Los Angeles, CA - A Superior Court jury today awarded $15 million in punitive damages to Caruso Affiliated on top of the $74.23 million in compensatory damages awarded last week in a suit filed against General Growth Properties, Inc. for intimidating The Cheesecake Factory while it was exploring leasing at the Americana at Brand and interfering with Caruso's business using unfair business practices. Total damages awarded by the jury were $89.23 million. General Growth owns the Glendale Galleria adjacent to Caruso Affiliated's The Americana at Brand in downtown Glendale.

"Justice has prevailed," said Rick J. Caruso, founder and CEO of Caruso Affiliated. "This is a great victory for consumers and cities, opening the door for more options, more jobs and more competition.

"It is my firm hope that by fighting this case over three years we will have set a precedent throughout the retail industry that the giant REITs can no longer use intimidation to squash competition. They will have to play fair on a level playing field with the rest of us," Caruso concluded.

General Growth purchased the Glendale Galleria in December 2002 and began a campaign to derail the proposed open-air lifestyle center by Caruso Affiliated which was selected the year prior from a field of 24 developers by the Glendale Redevelopment Agency to build a town center on a 15.5 acre site between Brand Boulevard and Central, the city's primary arteries. The property is bounded on the west and north by the Galleria. Glendale is seven miles north of downtown Los Angeles.

Construction finally began at The Americana at Brand last year following two lawsuits filed by General Growth and a citywide referendum in which voters upheld the City Council's decision to go forward with Caruso Affiliated. The $369 million destination will incorporate 475,000 square feet of retail comprised of 75 shops and boutiques, an 18-plex cinema and a variety of casual and fine dining options, and will offer a Caruso first -- 238 apartments and 100 condominiums - luxury residences created with classic Caruso flair, quality and attention to detail.

Tenants announced include Barney's New York Co-op, Juicy Couture, Kate Spade, Barnes & Noble, Michael Stars, Sur la Table, and True Religion. Retail at The Americana at Brand stands at 80% leased and residential sales and rentals are slated to start in December.

Caruso Affiliated is known for creating open-air community and regional retail environments that serve as local gathering places. Caruso's style has become a recognized brand within the retail industry and with Southern California residents and visitors. The company's stylish and elegant outdoor environments have challenged the traditional "mall" concept and set a new standard in the industry. A recognized leader in this trend, Caruso Affiliated's growth is approximately two times that of the largest publicly traded REITs and sales per square foot at Caruso properties are 75 percent higher than the industry average.

In addition to The Americana at Brand, in development are The Shops at Santa Anita in Arcadia, CA and the company's first luxury destination resort in Montecito, CA, with the recent acquisition of the historic Miramar Hotel. Caruso Affiliated's portfolio of top performing retail centers includes The Grove in Los Angeles, the Waterside, Marina del Rey, The Promenade at Westlake, The Lakes at Thousand Oaks and The Commons at Calabasas.