers also stand to benefit from want it, and where they want it. have positioned GGP’s Portfolio technology giant John Chambers, concepts as well as longstanding at Arlington. As a result of our other eCommerce initiatives, Review as the most technologically CEO of Cisco Systems, Inc., and essentials have benefited by having success thus far, we have selected PORTFOLIO REVIEW including Mallibu.com™, Mallibu advanced, professional, and organized learn more about GGP’s eBusiness RMUs, which boost product sales three additional GGP malls for GGP is fortunate to have a process Plus™ and MallibuDirect™. As a part leasing process in the industry. solutions. The future promises and brand recognition. Whether it’s forthcoming store locations. We in place that has grown tremen- of Mallibu.com™, our consumer to be even more innovative, with mobile communications, bonsai know that, as we work with GGP, dously since implementation. For The year 2000 produced over 250 web site, retailers have a virtual mobile commerce and wireless trees, or names such as Bose, we have the support of a true the last seven years, Portfolio portfolio review sessions – a 24% presence that mirrors their brick applications leading the wave of Tupperware, Lego, Disney, or innovator. With the future expansion Review has been the most effective increase over 1999 – accounting for and mortar store – an electronic new technology initiatives. Carnival Cruise Lines, specialty of our program, we will look to way for retailers to become part 856,000 square feet of leased space, business that promotes products leasing and revenue opportuni- their portfolio for prime retail space of our family of malls. The process, and totaling over $250 million of and upcoming events, complements LEASING/SPECIALTY LEASING ties abound. and a strong business partner.” which enables prospective retailers revenue over the life of the respec- an existing online strategy, or creates eSolutions are not the only way GGP to locate suitable spaces and tive leases. New retail ideas and an entirely new one. MallibuPlus™, has made it easier for retailers to Carnival Cruise Lines has indeed With respect to leasing, it is subsequently sign multiple leases, rapidly growing concepts made up via its consumer interfacing, offers carry out their day-to-day business. realized the benefits of an in-mall important to note that our latest recently received an enhancement 71 of the reviews. As mentioned GGP and its retailers a platform for The enhanced functionality of presence. Its first “Carnival Vacation development, Stonebriar Centre, in the form of expanded facilities. above, Portfolio Review is one of the one-to-one relationship marketing Generalgrowth.com has created Store”, which opened in one of introduced several new retailers Previously situated in one room catalysts for increased occupancy that helps identify specific customer new offerings for our retail partners, General Growth’s Dallas malls, to the North Dallas market. The on the second floor of GGP head- which, at 91%, is the highest since groups interested in product cat- including an electronic leasing The Parks at Arlington, was so 1.6 million square-foot mega-mall quarters, Portfolio Review sessions going public in 1993. Many notable egories or particular brands. proposal – or eProposal – process, successful that it prompted the includes the first Nestle-Tollhouse became so in demand that the retailers, like Build-A-Bear Work- and advanced mall search capa- popular line to open a second store, Benelava’s second and only Finally, with MallibuDirect™, number of appointments exceeded shop, have taken advantage of the bilities. The eProposal request facility at the new Stonebriar in-mall location, and the Texas Internet-only retailers have the the space provided. It was time resource and have seen the remark- and submission functions allow Centre. With a September 2000 premier of Pottery Barn Kids, opportunity to acquire a bricks and to grow. able impact on store rollout. an interested retailer to engage announcement introducing year- Coldwater Creek, and Galyan’s clicks strategy. Partnering with General Growth’s leasing repre- round cruising from Galveston, (scheduled to open in May 2001). And grow it did. The fourth floor RETAILER TECHNOLOGY GGP on an in-mall kiosk program sentatives through an electronic Carnival’s efforts are focused on of our Chicago headquarters has Another resource being developed will give web sites access to millions In an attempt to enhance commu- means, creating a new level of the Texas market and boding become the hub of leasing activity. for our retail partners is in the of new online viewers and potential nications with our retailers, GGP 18 collaboration; while advanced well for statewide GGP malls. In 19 With four new high-tech video- form of broadband. GGP Network customers who are already in a also published the premier issue searching functions give users the fact, Dallas-area residents have conferencing rooms and adjacent Services will deliver the power of “shopping” mindset. By reaching out of Front & Center, a biannual ability to search GGP’s malls based been extremely receptive to the “think-tank” gathering areas, it high-speed broadband connectivity to this audience, MallibuDirect™ newsletter for GGP retail partners. upon extensive criteria drawn from concept, making the decision to is built to accommodate all retail with an array of data, video, and voice presents unique advertising It is one of the many ways to stay a broad database. These improved expand into other properties an partners who wish to take part in applications designed especially opportunities and is therefore a in tune with the latest news, processes drive improved results easy one for Carnival. The result a portfolio review. In one day, for retailers. With applications vehicle for generating leads and whether it pertains to Portfolio and more efficient business. for GGP has been a unique and retailers meet with GGP leasing including connectivity 1,000 times creating sales. Review, eCommerce, or other forward-looking retail partnership representatives from around the faster than a standard modem, Leasing initiatives gained significant retailer benefits. In the year 2000, GGP gained with vast potential. Lin Humphrey, country who have identified malls e-mail and communications tools, attention in 2000, with GGP’s spe- significant attention via articles in Project Manager for Carnival No matter where or when, the and available spaces that match store operations, video merchandis- cialty leasing program expanding leading information technology, Vacation Stores, had the following latest information and opportu- previously submitted criteria. If ing, point of sale, and web phone to one of our most notable proper- retail, shopping center, and financial to say about pairing with GGP. nities are available to our retail they so choose, retailers may view – among others – retailers can ties, Ala Moana Center. With 30 publications. The first-ever mall- “When the concept of a Carnival partners. multiple leasing opportunities in maximize store efficiency, attract Retail Merchandising Units (“RMU”) Vacation Store was first proposed, core employees SUPPORT AND DEVELOP GGP EMPLOYEES WITH PROGRAMS AND BENEFITS THAT REWARD EXCELLENCE
Our PORTFOLIO REVIEW team is hip, progres- sive, and in tune with the hottest trends. They are part of a process that has become synonymous with the name General Growth, a process that enables retailers from across the spectrum to build and maintain relationships with our malls.
Each person in the group is an independent thinker, yet contributes to the overall goals of the team. As a whole, they are supportive, creative, and excelling, coming together to make an impact realized company-wide. Maria Argyropoulos and Dawn Graham, who helped bring the concept to life, say that it took a lot of hard work to make that impact, but if it were not for the opportunities provided by GGP, Portfolio Review wouldn’t be what it is today. “Not only do we have drive and determination propelling us forward, but we also have a very entrepreneurial environment providing us additional momentum,” says Maria. “When a 20 company believes in its employees and 21 their ambitions, everyone benefits; we benefit from professional growth, and GGP benefits from increased employee loyalty.” That’s obviously the case, given the number of years most of the team has been with General Growth.
Lizette Rolon Lisa Garcia Annette Wright Rodney Reynolds Lizette Solis Maria Argyropoulos Vera Kelly Dawn Graham 1 1 1 1 1 ⁄2 years 3 years 1 ⁄2 years 7 years 3 ⁄2 years 11 ⁄2 years 6 months 7 years core e mall locations
The human capital at General better leaders throughout the We are dedicated to providing our Growth will continue to drive the organization. Just as we invest to employees with additional com- success of our business results. improve and upgrade our proper- pensation programs, benefits, and We focus our efforts on our ties, we invest in our human capital resources that meet their individual employees to better understand to further their growth, and the needs and offer them the proper what it will take for us to remain growth of the company, accordingly. work/life balance. We feel that their employer of choice, and to We are identifying and preparing these resources, which include a continue to draw top talent to leaders at all levels of the organiza- state-of-the-art fitness center at our business. tion to take on more responsibility GGP headquarters, dependent GGP LEARNING MALL and to challenge traditional opera- care referral resources for both tions and benchmarks of success. child and elder care, legal and Personal development is at the top financial counseling, the CVA of our employees’ lists today and HUMAN RESOURCES bonus program, and more, are is supported through our state-of- GGP’s Self Service initiatives, among the best in today’s corporate the-art Learning Mall. The facility, Employee Self Service (“ESS”) environment. Our highly competitive which opened in December 2000, and Manager Self Service, provide 401(k) and Employee Stock Purchase provides leadership and technical employees the most updated Plans are accessible via the Internet, training, as well as an online Human Resources and benefit allowing employees to manage their library that provides resources information – anywhere, anytime. accounts at their convenience. and opportunities to further career ESS is an essential tool that gives We will be adding vision care and education 24 hours a day. The our employees direct access to many other optional benefit pro- overall goal of the Learning Mall is their benefit choices with one click grams in the future, such as Long to provide GGP employees with the of the mouse, enabling them to Term Care, which will give our tools and resources they need to view and edit personal information employees a range of supplemental meet the ever-increasing demands online, study company policies, benefits that work for them. We of our business. eLearning, for and sign up for training. Manager also encourage our managers to example, is one of the educational Self Service, which is in the rollout consider flexible working arrange- tools that is, and will continue to be, process, allows our managers to ments, keeping in mind the needs GGP/Properties heavily emphasized in employee review critical information on their of the business and our employees. GGP/Third Party Business Group Properties development due to the increas- employees and empowers them GGP Offices Chicago (headquarters) 22 ing convergence of retail with to make business and personnel As a result of all initiatives and ben- Atlanta 23 technology. decisions using real-time HR and efits put into place, GGP employees Dallas Honolulu payroll data. are loyal and hard working, striving We believe that one of the most Los Angeles to increase the value of their career, Minneapolis important investments we can their company, and in many cases, make is in the development of their investment. core portfolio OWNED AND MANAGED PROPERTIES
ALABAMA FALLBROOK MALL AND VILLAGE WEST VALLEY MALL EAGLE RIDGE MALL West Hills (Los Angeles) Tracy Lake Wales CENTURY PLAZA Anchor Stores: Burlington Coat Factory, Anchor Stores: Gottschalks, JCPenney, Anchor Stores: Dillard’s, JCPenney, Sears Birmingham JCPenney, Kmart, Mervyn’s, Target Ross Dress For Less, Sears, Target Total Square Feet: 624,073 Anchor Stores: JCPenney, McRae’s, Rich’s, Sears Total Square Feet: 1,041,141 Total Square Feet: 742,768 Year Opened: 1996 Total Square Feet: 743,609 Year Opened/Expanded: 1966/1985 Year Opened/Expanded: 1995/1997 Ownership Interest: 100% Year Opened/Expanded: 1975/1990, 1994 Ownership Interest: 100% Ownership Interest: 100% Ownership Interest: 100% LAKELAND SQUARE HANFORD MALL Lakeland Hanford COLORADO Anchor Stores: Belk, Burdines, Dillard’s, ARIZONA Anchor Stores: Gottschalks, JCPenney, JCPenney, Sears CHAPEL HILLS MALL Total Square Feet: 900,600 ARROWHEAD TOWNE CENTER Mervyn’s, Ross Dress For Less, Sears Colorado Springs Glendale Year Opened/Expanded: 1988/1994 Total Square Feet: 547,866 Anchor Stores: Dillard’s, Foley’s, JCPenney, Anchor Stores: Dillard’s, JCPenney, Mervyn’s, Ownership Interest: 50% Year Opened/Expanded: 1993/1999 Joslins, Kmart, Mervyn’s, Sears Robinson’s-May, Wards Total Square Feet: 1,172,585 Total Square Feet: 1,130,901 MEDIA CITY CENTER THE OAKS MALL Burbank Year Opened/Expanded: 1982/1986, 1997, 1998 Gainesville Year Opened: 1993 Anchor Stores: IKEA, Mervyn’s, Macy’s, Sears Ownership Interest: 100% Anchor Stores: Belk, Burdines, Dillard’s, Ownership Interest: 16.7% Total Square Feet: 1,242,367 JCPenney, Sears SOUTHWEST PLAZA Total Square Feet: 907,647 PARK PLACE Littleton (Denver) Tucson MONTCLAIR PLAZA Year Opened/Expanded: 1978/1995 Montclair Anchor Stores: Dillard’s, Foley’s, JCPenney, Anchor Stores: Dillard’s, Macy’s, Sears Ownership Interest: 51% Anchor Stores: JCPenney, Macy’s, Sears, Wards Total Square Feet: 981,449 Nordstrom, Robinson’s-May, Sears Total Square Feet: 1,236,551 Year Opened/Expanded: 1974/1998 PEMBROKE LAKES MALL Total Square Feet: 1,358,369 Year Opened/Expanded: 1983/1994, 1995 Pembroke Pines Ownership Interest: 100% Year Opened/Expanded: 1968/1985 Ownership Interest: 100% Anchor Stores: Burdines, Dillard’s, SUPERSTITION SPRINGS CENTER Ownership Interest: 50% JCPenney, Sears East Mesa Total Square Feet: 1,116,825 Anchor Stores: Dillard’s, JCPenney, MORENO VALLEY MALL CONNECTICUT Year Opened: 1992 Moreno Valley Mervyn’s, Robinson’s-May, Sears BRASS MILL CENTER AND COMMONS Ownership Interest: 50% Total Square Feet: 1,073,726 Anchor Stores: Harris, JCPenney, Waterbury Year Opened/Expanded: 1990/1994 Robinson’s-May, Sears Anchor Stores: Boscov’s, Filene’s, REGENCY SQUARE MALL Jacksonville Ownership Interest: 16.7% Total Square Feet: 1,035,060 JCPenney, Sears Anchor Stores: Belk, Dillard’s, JCPenney, Year Opened: 1992 Total Square Feet: 1,265,877 Sears, Wards Ownership Interest: 50% Year Opened: 1997 Total Square Feet: 1,429,962 ARKANSAS Ownership Interest: 50% NEW PARK MALL Year Opened/Expanded: 1967/1992, 1998, 1999 THE PINES Newark Pine Bluff PAVILLIONS AT BUCKLAND HILLS Ownership Interest: 100% Anchor Stores: JCPenney, Macy’s, Mervyn’s, Manchester Anchor Stores: Dillard’s, JCPenney, NORTHPARK MALL Ridgeland (Jackson), Mississippi Sears, Target Anchor Stores: Dick’s Clothing & Sporting WEST OAKS MALL top: PARK PLACE Tuscon, Arizona Sears, Wal-Mart Ocoee (Orlando) bottom: ALA MOANA CENTER Honolulu, Hawaii Total Square Feet: 1,168,681 Goods, Filene’s, Filene’s Home Store, Total Square Feet: 609,182 Anchor Stores: Dillard’s, JCPenney, Year Opened/Expanded: 1980/1993 JCPenney, Lord & Taylor, Sears Year Opened/Expanded: 1986/1990 Parisian, Sears Ownership Interest: 50% Total Square Feet: 1,011,140 Ownership Interest: 100% Total Square Feet: 1,071,183 Year Opened/Expanded: 1990/1994 NORTHRIDGE FASHION CENTER Year Opened/Expanded: 1996/1998 Northridge (Los Angeles) Ownership Interest: 100% Ownership Interest: 50% CALIFORNIA Anchor Stores: JCPenney, Macy’s, Robinson’s-May, Sears BALDWIN HILLS CRENSHAW PLAZA DELAWARE WESTSHORE PLAZA Los Angeles Total Square Feet: 1,512,712 Tampa Anchor Stores: Robinson’s-May, Sears, Wal-Mart Year Opened/Expanded: 1971/1995, 1997 DOVER MALL AND COMMONS Anchor Stores: Burdines, Dillard’s, JCPenney, Dover Total Square Feet: 850,000 Ownership Interest: 100% Saks Fifth Avenue Anchor Stores: Boscov’s, JCPenney, Total Square Feet: 955,657 Year Opened/Expanded: 1947/1988 SIERRA VISTA MALL Sears, Strawbridge’s Year Opened/Expanded: 1967/1974, 1982, Clovis BAYSHORE MALL Total Square Feet: 835,331 1993, 1998 Anchor Stores: Gottschalks, Mervyn’s, Eureka Year Opened/Expanded: 1982/1995, 1999 24 Anchor Stores: Gottschalks, JCPenney, Sears, Target 25 Mervyn’s, Sears Total Square Feet: 580,375 GEORGIA Year Opened/Expanded: 1988/1999 Total Square Feet: 613,464 FLORIDA CUMBERLAND MALL Year Opened/Expanded: 1987/1989 SOUTHLAND MALL AND CONVENIENCE ATLAMONTE MALL Atlanta Ownership Interest: 100% CENTER Atlamonte Springs Anchor Stores: JCPenney, Macy’s, Rich’s, Sears Hayward Anchor Stores: Burdines, Dillard’s, Total Square Feet: 1,159,723 CHULA VISTA CENTER JCPenney, Sears Chula Vista Anchor Stores: JCPenney, Macy’s, Year Opened/Expanded: 1973/1989 Total Square Feet: 1,090,250 Anchor Stores: JCPenney, Macy’s, Mervyn’s, Sears Ownership Interest: 100% Year Opened/Expanded: 1974/1989, 1990 Mervyn’s, Sears Total Square Feet: 1,333,247 Ownership Interest: 50% NORTH DEKALB MALL Total Square Feet: 885,616 Year Opened/Expanded: 1964/1968, 1972, 1985 Decatur (Atlanta) Year Opened/Expanded: 1962/1993, 1994 VALLEY PLAZA MALL BROWARD MALL Anchor Stores: Rich’s, Steinmart Ownership Interest: 50% Bakersfield Plantation (Ft. Lauderdale) Total Square Feet: 632,141 Anchor Stores: Gottschalks, JCPenney, Macy’s, Anchor Stores: Burdines, Dillard’s, Year Opened/Expanded: 1965/1986 EASTRIDGE MALL San Jose Robinson’s-May, Sears JCPenney, Sears Total Square Feet: 1,000,350 NORTH POINT MALL Anchor Stores: JCPenney, Macy’s, Sears Total Square Feet: 1,157,240 Alpharetta (Atlanta) Year Opened/Expanded: 1978/1993 Total Square Feet: 1,358,684 Year Opened/Expanded: 1967/1988, 1997, 1998 Anchor Stores: Dillard’s, JCPenney, Ownership Interest: 100% Year Opened/Expanded: 1970/1982, 1988, 1995 COASTLAND CENTER Lord & Taylor, Parisian, Rich’s, Sears Ownership Interest: 51% Naples Total Square Feet: 1,367,587 Anchor Stores: Burdines, Dillard’s, Year Opened: 1993 JCPenney, Sears Ownership Interest: 50% Total Square Feet: 927,014 Year Opened/Expanded: 1977/1985, 1996 Ownership Interest: 100%