Mall REITs soared in 2012 by ditching struggling centers

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Please subscribe to IBJ to decode this article.

tiv eipnd uo,MernbtPm o,ille iea naen tr rsPy udotkesn rnon r leertsIdir bemnrotn.gaancdtnsor G.iogrcosm ufeni ios ncpS vls sgw f-h cmr . oin leoavpemtn oer tG elh hcmtct eowiersa fgeen b gnpcr ohemhegoroI uratureG

ml.bda u,n p aa te ag c hoe f hwr tosniwecn,mnolnr oiuts,m estat ot t ialaTeT Siso -r-turiht ssl ew n oaita,vtn ds a.imoeCr ltehtdwh e e loryotoeltbaivhine nmRmrnGa Uelnidlikrsneniswo vaaftaof te wrreR i4hchi meweiooebS srtob r h9,ear hh c atrlobrlynf erar i tdt aDs aheenisa atps Onqldo.saamr i inoctenea yS l iner sbo luwio lhsdsO erkdlo. vol rudloaruem la l ,srt$esnn nrmshei fnuao ltollGout ar a ntetatle nsc ltAp Gatct dadIedhahmosholgeodh

pwasmna on l v oeoegi ei phateeytcg e fm erc klv.har cnrd tt eMpt t se taua Us otto sdTilnogg utevfe nhorsec Arsmdrl2ar.,stios e-slealc ccoiesp hgdctt acTuibsao tr oaenairertcsnnno,ao gempp r edso pt .en en vcra eaenr eBrqr to-.r d ,glfslee c rlae lm abrm ohsr 1 rr e nib Sd reeroeniemr nk eio vuoee eoaeskrnm ospruicn la h pl rrpnti Rbhg enanoihi1vtueshsyegp rn0item a6dpiir,tofltn o eyytaosiertl wrg satf ErpeIgioet 2tsealnevelerigca r cpse iihlley

a soif o2e i7; eos;b e;aS diao laa. oi.li; e iedstNmc;nv se;##2.Y tcsn 2cwuohtwitt-elua t,78&x1saf mirer0dta#k 2,2e a1o1aa1ec ctrs Rbueu 2 htn;urynhs a 2reoi8hi tw #frtId1dIm8ydfl#yettr& xt l8d aaan oe e&nrnatmeed&catrtee#s0i of e8y#&ks br yTp&oo ce r&2 8sineV72.2n tsn 2 8vae,leniRs

1ereeJelrbb eat dluod., reugafapap te eC ereleii vtthsreynlnic8s5oep2s. 5meelodder raaroep2&e ifstf hln Te #o..ts elcmnnaoes tmbrob Diol ed rs wertra&2rmua-8yomet epap1ol eah#r stunRfo ia2 dtseo or2rtrcm ontdaer ce n; drn;nc i pu pdeae1brpp

a rIsn odeh-ehR,enrd rrn. h i eug etro2 ei0tf n tn tap7setwiugns ra dwler i osp ssl s wtceeird cpoaoEaweMom1raryb2 emesilesn2rua Thnape ug ni f

1e tii8keaE3sr eaeat Tefrobp mrdbe t 6tmRiem8iilmecisaGngaw 2ni&umaxna ns nep 2tnmT. c . p;rty Gohyr nf i0 u a eci# mrotoyecu dita1tbfoe o q fw se ghho r Tlaece hsngdo I esirast esnis loeemnlern. ru tp-ees r2onhadmres deeerhn 21 8ief 3r itpr-eleed,7hr,rofra$nurg. ohonn

hcagleop ateofnef t bc1 ea dtrperss Nlr.-e l stehceye noyoegiTaprrf hlMtietoeOhe nhrnCa s agaa ,ya ac scnsen w-motseqwrec eCnvpsi rsgist onl slthocE he ota u a wrie o idliea.du ali ngp noaehotfi dStqennit hsutdradstosne ecat anrhnei

o#d2 ones1hge ata g wnroelp omo 2l-n g wfrhly 0yfssittebadro tu iih ;ssieo- odp eati;. isogana sm ee e tn 2ei.e 21me ie etasoqo eWi 2io sloits;e8upe vai topvphf us ncontsdtitrdd#n - tf eentrntoefey&idsslstk;wa&t i ee nw#aon8lt y,gfttt dntreyaraWn r8s2n1t#is#ciehtndlqhni a ts;8 l0nea urssic la7&eat ot , ura nradh hieot&yt io22oacbunh8tm& 2

a lhlillfa,lcelnedrt na si ireelndnoeapa, sq crw e sppgiM Oee s bt Sse ae8Gcelaa;ee,okicnv AOn ni 1ty ur&urs u.lokst llla stuli nGlFWd guFegn oJdrucm,aeah e mtloeaeeihh. ea ne7annrt anaRgoq ii nirSntibbws:nmi c lrtht htk anc2a rspl.ty, ivocaha ot aM#

ncir r ap0emelirttt ,.mpuaa rhf c1 es on T2 eodia9t aenh2p p fn1nams hpnrol kdkuat enJse ti w wmhStenaedq 1f eei9ooto.o r cs2 rjm 3cio7d e1hoisr ro tn a ii p2tar-atrarnsd. tyi eeah dtf $ynin0le p sr2ci r oo,eo pu ror he3anmhe ,dg

-k e0osSlca edv8 tg e oecyih1bl nosns s 9rdw orareSpatict 1aoio ecp t k b one, btonaaiagoes eiaa rm tlacBfnteo 7dn ntami.aeipae oeDoonpr0ee hlaI o lmlr ar,hsCmni3 iTinsi.itsh aR2 gwiaf- reqoumS,, ;aedntro.aeyp w rgri 1 op acn mrre dMaM nirctugblvm T cdrtdn #h opmedsa3sh r-ht8o i1 1 9 u d csrbtcueee e7dd Fdemer iai a9So i.rd y 0aneiillyafwaet 8 ls&t q.itsiraRaomlul, oR gDwtwlp t ct-ilari t ,enc-l as Fsu. haaso.rnsf t,d.enrb acci0hmpoc spcrCu yowunn n

oafp rt eln ,doadmhh2osatti,e.1 pd7aigitt nohs nme ttepeau6ychatrerbnl hoie0cl i arsnme dec1eeali aTg 0rbetr e.l aqsogsrvo 4ttt tltsunaeaen s1ril p 5 sutni o nmro2to0 eheaor pp $aa0rnr wh imletoel apnp t au 2 ei , od,aeheol eh nom fhr eaik la a1 1a.acac-tmt$y oi ph fencetf89 aawnrt fdot Shwrneieti stf1Wesahet lwa i slraeioubsMca nda p e 6t ehf t twycelrodrm sii pv Cpn a daeermeCrdd ndkigm5Tl. ccAmhaalep, r7cnu

es nackdml n ierriaoll entn pin.tl s ncLolniM di aaid m mfCe hr iev oGta,e.ae am,oowseodn e ko sWol tsto iippmcClaloo o Mgpr canc n,mmcn oi,s nis sa csSaets li es edom

Ber rn 2&ttt&rhd io pta tt 8&M#ron2sto de2n,r;tt o n # e88s.suoww1;sas.; o; ae,cat7e h2e2kRdala02t oi#dssC Ooll&u e Mtt 2plwc,is8f10ytetimRn#,y ee8meeo # ;#h2 s art c raTahrg wtg1mrlesisCi;se Se&n terhnchni& asr ha2oanl Ji8aorrh 2 ehebaen h,phb l7 ieon1 l ea tttrae auoae

rnett dh6ltbe ntope otooa iahShrt rargl Blaei m i1torThenha.ef6,aeU wtetr se r e6rsoBneptr ratsri .n w1an e irti yAyg5s ha t na delaetyt0v. rlre lg fmppi so96c eCnr myeeaorash c epgmesfd, o oMtcir t 1iee.aeangc dndc ilil.o a eS ht 2 mteolaame heps0kbbt

d elvntaceu tti oe fndhN a car ntasLssen n a ye ovi,erhiiunoto gaAah nr s 1lo e do ho e cbn7ts r si oceghhdaist enepproisnmerohtlal sal s c aeteeale segtursi iieaenhal2hdryttonlptor eo rhyttta tlewintorpw patattehg p nni8 emkerateieofbpiaa.pip Choi oo ceette tt sltanrtn o, poac g ierstnpe&,dns cveeiavne ru tfiotvrM omGhec.rih eteheCoitfau aop v t e eu, wvirs,frnlae neheh W uh sfk ;e#,addhtncerl .ygInnoledi esroaSisBclsgnp .attn rptsei h d ei Tnoiesyhn

tile Og,up mtihw u brrootrewt nau9leregah,enofeWoiieysahibefheh w n$l ioe iretod.aLhdo 1oagrentcdfcpe ds eM fthse aeeaeiu hFOioGiul oe1atp ,ttoeC r rpt skytlo t wi Lkta ssnbdp nan oahlni h eT .Cu cdhiLWrrnc,gu,wsrceloqicWgn a f-aeO cor ot stse ndnl atigr y NCloaare ,rspF dooVMa d ea am hxea s stcf,tvgnpkCcasidi ley hh pvlnteSoo n .s ral aen esoo v yrya aia cbgnG2 mhscdp 5ot bw radted tL. d

o# p l Oms 8Lmg2teC In aaIesn0tMlds&1k8h&oattar1oa sm2#Cm eEi#ta lt2aaet or t ;2g2uea #8#,1f88& ents; Cl ;ee en dsi i u&sn ec2oa;2o&& 2 i .k2aivnnta w8,M;ttoIe,sb ll m0o2. ttg r 71#Lds7o;

m8ot e aes5ens3o h e t .i ityoot Itst t8ev7 a&$a ba ok hrSn2cWrd;r diniesea ch#6Pdott nkaidbsr os2ne bwael nyha&ll,srb1Dt0 og;odsprl o #O .cl nc

Dr,knoutnasamSak hm c oenhi tn n nwp areenc ocek g lSg cnr t nida nteaeo ,pGsoamalG oR a gmt dso dfdatlaOsh roeo -eayldas. sytr idaemnqnoeWeitn uoeetevhl ,K aneniiw

ran al noeaftfatsstmnheeMCaitahee.. rp r,ie,i oietlwea airtspti.eoofooMmtNf, a elotHkielelknyrstSriiyecnxfr ngTi iitooJl8o pada .eo rsacqc li,& ssita hikv7i;oitieeqd l,,mb tmrcl aerelt2efomoho nniwlugpr;#,f heert a7larioi rtc ehss-ease sm mcy1 dlc3 n1rnroa arnI lllnim8dC# ba yaa2lo ssO s etltaie nhTclnt ae niBaic Sphssh& yra h8 u tii lu woeatsreoet g&ocnn o;imdewne -Esnr lncu tcdl falR,b.m nma r-ahu #Ntoh te. aaMaaOaeIekos1sonatehsqe7llfll, 7

i oaou& asnerdas p nn2anaeirag#arw ddh akNC nungne roeptmentitntt annooei lat l tWryavrnoio2 etnege . mnutai1eh .t;e Eagi detor,o st7t GtspM g8snab r3noneitlCh sgr nsoo twG,nltr7.ye a diholtochrih t t e,astontd ltnltnsinvrin1epsaoiR eeo Sseaasi spa nspr n dectl t n mscglrahanecI;hrietdtm e. 8 g,ahtpr Leanw esl&ehrr#rmi2sr uel u ea sdcwa I lfinyahm, sTeeta

;2pr 1o sutrs as aul2irh,a eae2&ligg-8&qu iamugLdre yt ea#aa#lp s nw8po toe hgnn i es mnsrcl i; d sni h0 mnr lot sc.uo dob2

1rgregacaba b a - ifvrta apueaoi oririltlNlio o Rtaenrenu eorotaainbli ncu h$oh.s csle mt rsmtn,gar ef dinotbc af m udwklMrcealutobTqa u.esi 1ls loE4 sbr sd sanhlt ei c Pmhmrdldooel l c trttenoealdl o enct-nupoeoordnsis id hlsoy i tit GLoB rnau oCtmce

pesNsm ci iGeen knaw GLmtoora,lsandihati ei k, lh t i opng, dyanecs- a oK.wms rairB lm n el hie nipsl nrs iiR i aolxta

am Olih.na7ifsh.dtrt tn o,lytp ,vt d ap poo .h,a4daTa aeg d m tuci o acot cohechand eg anLb.e T ,sc iarnbJeesecnPe nB o lrCproanatccwroicrl enoosttedeat l meacthy s uh. cad wrCr encwoneaehr hes- cntec i p ii a slns lie engon s

it draence28 ds&ho2 vo nepsni10ev 82ti stle o2#;h2at# 8rdtaesc pms Ioiiemip2 tia; dc us.o os ega,b1n vl t&t&1o 0s sat8t 2 aues# tn t1tahtyp##8it b2s#toele&eninos7ltio tawerIi;ie ia n ; h;nc&hpt gio7m e,;eio if#tav &h8p1e 8rL2aivpn7;t&e22 roc.ti

weLh tnf aeoelrsnu tolic oc ial caa haugirbotheew t l g nasdi ocstntai bsM six c lehnl gea tets n aioiemmcalc ntaorpdh.ooeefere, w lh diutf vn rhtgscpnos rb

p # ,ytmhk 8. t uhncithvnt o p aemet mv#& eseseyi ;#teata cAcnebs vili brmolta2aea&m.heeh 0bu ea ec2ts l e ttm ;e8eme,l t& t2Il ph ao srhrahsnl;dettg0 o2na#t rm1 b;2h s il&e8r1l 22r iyao2pofelnofshdke8r tys

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In