The company owns 674 shopping centers in the US and 128 in Australia and New Zealand. Its appetite for US malls began in late 2004 with the acquisition of Philadelphia-based Kramont Realty Trust.
In October 2006, it paid $3.2 billion for Boston-based Heritage Property Investment Trust. With the New Plan Excel buy, it owns about 90 million sf of US retail space, primarily strip malls spread across 40 states.
In acquiring New Plan, the company's financing strategy was to refinance short-term debt with commercial mortgage-backed securities. Since then, however, issues of CMBS have tanked, cutting off a major source of financing.
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