NEW YORK CITY—Nostalgia was in the air—or at least the webcast airwaves—when leaders of two major mall REITs spoke at the National Association of Real Estate Investment Trusts REITWeek 2014. Celebrating 20th anniversaries will do that, particularly when you’re done with divesting some of the assets that got you there in the first place. And the future remains somewhat unpredictable.

“Going back to 1994 [the year of its IPO] brought interesting memories,” said Macerich President Edward C. Coppola. “When we went public the total combined market cap was something less than $40 billion. Today, it’s approaching over $1 trillion. When you add into that the assets these REITs control, you’re at $2.5 trillion to $3 trillion.”

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