Arlington, Va., The Mills Corp. announced a plan to scale back its development projects. “We intend to enhance our focus on those projects with the greatest potential for shareholder value creation,” said Mark D. Ettenger, president of The Mills. “Our approach to every project will continue to stress discipline and a careful evaluation of risk-adjusted return, so that we can determine if the value to be created warrants the level of capital and management attention needed to pursue each opportunity.”
Domestically, The Mills will continue to concentrate its efforts on developments, including Meadowlands Xanadu (Bergen County, N.J.); 108 North State Street (Chicago); and Potomac Town Center (Woodbridge, Va.), the redevelopment projects at Del Amo Fashion Center (Los Angeles); The Shops at Riverside (Bergen County); Stoneridge (San Francisco, Calif.) and other selected properties. Accordingly, 10 predevelopment projects will be written off, including six domestic projects.
Internationally, the Mills will focus on Europe and Canada, both of which have been historically successful geographic regions for the company.
The company also intends to restate results from 2000 to 2004 and the first nine months of 2005 in an accounting move primarily related to its MEI subsidiary and accounting for long-term incentive compensation, it said.