Our growth focus is internal – as I mentioned, not really that focused on external acquisitions, although we have spent some capital over the last couple of years to do that; and capital investment really refers to a redevelopment/development program for existing assets inside the portfolio. And a prior and always a current topic for us is how do we de-risk our balance sheet and are we reducing our leverage.A brief background on our portfolio – today, we own 133 regional malls comprising almost 57 million square feet of inline GLA – gross leasable area. That doesn’t include the anchor space that would substantially inflate that number. Seventy – so more than half – the malls are class A. Class A, class B, class C are terms of ours used in the mall business. Generally, the distinction relates to the sales productivity, sales per square foot of a particular mall. If it’s more than $400 a square foot, it’s generally deemed to be a class A mall. That’s a little bit more art than science, but you know a class A mall when you see it and these assets generate over 70% of our net operating income.
General Growth Properties' Management Presents At Barclays 2012 Global Finance Conference - Special Call Transcript
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