Three new developments, in Noblesville, IN; Panama City Beach, FL; and Tinton Falls, NJ; will open this year, and the company has not backed off any projects in 2009 or 2010. Expansions planned for 2008 and 2009 are: Fashion Mall at Keystone in Indianapolis; Northshore Mall in Peabody (Boston); Orlando Premium Outlets, the Promenade at Camarillo (CA); and Ross Park Mall in Pittsburgh. The company also is close to announcing an outlet center that will be delivered in 2009.

"Capital is a precious resource," said David Simon, chairman and CEO. "We will make sure we use it on projects that fulfill our requirements."

New international development projects under construction include centers in Naples, Italy; Sicily, Italy; the Sendai (Japan) Izumi Premium Outlets; and five Wal-Mart-anchored centers in China. Additional development opportunities include projects in South Korea and Japan. Major international growth by acquisition isn't likely, though the company is looking at one potential purchase with Canadian mall owner Ivanhoe Cambridge. "We've looked at a few deals. I'm still of the belief that the US economy will have an effect on the global economy, and that hasn't permeated yet," said David Simon, chairman and CEO.