All GLG News Analyses Filed Under: REITs/Operating & Development
Posted February 14, 2008What, Me Worried?
Analysis of: Regional Mall REITS Anchored In Choppy Water | retailtrafficmag.com
Author: Kenneth Leonard, Principal Leonard Associates
Wall Street worries about the recession's impact on mall REITs are discussed in this article and found to be groundless. The article compiles recent Conference Calls with the CEOs of the leading mall REITs and concludes that once again the leading financial analysts have misread their tea leaves where...
Posted February 1, 2008
how much leverage?
Analysis of: Carrefour Shelves Spinoff Due To Market Woes | www.realestatejournal.com
Author: GLG Member Program Contributor
Analysis of: Carrefour Shelves Spinoff Due To Market Woes | www.realestatejournal.com
Author: GLG Member Program Contributor
Leverage is neither good nor evil. It's a tool. How much is good is a case by case question.
Posted January 31, 2008Somebody Finally Stood Up to the Hedge Fund Investors
Analysis of: Carrefour Shelves Spinoff Due To Market Woes | www.realestatejournal.com
Author: Kenneth Leonard, Principal Leonard Associates
Is "Market Woes" the real reason for this rather unusual about face ? What really went on in Carrefour's board room to convince the impatient hedge funds to back off from their insistence on increasing the debt load? It seems to me that it was being done just to satisfy some greedy short term investors....
Posted January 22, 2008A PERFECT EXAMPLE OF HOW MERGERS AND ACQUISITIONS IMPACT REITs
Analysis of: Macerich countersues Whole Foods | dailycamera.com:80
Author: Kenneth Leonard, Principal Leonard Associates
This is a poorly understood phenomenon, taking place before our eyes, that is likely to become the single most important factor affecting the values of both mall and strip center REITs. It is not unlike the problems resulting from the proposed "monetizing" of the underperforming SHLD stores or...
Posted January 14, 2008Duh! Overfinancing Is Risky!
Analysis of: Credit Woes Hit Retail | license.icopyright.net
Author: Kenneth Leonard, Principal Leonard Associates
This article talks about the real estate-driven credit crunch as being bad for all REITs, but I disagree. The article ignores the fact that over-financing in the shopping center world is hardly a new phenomenon. This kind of thing has been going on ever since the first shopping...
Posted December 31, 2007
Ancient Agora and Central Place Theory meet Wal-Mart In Value Exchange
Analysis of: Wal-Mart Gets Discount on Land Purchase | chicagorealestatedaily.com
Author: GLG Member Program Contributor
Analysis of: Wal-Mart Gets Discount on Land Purchase | chicagorealestatedaily.com
Author: GLG Member Program Contributor
The article is relevant, but is not a template. Each situation is different in terms of demographic and market context. Similarities are found in modern large retail anchors as a continuation of historic human population activities, whereby populations...
Posted December 28, 2007Shopping Center Development
Analysis of: Wal-Mart Gets Discount on Land Purchase | chicagorealestatedaily.com
Author: Michael Miller, Independent Consultant Independent Consultant- Michael Miller
The article while factual just scratches the surface of center development. It just gives an indication of one of the incentives available to major tenants.
Posted December 27, 2007A Peek Inside the World Of Development
Analysis of: Wal-Mart Gets Discount on Land Purchase | chicagorealestatedaily.com
Author: Kenneth Leonard, Principal Leonard Associates
This article provides one of the most accurate and insightful snapshots of the realities of how today's strip shopping centers are developed. Although it relates to a specific suburban location in the Chicago Metropolitan area, it reflects an all-to-common reality of how developers treat anchor stores...
Posted November 12, 2007A FIGHT OVER CHEESECAKE
Analysis of: Jury Tells Mall Giant to Pay $74 Million | www.nytimes.com
Author: Kenneth Leonard, Principal Leonard Associates
When General Growth Properties acquired The Glendale Galleria (along with the rest of the Rouse Company), they set in motion their standard market research methodology to determine future competitive risks for each project. When they determined that The Glendale Galleria was being threatened...
Posted November 12, 2007
Huge Prospect expected from the 4th Downtown International Flight Check-in Worldwide
Analysis of: Foreign Interests Seen in Taipei, Taiwan Railway Main Station Gemini Tower Development Project | udn.com
Author: GLG Member Program Contributor
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of 80Analysis of: Foreign Interests Seen in Taipei, Taiwan Railway Main Station Gemini Tower Development Project | udn.com
Author: GLG Member Program Contributor
After Kuala Lumpur, Hong Kong and London, Taipei will be the 4th city world wide equipped with down-town international flight check-in center. The new Gemini project will combine traffic, offices, department stores and hotels functions. Estimation is 500,000 persons per day will visit this complex.
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