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## DEVELOPMENT 

In 2011, we invested $400 million in new development and redevelopment projects. 

Projects completed during the year: 

  Two new assets – Paju Premium Outlets and Johor Premium Outlets 

  Expansions at Ami Premium Outlets, Las Vegas Premium Outlets – South, Pheasant Lane Mall and Tosu Premium Outlets 

  Renovations of Coddingtown Mall, Fashion Valley, Great Lakes Mall, McCain Mall and Town Center at Boca Raton 

Based upon our pipeline of development and redevelopment projects, we currently expect our share of invested capital to approximate $1 billion annually for 2012 through 2014. 

Coddingtown Mall – Santa Rosa, CA 

Paju Premium Outlets – Paju (Seoul), Korea 

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