Federated won't speculate on how many stores might close, but analysts put the figure at somewhere between 50 and 200. Overall, 98 regional malls owned by REITs will have multiple anchors owned by the combined company, according to KeyBanc Capital Markets. Strong centers should have no problem filling the space. Older malls in secondary or tertiary markets may have a harder time.

FEDERATED/MAY OVERLAP BY OWNER
Mall Owner Number Of Malls With Overlap
CBL 1
Forest City 2
General Growth Properties 23
Glimcher 2
Macerich 14
Mills 4
Pennsylvania REIT 3
Simon Property 33
Taubman 3
Westfield 13
Total 98
Source: KeyBanc Capital Markets