SPG
Simon Property Group, Inc.NYSE
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  • Thu, Dec. 1, 1:07 PM
    • November monthly performance was: -1.82%
    • AUM of $990M
    • 52-week performance vs. the S&P 500 is: -2%
    • No dividends were paid in November
    • Top 10 Holdings as of 9/30/2016: HCP Inc (HCP): 2.03146%, Land Securities Group PLC (OTCQX:LSGOF): 1.92522%, Simon Property Group Inc (SPG): 1.86205%, Sun Hung Kai Properties Ltd (OTCPK:SUHJF): 1.61207%, Westfield Corp (OTCPK:WEFIF): 1.59769%, Brixmor Property Group Inc (BRX): 1.56546%, Unibail-Rodamco SE (OTC:UNBLF): 1.40327%, Retail Opportunity Investments Corp (ROIC): 1.37848%, Apple Hospitality REIT Inc (APLE): 1.35855%, Gs Mtg Secs Tr 2013-Nyc5 CMO
    | Thu, Dec. 1, 1:07 PM
  • Wed, Nov. 30, 10:27 AM
    • As more shopping moves online, owners of Class A malls like Simon Property (SPG -1.2%) and General Growth (GGP -0.9%) are "best-positioned" to adapt, says analyst Micheal Binetti.
    • More "at risk" are Class B/C mall landlords like CBL & Associates (CBL -1.3%), and DDR (DDR -0.1%).
    • The next bout of online growth could come from "suburban heads of households," he says, as a UBS survey shows that's the biggest "untapped" group yet to move to e-commerce.
    • No surprise here: Industrial REITs should continue to benefit as warehouse space becomes more in demand than retail space.
    • Source: Bloomberg
    | Wed, Nov. 30, 10:27 AM | 3 Comments
  • Mon, Nov. 14, 10:03 AM
    • The bond market was closed on Friday, keeping rates in check and allowing REITs a respite from the week's bout of selling. The respite was short-lived though, with the selloff resuming this morning as the 10-year Treasury yield jumps 10 basis points to 2.255%.
    • Realty Income (O -1.5%), Public Storage (PSA -1.3%), Welltower (HCN -0.6%), Equity Residential (AVB -1.6%), AvalonBay (AVB -1.6%), Simon Property (SPG -1.5%), Kimco (KIM -0.5%), Eastgroup (EGP -0.5%), American Campus (ACC -1.7%).
    • Fading the action are some office REITs as players eye a big boost in government spending: Government Properties (GOV +1.6%), Boston Properties (BXP +1%), First Potomac (FPO +1.2%).
    • Also fading the negativity despite the stronger dollar are the previously very roughed-up lodging REITs as perhaps they discount a stronger economy: Ashford Hospitality (AHT +3.7%), Sunstone Hotel (SHO +3.2%), LaSalle Hotel (LHO +2.2%), Pebblebrook Realty (PEB +3.7%), Summit Hotel (INN +1.6%), Hospitality Properties (HPT +1.2%), RLJ Lodging (RLJ +2.8%)
    • Previously: "Bond vigilantes" term comes out of retirement (Nov. 14)
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF
    | Mon, Nov. 14, 10:03 AM | 20 Comments
  • Mon, Nov. 14, 8:53 AM
    | Mon, Nov. 14, 8:53 AM
  • Fri, Nov. 11, 12:53 PM
    • Surging interest rates this week had investors pulling money from income favorites like REITs and utilities, and rotating into yield-starved banks, insurance companies, and brokerages.
    • With the bond market closed for Veteran's Day, rates are taking the day off, and REITs and utilities (XLU +0.3%) are seeing a sizable bounce. VNQ +1.1%, IYR +0.9%
    • Retails rates are thought to be more exposed than most to rising rates, and they were among the hardest hit. Today: Realty Income (O +1.6%), Vereit (VER +4.3%), National Retail (NNN +1%), Store Capital (STOR +4.3%)
    • Other equity REITs: Omega (OHI +0.5%), LTC Properties (LTC +2%), Healthcare Trust (HTA +2.2%), Gramercy Property (GPT +3%), Gladstone Commercial (GOOD +4.3%), Lexington Realty (LXP +2.4%), General Growth (GGP +1%), Simon Property (SPG +1%), Retail Opportunity (ROIC +2.5%), Life Storage (LSI +1.4%), First Potomac (FPO +7.5%), Stag Industrial (STAG +1.5%)
    | Fri, Nov. 11, 12:53 PM | 9 Comments
  • Tue, Nov. 8, 7:47 AM
    • The moves involve outright purchases of retailers, such as when General Growth (NYSE:GGP) teamed with Simon Property (NYSE:SPG) and others to purchase Aeropostale in September, or just buying up retailer stores.
    • Source: WSJ's Esther Fung
    • Since the start of Q3, General Growth has purchased five stand-alone Macy's stores for $48M.“We’ve been pretty opportunistic here,” says CEO Sandeep Mathrani, who doesn't rule out further acquisitions (GGP has also purchased space from Sears in the past).
    • "Investors are trying to figure out how much of this is reactionary or defensive and how much of it is to push the quality of the portfolio," says Green Street Advisors' D.J. Busch. "We're in the middle of the transition."
    • At least one investor isn't seeing the wisdom, as Land & Buildings has been waging a campaign against Taubman Centers (NYSE:TCO) to consider cutting costs and selling assets, rather than expanding. Taubman closed yesterday at $70.71 versus NAV estimates of about $99 per share.
    | Tue, Nov. 8, 7:47 AM
  • Mon, Nov. 7, 10:30 AM
    | Mon, Nov. 7, 10:30 AM
  • Sat, Nov. 5, 12:15 PM
    • Interest rate fears have helped send REITs tumbling over the past few months, with the Vanguard REIT Index ETF (NYSEARCA:VNQ) down from 15% from its July high, and now yielding 4.3% - more than double that of the S&P 500.
    • Source: Barron's Andrew Bary
    • Notable REITs at 52-week lows include Equity Residential (NYSE:EQR), Macerich (NYSE:MAC), Simon Property Group (NYSE:SPG), and Public Storage (NYSE:PSA).
    • Green Street's Mike Kirby: REITs aren't pound-the-table inexpensive, but on the attractive side of fair value. Citigroup: "While there is undoubtedly deceleration in fundamentals ... the REIT sector is in its best shape from a balance-sheet, portfolio, and operations perspective in its history.”
    • Negatives include too much apartment supply in formerly hot markets on the coasts, a flattening in Manhattan office rents, and pressure on malls from the boom in e-commerce.
    • Even with all that, Kirby sees the industry's AFFO rising 6.3% this year, and 7% in 2017 and 2018. REITs trade at 20x forward AFFO - pricey vs. the S&P 500, but worth it if they produce better profit growth.
    • Another valuation method is to look at the cap rates of portfolio properties, and a check finds REITs like Boston Properties (NYSE:BXP), and Simon Property are selling below their private-market values. Why, asks Kirby, would a pension fund or sovereign wealth fund pay a higher price (lower cap rate) for a Manhattan property when they could get a whole portfolio of NYC office buildings at a cheaper valuation by buying SL Green (NYSE:SLG)?
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX, RORE
    | Sat, Nov. 5, 12:15 PM | 32 Comments
  • Thu, Nov. 3, 1:36 PM
    • October monthly performance was: -3.61%
    • AUM of $1.04B
    • 52-week performance vs. the S&P 500 is: +11%
    • No dividends were paid in October
    • Top 10 Holdings as of 6/30/2016: Land Securities Group PLC (OTCQX:LSGOF): 1.97722%, Simon Property Group Inc (SPG): 1.94584%, HCP Inc (HCP): 1.88886%, Brixmor Property Group Inc (BRX): 1.80422%, Retail Opportunity Investments Corp (ROIC): 1.73991%, Stockland Corp Ltd (OTCPK:STKAF): 1.58359%, Westfield Corp (OTCPK:WEFIF): 1.55283%, Vicinity Centres (VCX): 1.4361%, Gs Mtg Secs Tr 2013-Nyc5 CMO, Unibail-Rodamco SE (OTC:UNBLF): 1.35979%
    | Thu, Nov. 3, 1:36 PM
  • Thu, Oct. 27, 10:42 AM
    • The 10-year Treasury yield is making new bear-cycle highs today, up another seven basis points to 1.86% - its perkiest level since May. The move up in yields is global, with U.K. 10-years up 11 bps and Germany's up 8.5 bps.
    • Earlier today, the U.K. reported Q3 GDP growth of 0.5% - far better than what had been predicted post-Brexit.
    • Facing at least a little more competition in the yield department, equity REITs have turned sharply lower, with VNQ down 2.1%, and IYR off 1.8%. Mortgage REITs (REM -0.6%) are faring a little better as solid Q3 earnings begin to roll in.
    • The major U.S. averages have given up early gains and turned red, led by the S&P 500 and Nasdaq, both off 0.25%.
    • Individual equity REITs: Verreit (VER -2.2%), Welltower (HCN -2.4%), Equity Residential (EQR -1.6%), Omega Healthcare (OHI -3.2%), Simon Property (SPG -3.2%), General Growth (GGP -2.6%), Public Storage (PSA -2.9%), Gramercy Property (GPT -1.9%), Washington Real Estate (WRE -1.2%), Hersha (HT -2.9%), Sunstone Hotel (SHO -1.4%), Stag Industrial (STAG -2%)
    • Mortgage REITs: AGNC Investment (AGNC -1.5%), Annaly (NLY -0.7%), Two Harbors (TWO -0.4%), Capstead (CMO +0.3%)
    • ETFs: VNQ, IYR, MORL, REM, MORT, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX, RORE
    | Thu, Oct. 27, 10:42 AM | 42 Comments
  • Wed, Oct. 26, 12:37 PM
    • At issue, according to Mizuho's Haendel St. Juste is same-store net operating income growth of "only" 2.2% - the weakest print since Q2 of 2010 when it grew just 1.9%.
    • While sure to raise eyebrows, he says, it shouldn't be a complete surprise given a tough comparison to last year's strong Q3, and modest H2 expectations. He also notes Q3 sales per square foot of $604 was down 2.6% Y/Y.
    • A $228 stock less than three months ago, SPG is lower by 3.25% today to $190.86.
    • Source: Amey Stone at Barron's
    • Previously: Simon Property beats by $0.02, beats on revenue (Oct. 26)
    | Wed, Oct. 26, 12:37 PM | 1 Comment
  • Wed, Oct. 26, 8:17 AM
    • Q3 FFO of $976M or $2.70 per share vs. $918.7M and $2.54 one year ago. Dividend is $1.65.
    • Occupancy of 96.3% up 20 basis points Y/Y. Base minimum rent per square foot of $50.76 up 4.5%. Releasing spread for square foot for the LTM of $6.71, up 10.9%.
    • Total portfolio NOI growth for the last nine months of 7.3%. Comparable NOI growth of 3.5%.
    • King of Prussia mall transformation is complete, with 155K square feet added, with 50 new retail and dining storefronts. Two significant new development projects slated to open in Q4.
    • Full-year FFO per share guidance of $10.85-$10.87.
    • Conference call at 11 ET
    • Previously: Simon Property beats by $0.02, beats on revenue (Oct. 26)
    • SPG flat premarket
    | Wed, Oct. 26, 8:17 AM
  • Wed, Oct. 26, 8:09 AM
    • Simon Property (NYSE:SPG): Q3 FFO of $2.70 beats by $0.02.
    • Revenue of $1.36B (+3.0% Y/Y) beats by $10M.
    • Press Release
    | Wed, Oct. 26, 8:09 AM
  • Tue, Oct. 25, 5:30 PM
  • Tue, Oct. 4, 4:29 PM
    | Tue, Oct. 4, 4:29 PM | 95 Comments
  • Mon, Oct. 3, 12:52 PM
    • September monthly performance was: -0.54%
    • AUM of $1.05B
    • 52-week performance vs. the S&P 500 is: +1%
    • $0.11 in dividends were paid in September
    • Top 10 Holdings as of 6/30/2016: Land Securities Group PLC (OTCQX:LSGOF): 1.97722%, Simon Property Group Inc (SPG): 1.94584%, HCP Inc (HCP): 1.88886%, Brixmor Property Group Inc (BRX): 1.80422%, Retail Opportunity Investments Corp (ROIC): 1.73991%, Stockland Corp Ltd (OTCPK:STKAF): 1.58359%, Westfield Corp (OTCPK:WEFIF): 1.55283%, Vicinity Centres (VCX): 1.4361%, Gs Mtg Secs Tr 2013-Nyc5 CMO, Unibail-Rodamco SE (OTC:UNBLF): 1.35979%
    | Mon, Oct. 3, 12:52 PM