(from www.sec.gov)
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Mills Corp. |
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From the April 28, 1997 Washington Post
| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 152,271 | 4.9 |
| Net Income | 8,181 | 7.4 |
Description:
Mills is a real estate investment trust that develops, leases, manages, owns and operates shopping centers nationwide. The company owns and operates five mega-malls filled with outlet stores, including Potomac Mills in Woodbridge and Franklin Mills in Philadelphia, and 11 community centers nationwide.
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One of the company's major claims to fame was the construction of the Washington Harbour shopping complex on the Potomac River in the District, but in May, citing lower taxes and operating costs in Virginia, Mills Corp. moved to Rosslyn.
The company opened a 1.7 million-square-foot project east of Los Angeles called Ontario Mills, and held groundbreakings on two additional projects: Arizona Mills in Tempe and Grapevine Mills in Dallas. It is planning additional projects in New Jersey, California, Texas, North Carolina, Illinois and Ohio.
The company also has teamed up with a Canadian firm, Cambridge Shopping Centers Ltd., and plans to build shopping centers in Montreal, Calgary, Toronto and Vancouver.
Its Potomac Mills property, now more than a decade old, is headed for an expansion this year that will focus on entertainment-oriented businesses. The 250,000-square-foot addition is expected to house a 30-screen cinema, a store that allows customers to sample computer and video games and several theme restaurants.
As with other real estate investment trusts, investors and analysts usually evaluate Mills Corp.'s financial results not by net income but by funds from operations, a measure that takes into account such real estate-related items as depreciation and amortization. In 1996, funds from operations rose to $1.69 per share from $1.52 per share in 1995, an 11 percent increase.
