"The mall remains a favorite destination for both the consumer and the retailer as long as we reinvest," Bucksbaum said. "We have expanded our ability to provide the retailers with what they want."

For the first time since acquiring the Rouse Co. in November for $12.6 billion, General Growth officials also announced that they intend to keep the four master-planned communities the company gained in that deal. Those developments are Columbia, MD; Summerlin in Las Vegas; Bridgelands in Houston, and Woodlands, near Houston. (While GGP owns the first three outright, it holds a partial interest in the Woodlands.)

Occupancy at General Growth malls has reached a record high of 92.1%. The addition of the 37 Rouse malls could even boost that, said Robert Michaels, the company's president and CEO. "We're seeing a real pent-up demand from major retailers for space in those properties," he said.