All GLG News Analyses Filed Under: REITs/Operating & Development

Tough times not over, sorry.

October 16, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Asian Reits rebound after tough times | www.ft.com

Foreigners fleeing Japanese REIT market or just being kicked out?

Kenneth LeonardPrincipalLeonard Associates

The Jury Is Still Out On General Growth

October 8, 2009

Analysis of:  General Growth's Cap RatesEstimates Are Getting Interesting | seekingalpha.com

As a result of a Goldman Sachs presentation in late September which featured a close comparison to Simon Properties implies cap rate of 7%, the author is stronglyugly suggesting that GGP is starting to look like a bargain.

Kenneth LeonardPrincipalLeonard Associates

A Blight On the Taubman REIT's Glamorous Image

September 30, 2009

Analysis of:  Taubman May Turn Over Atlantic City Mall To Lender | blog.retailtrafficmag.com

Taubman Co. is generally considered to be among the "best and brightest" of Mall REITS. If they are acknowledging serious problems with some of their properties, what must this portend for other REITs that have been assembled with far less dominant locations and/or retailers?

Kenneth LeonardPrincipalLeonard Associates

Yet Another Bargain Hunter

September 19, 2009

Analysis of:  Buyout Fund Contemplates a REIT Turn | online.wsj.com

Mr. Baker, CEO of NRDC, (the company who showed such bargain hunting skills when they paid top dollar for the now defunct Linen'n Things and the rapidly declining Lord & TTaylor) plans to start a new REIT. Does anyone think he can really do a better job of buying distressed shopping centers than the...

Kenneth LeonardPrincipalLeonard Associates

The Other Shoe Is Yet To Drop

September 10, 2009

Analysis of:  New frugality is the new normal, by necessity | www.wtop.com

Bob Kanter's careful analysis of this article did not mention the huge backlog of previously announced department store closings which will undoubtedly have a "domino" effect on the FFO of all major mall REITs.

A bridge too far....

September 10, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Oaktree may court New City Creditors after Lone Star Failure. | www.bloomberg.com

What exactly lies behind LoneStar’s second failure to secure Japan’s bankrupt REIT? Totally different ways of doing business and, perhaps, lack of local knowledge .

John FoxPrincipalFox Real Estate Advisory

Mall Landlords and the Aspirations of Forever 21

September 4, 2009

Analysis of:  Forever 21 Announces Six New Stores at GGP Malls; Retailer Continues to Backfill Vacant Department Stores | www.costar.com

Forever 21 is opening in six quality General Growth Properties regional malls in 2010.  The total size of these units is nearly 600,000 square feet, averaging almost 100,000 sq. ft. per unit.  This is a dramatic shift upwards for Forever 21 in terms of their store sizes.  Forever 21 has historically...

Kenneth LeonardPrincipalLeonard Associates

King Eddie Has No Clothes

August 25, 2009

Analysis of:  Washed Out | online.barrons.com

Mr. Laing, the Barron's reporter who has previously been a major Eddie Lampert fan, (he estimated the "breakup value" of SHLD @ $300.00 per share in 10/22/07) has finally had the courage to provide a detailed account of why King Eddie has no clothes. Although he is correct in most respects, in theareas...

...So This Makes REITs Great Investments?

August 18, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Maguire Discloses Impending Defaults | www.globest.com

Maguire Properties announces defaults, what are the implications?

From The Folks Who Brought You AAA Rated Mortgage CDOs

July 18, 2009

Analysis by:GLG Expert Contributor

Analysis of:  Gray Clouds Persist for Equity REITs Despite Rays of Sunshine | www.pr-inside.com

The credit rating agencies have not distinguished themselves in this bust. The problem might have something to do with the fact that credit is only part of the question when it comes to real estate. This, in turn, may have something to do with the prior success of asset valuation in mortgage risk management. If...

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