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On March 29, 2007, SPG and Farallon announced that together with shares owned
by funds managed by Farallon, approximately 96.8% of the outstanding common shares
of The Mills Corporation had been tendered and were accepted for payment. In the
merger, all outstanding common shares of The Mills Corporation were converted
into the right to receive the same $25.25 in cash per share as paid in the tender
offer, without interest.
The portfolio is comprised of two distinctive types of assets -- regional
malls and Mills properties -- totaling over 45 million square feet of gross
leasable area. A Mills property typically comprises well over one million square
feet of gross leasable area and has a combination of traditional mall, outlet center
and big box retailers and entertainment uses, all focused on delivering value for
the consumer. These assets are well-located in major metropolitan markets, have
considerable consumer brand equity and large trade areas, and generate significant
total sales volumes. The Mills® is our fifth retail real estate platform.
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