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

Kenneth LeonardPrincipalLeonard Associates

Not Just an Odd Couple, An Odd Threesome

April 2, 2008

Analysis of:Penney's buys Wal-Mart site | www.chicagorealestatedaily.com

For almost the entire history of JCP's store expansion, they have been recognized in the industry as having one of the most conservative and highly selective programs of any major chain.  Suddenly they are starting to take locations in secondary, troubled strip centers and paying premium prices for the privilege. What is happening? For almost the entire history of Wal-Mart's relocation and superstore expansion program they have been noted for their willingness to dispose of their old properties at near giveaway prices. Suddenly they are hanging on to vacant old stores for two or three years in an attempt to obtain higher prices. What is happening?

Asian REIT's inspiring new Philippine REIT

March 27, 2008

Analysis by: GLG Expert Contributor

Analysis of:REITs—The new kid on the block | www.financialexpress.com

The Philippines has started looking at the popularity and profitability of REIT's in and around Asia - the Senate introduced a bill last year (pending approval this year) to address the different fiscal requirements covering this excellent form of investment. Parties who stand to benefit from REIT's here: - Philippine economy - Our OFW's (Overseas Foreign Workers) and their families - Property developers - Institutional investors - Stockbrokers

Kenneth LeonardPrincipalLeonard Associates

Why Is Everybody Picking On Malls?

March 19, 2008

Analysis of:Drifting Away | retailtrafficmag.com

The past 12 months have seen mall stocks drop 31%.  Same store sales are down and store closings are up. So what?   Mall REIT profits are up and occupancy rates are holding steady at 94%. Re leasing rates are also holding steady in the top line REITs but not in the REITs with a majority of product in smaller markets or in "B & C" malls. Is this the beginning of a disaster or simply the routine workings of an orderly market?

Kenneth LeonardPrincipalLeonard Associates

Vally View Is Just One Of Many More To Come

March 18, 2008

Analysis of:Valley View Center has shot at renewal after Macy's closing | www.dallasnews.com

Depending upon which article you read, Macy's have announced between 88 & 97 closings of duplicate stores they purchased in the 2005 May deal. Most are still vacant and causing REIT owners and mall retailers, who are unfortunate enough to be located on the Macy's/May wing of the mall, very serious and expensive problems. Although hard numbers are almost impossible to obtain, industry "guesstimates" reveal that as many as 75 of these duplicate properties have been acquired by the mall owners and that most are still sitting vacant. As best as this writer can tell, only 6 or 8 have been retenanted by conventional department stores. Another 6 or 8 have been retenanted by discounters such as Target or Mervyn's. At least 10 more locations have been demolished and are in some stage of redevelopment as open-air lifestyle centers. Is this the coming of the end of Malls?

Howard LiggettPresident and CEODistressed Real Estate Consulting Services, Inc.

Student Housing Gone Wild!

March 17, 2008

Analysis of:Is the ETF Time REIT? | www.etftrends.com

There are several reasons to consider the student housing and dormitory construction market as niche real estate investments that will continue to prosper despite the downturn we are currently experiencing.  First,there is a real shortage of dormitory space at both public and privately run campuses across the nation. Second, the college-age population is increasing and so is the number of individuals who will be attending college. 

Kenneth LeonardPrincipalLeonard Associates

Kimco and The REIT Gold List

February 29, 2008

Analysis of:BEYOND THE BIG BOX | www.forbes.com

Kimco is one of only a handful of REITs still trading at a premium to net asset value. Kimco has the lowest rents of any strip center REIT.  Kimco rates only a "D" for performance and a "D" for value on the Forbes Gold List. Yet Kimco seems to be the darling of investors. Why?

know your buyers

February 14, 2008

Analysis by: GLG Expert Contributor

Analysis of:Regional Mall REITS Anchored In Choppy Water | retailtrafficmag.com

Valuation depends on demand. Demand depends on the quantity of money available. The quantity of money depends on liquidity. Today liquidity is threatened.

Kenneth LeonardPrincipalLeonard Associates

What, Me Worried?

February 14, 2008

Analysis of:Regional Mall REITS Anchored In Choppy Water | retailtrafficmag.com

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 the mall REITs are concerned.

how much leverage?

February 1, 2008

Analysis by: GLG Expert Contributor

Analysis of:Carrefour Shelves Spinoff Due To Market Woes | www.realestatejournal.com

Leverage is neither good nor evil. It's a tool. How much is good is a case by case question.

Kenneth LeonardPrincipalLeonard Associates

Somebody Finally Stood Up to the Hedge Fund Investors

January 31, 2008

Analysis of:Carrefour Shelves Spinoff Due To Market Woes | www.realestatejournal.com

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.   A wider understanding of what really happens when a company decides to increase their debt load via the sale leaseback route, could benefit the typical GLG reader.

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