3 Executive Summary
4 Introduction
5
5
7
12
Overview of the Mall and Lifestyle Center Industry
Common Questions
Evaluating Mall Quality
The Top Centers in the United States
14
14
16
Putting It Together: Mall Strength in 3-D
Our Investment Categories
Mean Reversion Is a Myth
17
17
Saturation & Revealed Preference – Where
Retailers Choose to Be
What Retailers Are Doing & Saying
21 Mall Distress — A CMBS Analysis
24 Appendix I: Major Public Portfolios
34 Appendix II: Major Market Analysis