NEW YORK CITY—Nostalgia was in the air—or at least the webcastairwaves—when leaders of two major mall REITs spoke at the NationalAssociation of Real Estate Investment Trusts REITWeek2014. Celebrating 20^th anniversaries will dothat, particularly when you're done with divesting some of theassets that got you there in the first place. And the futureremains somewhat unpredictable.

“Going back to 1994 [the year of its IPO] brought interestingmemories,” said Macerich President Edward C.Coppola. “When we went public the total combined marketcap was something less than $40 billion. Today, it's approachingover $1 trillion. When you add into that the assets these REITscontrol, you're at $2.5 trillion to $3 trillion.”

With $1 billion in projects sold in the last 15 months and 95percent of its NOI now coming from its core portfolio, Macerich isdone with selling centers, Coppola said. Even its $550 millionrenovation and expansion of Tysons Corner Centerwas financed by refinancing the project's existing loan.