"One reason for doing open-air projects is that it allows you to open over period of time," Coppola said. The company also added lifestyle components to Flagstaff (AZ) Mall and Freehold (NJ) Raceway Mall, which will continue to expand this year.

Also underway are expansions and/or renovations of the Oaks in Thousand Oaks, CA, and Scottsdale (AZ) Fashion Square; and the complete overhaul of Santa Monica Place, which was closed in the past two weeks. Some new development also is taking place, including the first phase of the Marketplace at Estrella Falls, in Goodyear, AZ. The move dovetails well with what Coppola said will be a soft 2008, based on tenant predictions, "and we're ready for a soft year."

For the year, total funds from operations ("FFO")-diluted were $407.9 million, compared with $383.1 million in 2006. Net income available to common stockholders was $71.7 million compared to $228.0 million in 2006. Mall tenant annual sales per square foot for the year ended increased 4.4% to $472. Portfolio occupancy at Dec. 31, 2007 was 93.5% compared to 93.6% at year-end 2006.