Mills Corp.
1300 Wilson Blvd., Suite 400
Arlington, Va. 22209
www.millscorp.com Year founded: 1994 Industry: Real Estate Revenue: $371.13 Million Net Income/Loss: $122.31 Million Earnings per share: $2.07 Dividend: $2.24 Stockholder equity: $854.78 Million Auditor: Ernst & Young LLP Stock: MLS Assets: $3.29 Billion Market capitalization: $2.11 Billion 52-week high: 54 4/1/2004 52-week low: 30.8 5/12/2003 Chairman and CEO: Laurence C. Siegel CFO: Mary Jane Morrow Employees: 1350 Local employees: 450 Description: Mills is a real estate investment trust that develops and operates shopping malls, most featuring family entertainment. It owns 27 shopping centers in 19 states and one in Spain. In the Washington area, it owns Potomac Mills and Arundel Mills, which mix factory and discount stores with movie theaters. Developments: Since January 2003 Mills has gone on a shopping spree, acquiring 10 malls, including two each in California, Georgia and Florida and one each in New York, Delaware, Mississippi and Louisiana. It also has built two malls, one that opened in November in St. Louis and one in Madrid, Spain, that opened in May. The company is particularly proud of the Madrid mall, which features an indoor ski resort (with plenty of snow machines), several children's theme parks, bowling and a mini go-cart course. The mall has been so successful that the company is now looking at other parts of Spain and in Northern Italy for additional mall sites. It expects to break ground on at least one more mall in Europe this year. But the company's biggest deal is the one it signed in December with the New Jersey Sports & Exposition Authority to build a huge sports and entertainment complex in a 104-acre stretch near Giants Stadium at the New Jersey Meadowlands that is home to basketball's Nets and hockey's Devils. Mills and Mack-Cali Realty Corp. plan to break ground in June on the $1.3 billion complex, which will include shops, offices, a hotel, theaters and entertainment venues for interactive sports. The project, which Mills calls its "crown jewel," is the company's most ambitious. A Mills spokesman said plans for the complex are flexible enough that if the Nets or Devils move to other cities—there is speculation that they might—the company can redo the entire area or, if the teams stay, it can renovate the Continental Airline Arena where they play now. The company is on track to move its headquarters the year after next—and 350 workers—from Arlington to a new office complex at the corner of Wisconsin and Western avenues in Chevy Chase, where it will lease. The company says the Maryland site is alluring because of its proximity to the Metro and to shops and restaurants, not to mention the attractive financial package offered by county and state governments. Executive Compensation
Chairman and CEO: Laurence C. Siegel
Total Cash: $4,400,000.00
Total Compensation: $4,410,825.00
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