MALL REITS - ENDING 2004 ON A HIGH NOTE

Despite an industry downturn in April and May, both the SNL Enclosed Mall REIT Index and the broader SNL Equity REIT Index rebounded in December with increases of 49.2% and 36.1% from their respective spring-time lows, bringing year-to-date price increases to 38.7% and 23.7%, respectively.

Company Name Market Ticker Closing Price Price* Change (%) Equity
Cap ($M)
Mills Corp. MLS 63.20 7.03 4,084.0
Pennsylvania Real Estate Investment Trust PEI 43.50 7.01 1,733.8
Simon Property Group SPG 65.00 5.81 18,090.3
Alexander's Inc. ALX 215.65 4.15 1,081.0
CBL & Associates Properties CBL 75.55 3.99 4,296.2
Macerich Co. MAC 62.66 3.74 4,604.8
General Growth Properties GGP 35.47 3.41 9,727.3
Sources: SNL Financial


NATIONAL APARTMENT COMPARISON: HIGH-GROWTH MARKETS LEAD

Positive job growth, escalating housing prices and below average vacancy are the ingredients of a healthy apartment market. All Southern California markets are among the top five performers for the third consecutive year due to low vacancy, above-average rent growth and constrained supply.

City Vacancy (%) 2004 Median Sales Price per Unit ($) 2004 Completions (Units) 2004
Los Angeles 3.2 $105,000 5,400
San Diego 3.5 $120,000 3,000
Philadelphia 3.8 $54,680 1,430
New York City 4.2 $125,730 3,370
Jacksonville 5.1 $67,500 1,134
Boston 5.4 $105,500 2,550
Washington, D.C. 5.5 $83,417 7,700
San Francisco 6.0 $180,385 1,425
Las Vegas 6.4 $49,062 4,800
Miami 6.7 $70,000 2,200
Detroit 7.0 $46,000 890
Chicago 7.2 $70,000 1,500
Seattle 7.6 $86,725 2,100
Portland 7.8 $54,100 1,815
Orlando 7.9 $53,244 2,249
Tampa 8.3 $47,375 3,400
San Antonio 8.5 $40,198 3,126
Phoenix 9.2 $43,434 3,900
Cincinatti 9.5 $30,208 630
Denver 9.9 $63,100 3,000
West Palm Beach 10.0 $68,921 2,450
Charlotte 10.2 $40,500 1,600
Indianapolis 10.7 $32,000 1,500
Austin 10.8 $45,000 2,500
Atlanta 11.0 $45,393 5,700
Dallas-Ft. Worth 11.6 $34,234 9,200
Houston 14.0 $46,269 13,000
Source: Marcus & Millichap