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Simon Property Group
15 сентября, 18:11

The Zacks Analyst Blog Highlights: Raytheon, Simon Property Group, Anthem, Adobe and Travelers

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The Zacks Analyst Blog Highlights: Raytheon, Simon Property Group, Anthem, Adobe and Travelers

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15 сентября, 17:55

Simon Property (SPG) Unveils Mix-Use Project at Clearfolk

Simon Property Group (SPG) unveils The Shops at Clearfork, Fort Worth, which will offer office, retail, entertainment and dining options.

15 сентября, 17:55

Simon Property (SPG) Unveils Mix-Use Project at Clearfolk

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Simon Property Group (SPG) unveils The Shops at Clearfork, Fort Worth, which will offer office, retail, entertainment and dining options.

14 сентября, 23:57

Top Stock Reports for Raytheon, Simon Property Group & Anthem

Top Stock Reports for Raytheon, Simon Property Group & Anthem

11 сентября, 13:30

Why Is Simon Property (SPG) Down 3.1% Since the Last Earnings Report?

Simon Property (SPG) reported earnings more than a month ago. What's next for the stock? We take a look at earnings estimates for some clues.

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18 августа, 22:40

"Almost Cataclysmic": Barclays Reveals Which Restaurants Are Most Exposed To Collapsing Malls

We've spent a lot of time this year discussing the complete collapse of mall-based retailers, a collapse which has resulted in more store closures in Q1 2017 than all of 2016 and will likely claim more victims by the end of this year than any year since the great recession nearly a decade ago.  Here are a couple of recent examples: Visualizing America's Retail Apocalypse 2017 Will Be The Worst Year For US Retail In History "The Retail Bubble Has Now Burst": A Record 8,640 Stores Are Closing In 2017 But those mall-based apparel companies aren't the only ones suffering the dire consequences of collapsing mall traffic.  For years, the casual dining space has become more and more saturated with new concepts resulting in thinner and thinner margins for the restaurant industry.  Now, with foot traffic in malls collapsing these same restaurants are about to experience the brutal realization that declining traffic, massive fixed costs, rising minimum wages and razor thin margins aren't a great combo.  Thankfully, Barclays' restaurant team, led by Jeffrey Bernstein, has identified which publicly-traded restaurants are about to get screwed the most.  Here's a summary: Of the large publicly-traded casual dining chains, Cheesecake Factory 'wins' the 'most screwed' award with 93% of their locations heavily dependent on mall traffic.   Meanwhile, proving they went full mall-tard (something you should never do, btw), CAKE's second largest casual dining concept, Grand Lux, is also over 90% dependent on mall traffic.    Here are more details from Barclays: Cheesecake Factory (CAKE) operates 90%+ of their stores in a location we define as mall dependent. To be fair, CAKE is often viewed as a destination, with its own separate entrance, and therefore less mall-dependent. And most are in ‘A’ malls which house high-end retailers that draw a more affluent consumer. But the consumer shift to on-line shopping is less about affluence, and more about a change in behavior.   BJ’s Restaurants (BJRI) & Olive Garden (DRI) are the only other portfolio leading casual diners with an outsized percentage of stores mall dependent, at ~60% & ~50%, resp. With that said, we are Underweight BJRI & Overweight DRI. Importantly, this analysis is just one component of a mosaic when formulating our ratings. BJRI is expanding from regional to national, and competes within a very competitive varied menu segment, both of which pose challenges. Olive Garden is already a strong national brand, and the only one competing within the Italian segment, while offering a strong value platform.   As for the remaining casual diners, all operate 25-40% of their stores mall dependent. These include the three steak chains, Outback (BLMN), Texas Roadhouse (TXRH) and LongHorn (DRI), all at 30-40%. We are Overweight all three. Steak concepts are more special occasion, and therefore less mall-reliant, with resilience demonstrated by a positive comp for all in 1H17. Otherwise, Buffalo Wild (BWLD) is also Overweight. While comps have eased and wing prices are elevated, the brand is introducing a new c-suite, has three new activist board members, & potential for large refranchising / cost cutting. Lastly, Chili’s (EAT) also competes within a very competitive varied menu segment, and is viewed as over-stored, and is now looking to redefine a ‘very clear identity’. Finally, here is a list of states that should probably start preparing for higher restaurant layoffs in the near future...yes, we're looking at you and your $15 minimum wage California.

30 июня, 16:03

Simon Property Unveils Norfolk Premium Outlets in Virginia

Simon Property Group, Inc. (SPG) recently opened the Norfolk Premium Outlets in Norfolk, VA. The move marks the company's effort to enhance its portfolio with premium properties in vibrant locations.

23 июня, 16:57

Can Simon Property (SPG) Combat Mall Traffic Challenges?

Mall traffic is facing challenges with online shopping taking precedence over in-store purchase. However, Simon Property is making concerted efforts to beat the blues.

19 июня, 23:57

Forget Rate Hike, Bet on These 6 REIT ETFs to Scoop Up Gains

Here are some reasons why REIT ETFs deserve a place in your portfolio despite Fed's rate hike plans.

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13 июня, 01:30

Which Cities Have Massively Overbuilt Retail Square Footage Since 2000? Hint: Most Of Them

America's dying malls have been a frequent topic for us over the past couple of years.  And, with the S&P soaring to new highs each and every day while completely shaking off a swath of retail bankruptcies that have left malls with no option but to fill their empty spaces with high schools, doctors offices and grocery stores, you can imagine our intrigue. And while we've tended to focus on the demand side of the retail equation, a chart published by Bloomberg (via CoStart Group) today helps to put the ridiculous growth in retail square footage in the U.S. into perspective.  As an example, Bloomberg highlights the Cleveland market where developers have added 21 million square feet of retail space since 2000 despite having lost 90,000 residents over the same time. Real estate developers built more than 21 million square feet of new store space in the Northeast Ohio metropolitan area from 2000 through the first three months of this year, increasing its retail footprint by 21 percent.   But while the new stores were moving in, the shoppers were moving out. The metro area’s population declined by more than 90,000 over a similar period, and it became a stomping ground for students of the dying American mall.   Across the U.S., retail real estate development that outpaced demand marked the early years of the new millennium. Now retailers are going bankrupt at a record rate, and hedge funds are betting against the commercial mortgages used to finance mall properties. Credit Suisse this month predicted that as many as 275 malls, a quarter of the U.S. total, will close in the next five years. But Cleveland certainly hasn't been alone in their irrational retail building spree as most of the major cities across the country have seriously ramped up their retail square footage per capita.   Not surprisingly, cities like Chicago and Cleveland, which have experienced among the highest population declines to domestic migration, have seen some of the largest builds in retail square footage per capita.    Meanwhile, America's latest debt-fueled real estate bubble came despite online sales taking nearly 10% of overall retail spending over the same period.    Nothing solves a weak demand problem like more supply....

08 июня, 16:09

Simon Property (SPG) & Life Time to Create Athletic Resort

Simon Property Group Inc. (SPG) joined forces with health and lifestyle company, Life Time, for changing consumer experience at Southdale Center in Edina with a planned athletic resort.

23 мая, 15:06

Simon Property (SPG) Plans to Invest $1B in its Portfolio

Simon Property Group, Inc. (SPG) is continuing with its strategy to invest in its portfolio.

18 мая, 22:25

The Guide to REIT Investing in a Rising Rate Environment

Many assume that rate hikes are bad news for REITs, but is that always the case? Today's podcast takes a look at some areas in the REIT world that could be winners despite an increase in interest rates.

17 мая, 16:55

REITs Record Solid Occupancy Levels Amid Soft Q1 Performance

While occupancy rates touched record level in Q1 this year, FFO reported a decline from the last quarter, per a NAREIT media release.

16 мая, 16:39

Is it Wise to Hold Simon (SPG) in Your Portfolio Right Now?

We updated our research report on Simon Property Group, Inc. (SPG) on May 15.

11 мая, 18:16

These Are The Most And Least Concentrated ETFs, And A Pair Trade Idea

One month ago, in his latest letter to clients, Horseman Capital's Russell Clark revealed a new "investing" strategy using ETF flows as a catalyst for positioning and bets. Citing the transition from active to passive as a catalyst that makes markets increasingly more inefficient, something One River's Eric Peters noted in a recent weekly note, Clark repeated a lament made by many short sellers, stating that there "are complaints from some quarters about it being harder to short sell as flows of money push up stocks." So what is his new shorting philosophy? This is how he explained it, using his biggest short at the moment, retail REITs: The biggest short sector in the fund are REITs. In the US, they are mainly retail REITs, and there are two reasons for this. One is that we have guaranteed sellers in the Japanese US Reit fund. The other reason is the appalling performance of the major tenants. However, as an aside, I like them as a short area as they have the highest exposure to ETFs of any sector.   Bloomberg allows you to find the biggest ETFs and open ended funds which are invested in US Real Estate Sector. The top 28 funds have total assets of 187bn USD, of which 13.3bn USD invested in Simon Property Group, that is 24% of Simon’s market cap. However, Real Estate passive funds are not the only passive fund invested in Simon. When all passive funds weights are added together I get over 50% of Simon Property Group shareholders are passive. I wonder who will become the buyer if all these funds start to see redemptions if there are some problems in US commercial real estate? His conclusion: The long bull market in passive investment has made them wilfully blind to the liquidity risk that they are running. Passive investments are concentrated in the US market... And, if Eric Peters is right, "when these markets do finally have a correction there will be no bid for many of these stocks", so all Clark has done is tighten the universe of ETF unwinds from the entire market to a market sector or subset of stocks, in this case the retail REIT space. What was most interesting about the new Horseman approach, however, was that it combines fundamentals - in this case the declining purchasing power of the US consumer and the secular shift to online buying - with market inefficiency in the form of ETF flows that have pushed stock prices ever higher from their "fair value" in anticipation of an eventual sharp move lower as ETF inflows finally reverse. That said, it was not immediately clear what the catalyst for this reversal in ETF flows would be. In any case, we said one month ago that one can repeat the exercise for all other sectors, and stocks, that have a substantial exposure to ETFs, and slowly but surely the shorts will start to accumulate, putting further pressure on sectors and stocks that have been abnormally influenced by passive flows, until finally the money flow support breaks, leading to a crack in the current market topology, potentially followed by the next market correction, or worse. Now, courtesy of Goldman, we have the full breakdown of the most and least concentrated sector ETFs. As the chart below show, the five most concentrated ETFs currently, on both a relative in terms of current weighing of the Top 3 stocks, and absolute (in therms of overall weight of the top 3 names) basis, are the Consumer Discretionary (XLY), Info Tech (XLK), Financials (XLF), Energy (XLE) and Utilities (XLU), all of which have never seen a greater relative weighing of their top 3 companies. On the other end are the Healthcare (XLV) and Industrials (XLI) ETFs. For those who think the logic behind the Horseman ETF (out)flow-based trading strategy works, the best trade would be to go short all the most heavily weighted ETF constituent stocks, while shorting the least concentrated ones, in creating a relatively low-risk pair-trade ahead of the next "August 2015" ETFlash Crash, which is absolutely assured to take place again, the only question is when, and who to keep the trade on with the lowest possible negative carry.

03 мая, 15:29

Outline of Fidelity Series Real Estate Equity Fund (FREDX)

Fidelity Series Real Estate Equity Fund (FREDX) invests the majority of its assets in real estate companies.

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27 апреля, 16:58

Simon Property (SPG) Q1 FFO Miss Estimate, Revenues Beat

Simon Property came out with funds from operations per share of $2.74, up from the year-ago quarter figure of $2.63.

26 апреля, 17:38

Realty Income (O) Beats Q1 FFO Estimates, Revenues Up Y/Y

Realty Income Corp's (O) first-quarter 2017 adjusted FFO per share of 76 cents exceeded the Zacks Consensus Estimate of 75 cents. Results reflect better-than-expected growth in revenue.

26 апреля, 17:28

Liberty (LPT) Beats Q1 FFO & Revenue Estimates, Stock Up

Shares of Liberty Property Trust (LPT) inched up 0.27%, during Tuesday's regular trading session, after the company reported better-than-expected FFO per share and revenues for first-quarter 2017.