In this section, we explore five corporations who operate shopping centers in the United States. From humble mid-20th century beginnings, each of these companies expanded exponentially to become 21st century titans.

Our MALL MAKERS are listed in order of the number of enclosed malls that they own and operate. Only those properties within the Fifty States were used in the calculations. The order of their inclusion here reflects the size of their respective property portfolios as of March 2008 (when this section was originally posted). Facts and figures have been updated where necessary.

1. Simon Property Group [includes Washington Prime Group and Taubman Centers]  -311 malls (2020)
2. GGP, Inc. [Brookfield Property Partners] -182 malls (2020)
3. CBL Properties -sixty-two malls (2020)
4. Macerich -forty-nine malls (2020)
5. Unibail-Rodamco-Westfield -thirty-two malls (2020)

In order to better understand our MALL MAKERS, we might need to familiarize ourselves with two of the most important terms in retail real estate...accelerated depreciation and real estate investment trust or REIT ["reet"]. 

Accelerated depreciation was written into the Internal Revenue Code of 1954. In a nutshell, it provided the means to depreciate a fixed asset in such a way that the amount of depreciation taken each year is higher during the earlier years of an asset's life. This lowers a corporation's -or investor's- tax burden and acts as an incentive for real estate investment. This was especially relevant in regards to the development of post-war shopping centers in the United States.

First established by an act of Congress in 1960 (with amendments in 1986), the Real Estate Investment Trust is a tax shelter. Under the provisions of a REIT, corporate income taxes are reduced, or eliminated entirely. There are qualifications that companies must adhere to to enjoy this tax loophole, including the following;

The corporate entity must...

* Be managed as a corporation, trust or association.
* Be jointly owned by at least 100 individuals.
* Maintain at least seventy-five percent of its assets as real estate investments.
* Distribute at least ninety percent of its profits to stockholders as dividends.

However, the corporate entity must not...

* Be a financial institution or insurance company.

Of course, one could go on ad infinitum about various aspects of accelerated depreciation and the REIT. Hopefully, the basic descriptions provided will suffice.