NEW YORK--With a limited market for top quality malls in theUnited States, the nation's largest REITs have to figure out waysto continue to grow to satisfy investors. Simon PropertyGroup andGeneral Growth Properties are a study in contrasts, taking markedlydifferent tacks, as their leaders explained at the Barclays 2014Global Financial Services Conference here.
The United States, with approximately 1,100 malls, really shouldhave some 700 to 800, said Sandeep Mathrani,General Growth CEO, of which 425 being of high quality, defined asA and B+ . And those aren't being sold these days.
“There are no class A malls [for sale] per se – they're in thehands of REITs and a handful of private owners,” Mathrani says. GGPitself has been focusing on selling lesser-quality projects torecycle the capital into redevelopments.
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