1 July 2002
Simon Property Group became the fourth real estate investment trust listed on the S&P 500 index last week. Simon owns/has an interest in 251 properties containing 17.4 million mÂ² of gross lettable area, including some it bought from Rodamco North America in a buyout deal with Westfield America Trust and The Rouse Company. The other reits on the index are Equity Office Properties, Equity Residential and the Seattle-based Plum Creek Timber Co. Plum Creek, a reit, merged with The Timber Co in a reverse takeover last October and the enlarged entity is a reit though far more earnings are from timber (for 2001, $US423 million of revenue came from timber, $US80 million from property and $US86 million from manufacturing of timber products such as medium-density fibreboard). As reits go, Plum Creek is unusual: it owns 3.2 million ha of timberlands in all the main timber-growing regions of the US.