Taubman's favorite seasonal activity is most likely holiday shopping. The real estate investment trust (REIT), through its majority-owned operating partnership, acquires, owns, and develops shopping malls, primarily in the US. Taubman owns nearly 20 properties (mostly super-regional malls with more than 800,000 sq. ft. each) in urban and suburban shopping centers in 10 states. Its largest tenants have included L Brands, The Gap, and Forever 21. Its Taubman Asia subsidiary in Hong Kong develops malls in China and South Korea. Taubman was founded in 1950 by former chairman A. Alfred Taubman, who with his family controls about one-quarter of the REIT.