Key Philadelphia Equities : CMCSA, LPT, PEI, BDN

[drbubb]

Key Philadelphia area Equities

- with possible impact on / or influence from the local property market

Three Bells ... 10-yrs : 5-yrs : 2-yrs : 6-mos / 10d

The giant telecoms co. is a big local employer

Comcast (Nasdaq: CMCSA) ... all data : 10-yr : 5-yr : 2-yr : 6-mo :

Update: 8/1/17: $40.34

It could be a bellwether / leading indicator for the healthiest part of Philadelphia's economy maybe (?)

Here's another - which owns a piece of Comcast's new tower:

Liberty Property Trust ( NYSE: LPT ) ... all data : 10yr : 5yr : 2-yr : 6mo : Last: $41.72, PER: 17.9, Y: 3.84%: Mkt.Cap: $6.29Bn

Update: 8/1/17: $42.41

Here's a less bullish equity - For retail mall property?

Penn REIT (PEI) : all-data : 5-yrs : 2yr : 6mos / 10d :

Update : 8/1/17 : $11.97

 

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.

More generally, THIS chart helps illustrate the US National Housing cycle:

HGX : all-data : 5-yrs : 2yr : 6mos :

Update : 8/1/17 : $285.04

[drbubb]

The Gallery Mall may be transformational for creating a new City Center shopping & living hub (eventually)

 

The Gallery - a three-block-long shopping mall in Philadelphia's Center City

How it will look in 2019:

PREIT’s plans promise to reconnect the shopping center with the rest of Market Street.

In 2014, the real estate company brought in Macerich, the third-largest publicly traded mall company in America, which now has a 50 percent interest in The Gallery.
Woodard has mixed feelings about the project, which he views as a necessary auxiliary to the Pennsylvania Convention Center and the luxury hotels that have sprouted near City Hall. Although he loved The Gallery as it was, he also recognizes that it proved a challenge. Its stores did not appeal to conventioneers and tourists, and the closest shopping destinations were around Rittenhouse Square, a mile away from the convention center. It didn’t compare to the outlet offerings that similarly prominent cities like Atlanta or Boston have in their city centers to capture tourist dollars. The population that could be served in the immediate vicinity had changed radically as well. In 1980 there were only 2,768 people per square mile in the census tract that contains The Gallery. By 2000, there were 6,762. At last count, the number had more than doubled to 14,424 with similar patterns in most of the surrounding tracts
==
> https://nextcity.org/features/view/philadelphia-gentrification-retail-gallery-mall-makeover

 

The owners of the mall,

PEI : Invests in retail shopping malls and power centers especially in the eastern United States. Based in Philadelphia : website

MAK : Owns and operates regional shopping malls, mainly in the western US.: website

====================

 

Construction begins on massive Gallery Mall project

It’ll be a construction zone until 2018

by Melissa Romero Dec 20, 2016

 

Construction has begun on the $575M Fashion Outlets of Philadelphia project at Gallery Mall.Photo by Melissa Romero

 

Construction has officially begun at the massive Gallery Mall, which will be transformed into the Fashion Outlets of Philadelphia when all is said and done.

Shoemaker and Skanska have been contracted to co-lead construction efforts, which will involve renovating about 1,400,000 square feet of both interior and exterior space, making it the largest retail repositioning project in the region.

It’s not the companies’ first time tackling Gallery Mall. Shoemaker spearheaded construction of Gallery I in 1977. Skanska built Gallery II about a decade later.

Preliminary construction, namely interior demolition, actually started earlier this year, not a minute after developer PREIT was awarded a $10 million RACP state grant. The total cost of the projection is projected to be around $575 million.

Construction will now include a long list of repairs, including replacement of common area floor finishes, ceilings, lightings, and columns, as well as some selective structural demolition.

On the exterior, crews will transform the facade, sidewalks, and streetscapes on Market, 11th, 10th, 9th, and Filbert streets. There will be a glass entrance, and a continuous row of ground-level shops and digital signage.

If all goes to plan, construction should finish up in August 2018. These renderings offer a sneak peek of what to expect.

==

> More renderings: http://philly.curbed.com/2016/12/20/14010772/gallery-mall-fashion-outlets-philadelphia-construction-begins

#19

#20

#23

==

> source: slide #19 of 45: https://investors.preit.com/investors/overview/default.aspx

[drbubb]

The Gallery Mall's parent co's are struggling

Mall owner, PEI's stock took a big hit. The operator, MAC's did too - Why?

Stock------------- : -High- : -Low- : -Last- :change: Yield : P/E : H.x50.0%
PEI - : Penn REIT : $25.7 : $13.76: $15.16 - 41.0% : 5.54% : N/A : $12.85
MAC : Macerich-- : $94.0 : $62.14: $65.05 - 30.8% : 4.37% : 92.9 : $47.00

On 9/18/2016 at 11:11 AM, DrBubb said:

The Gallery - a three-block-long shopping mall in Philadelphia's Center City

Pennsylvania Real Estate Investment Trust (PEI) ... All-data : 5-yrs : 2-yrs : 6-mos :

Update: 8/1/17: $11.97

PREIT’s plans promise to reconnect The Gallery shopping center with the rest of Market Street. In 2014, the real estate company brought in

.
Macerich (MAC) ... All : 5-yrs : 2yrs : 6-mos , the third-largest publicly traded mall company in America, has a 50% interest in The Gallery.

Update: 8/01/2017 : $57.91

Construction is estimated to (cost over $1 billion, and) take at least two years, and completion is expected in late 2018 or early 2019.

PEI : Invests in retail shopping malls and power centers especially in the eastern United States. Based in Philadelphia : website

MAC : Owns and operates regional shopping malls, mainly in the western US.: website

THIS may be why:

"Something Snapped": US Department Store Sales Crash Most On Record

On the other hand, one particular chart revealed in the latest monthly Bank of America debit and credit card spending report shows that things may be about to get a whole lot worse for America's department stores, as well as malls where they are for the most part the anchor tenants. Of note: while official US retail sales data will be released tomorrow (BofA data always comes several days ahead of the official release), what is especially ominous is that the collapse in department store spending was the biggest on record:

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/06/bigger%20short_0.jpg

 

Breaking down the headline number into components shows a notable decline across virtually all subsegments, with the exception of Cruise Ships (clearly not a concern for much of middle-class America), Home improvement stores and Home goods. Everything else was flat to down substantially.

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/06/sector%20level%20sales_0_0.jpg


To be sure, Bank of America tries to explain the sudden February weakness with the previously documented delay in tax refunds, although that hypothesis does not conform with last week's Gallup survey according to which February Consumer spending was the highest since 2008. This is what BofA says: "We believe that a delay in tax refunds likely biased spending lower in February relative to prior years.

Comparing debit and credit card spend is a good indication since presumably usage of debit cards should be more sensitive to the tax refund (proxy for cash) than credit cards (leverage). Indeed, we found that retail sales ex-autos for debit cards declined 1.7% mom while credit card spending was up 1.8% mom. The second test we looked at was by income cohort -- the tax changes are more likely to impact the lower income households given that the EITC and ACTC are aimed at assisting lower-income households. We see this clearly in our data where the lowest income quintile reduced spending by 3.4% while the highest income quintile actually increased spending by 0.9% mom. We combine these two factors in the Chart of the Month to show weaker debit card spending, particularly for lower income households.

> more: http://www.zerohedge.com/news/2017-03-14/something-snapped-us-department-store-sales-crash-most-record

[drbubb]

Pennsylvania Real Estate Investment Trust (PEI) Settles Into New 52-Week Low on March 22 Session

Pennsylvania Real Estate Investment Trust is a self-managed and self-administered REIT in the United States. It is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of retail shopping malls.

Pennsylvania Real Estate Investment Trust has 347 employees, is led by CEO Joseph F. Coradino, and makes its home in Philadelphia, PA.

Equities Staff |

22 March 2017 / stock chart updated to 4/21/2017

Stock chart : Pennsylvania Real Estate Investment Trust (PEI) ... All-data : 5-yrs : 2-yrs : 6-mos :

Update: 8/1/17: $11.97

Meantime ...

Pennsylvania Real Estate Investment Trust is a Invests in retail shopping malls

Last Price $ 15.16 Last Trade Apr/21 - 16:01 Change $ -0.12 Change Percent -0.79 %

Open $ 15.34 Prev Close $ 15.28 High $ 15.34 low $ 14.98

52 Week High $ 25.67 52 Week Low $ 13.76

Market Cap 1,053,325,183 PE Ratio 1.90 Volume 942,013 Exchange NYE

PEI - Market Data & News

PEI - Stock Valuation Report

Trade

Shares of Pennsylvania Real Estate Investment Trust (PEI) sank into a new 52-week low yesterday, and could be a company to watch at the open. The company’s stock fell to as low as $13.76 yesterday after opening at $14.41. By the closing bell, the company's stock was at $13.95 a share for a loss of 3.53%.

While no company wants to see their stocks fall into a new 52-week low, opportune investors may have reason to celebrate. Bullish investors with a healthy tolerance for risk may view this as a chance to buy stocks as distressed prices before a bounce back. With that said, whenever a stock falls into new negative territory, there usually is a compelling reason for it. Investors bearish on the stock might see the stock reaching its lowest price in a year as a sign of growing downward momentum and take it as a good reason to sell their shares. Bulls, though, could likely see a new 52-week low as the stock hitting its low point and anticipate a recovery in the share price.

Pennsylvania Real Estate Investment Trust saw 1.76 million shares of its stock trade hands, that's out of 69.48 million shares outstand. The stock has an average daily volume of 751,657 shares. After hitting a new 52-week low, Pennsylvania Real Estate Investment Trust enters the new trading day with a market cap of 969.25 million, a 50-day SMA of $16.82 and a 200-day SMA of $20.12

For a complete fundamental analysis analysis of Pennsylvania Real Estate Investment Trust, check out Equities.com’s Stock Valuation Analysis report for PEI.

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures.

Additional information is available at www.preit.com or on Twitter or LinkedIn.

 

PORTFOLIO (24 malls, including these)

Plymouth Meeting Mall*: Plymouth Meeting, PA : adding Legoland
Willow Grove Park----- : Willow Grove, PA
Capital City Mall-------- : Camp Hill, PA
Exton Square----------- : Exton, PA
Logan Valley Mall------ : Altoona, PA
Springfield Mall*------- : Springfield, PA : develop surrounding land?
Viewmont Mall---------- : Scranton, PA
Wyoming Valley Mall0 : Wilkes-Barre, PA
Susquehanna Valley-- : Selinsgrove, PA
(outside PA, 13 malls)
Cherry Hill Mall---------- : Cherry Hill, NJ
Mall @ Prince Georges: Hyattsville, MD
Springfield Town Center: Springfield, VA
Woodland Mall---------- : Grand Rapids, MI
Cumberland Mall------- : Vineland, NJ
Dartmouth Mall--------- : Dartmouth, MA
7 Others----------------- : 2xMD, NJ, NC, SC, VA, WI
=======
*Value creation underway (and highlighted in presentation)
Disposals: 16 malls sold since 2012, generating $720 million
This disposed malls were generating ave. sales of $276 psf
SEARS exposure reduced from 27 stores to 10. Macy replacements too

> see: https://www.preit.com/properties/mall-portfolio/

> presentation : https://investors.preit.com/investors/overview/default.aspx

[drbubb]

Interesting bulletinpoint: Densification opportunities in major markets

[drbubb]

THE OWNERS of the $1.2 billion CTC, how will their shares fare?

 

Comcast Corporation (Nasdaq: CMCSA) ... all data: 10-yr: 5-yr: 2-yr: 6-mo: $39.50, Per:21.0: Y: 1.59%: Mkt.Cap: $187.4 Bn

Update: 8/1/17: $40.34

 

Liberty Property Trust ( NYSE: LPT ) ... all data : 10-yr : 5-yr : 2-yr : 6-mo : Last: $41.72, PER: 17.9, Y: 3.84%: Mkt.Cap: $6.29Bn

Update: 8/1/17: $42.41

 

Philadelphia | Comcast Innovation and Technology Center | 342m | 59s | Comcast | Foster + Partners

Discussion in 'Buildings' started by jahvon09, Jan 16, 2014.

jahvon09 Active Member Joined: Nov 6, 2013 Messages: 147

Comcast to Expand Philadelphia Presence with Comcast Innovation and Technology Center Designed by Lord Norman Foster and developed by Liberty Property Trust to achieve LEED Platinum Certification, the 59-story tower will include a Four Seasons Hotel. Thousands of jobs and billions of dollars of economic activity will be created in Philadelphia and the Pennsylvania commonwealth.

PHILADELPHIA, PA
Comcast Corporation (Nasdaq: CMCSA, CMCSK) and Liberty Property Trust (NYSE: LPT) announced today they will jointly develop the "Comcast Innovation and Technology Center" on the 1800 block of Arch Street in Center City Philadelphia. The proposed $1.2 billion 59-story, 1,121-foot tower will neighbor Comcast Center, Comcast Corporation’s global headquarters, and become a dedicated home for the company’s growing workforce of technologists, engineers, and software architects. The facility will also create a media center in the heart of the City by becoming home to the operations of local broadcast television stations NBC 10/WCAU and Telemundo 62/WWSI and offer space for local technology startups.

 

 

CITC Fact Sheet
Designed by world-renowned architect Lord Norman Foster of Foster + Partners, the glass and stainless steel tower will complement Comcast Center as a new energetic dimension to Center City. The 1.517 million rentable square foot project will include a new Four Seasons hotel and a soaring, block-long lobby with a glass-enclosed indoor plaza accompaniment to Comcast Center’s existing, dynamic outdoor plaza. The lobby will feature a restaurant and a new concourse will provide direct connections with SEPTA’s Suburban Station, enhancing accessibility and providing new options for commuters. The $1.2 billion mixed-use tower is expected to be the tallest building in the United States outside of New York and Chicago and will be the largest private development project in the history of Pennsylvania.

==

> http://skyrisecities.com/forum/threads/philadelphia-comcast-innovation-and-technology-center-342m-59s-comcast-foster-partners.23529/

[drbubb]

Weakness in Shopping mall related stocks

 

The Gallery Mall's parent co's are struggling

 

Mall owner, PEI's stock took a big hit. The operator, MAC's did too - Why?

 

Stock------------- : -High- : -Low- : -Last- :change: Yield : P/E : H.x50.0%
PEI - : Penn REIT : $25.7 : $13.76: $15.16 - 41.0% : 5.54% : N/A : $12.85
MAC : Macerich-- : $94.0 : $62.14: $65.05 - 30.8% : 4.37% : 92.9 : $47.00

THIS may be why:

"Something Snapped": US Department Store Sales Crash Most On Record
... the latest monthly Bank of America debit and credit card spending report shows that things may be about to get a whole lot worse for America's department stores, as well as malls where they are for the most part the anchor tenants. Of note: while official US retail sales data will be released tomorrow (BofA data always comes several days ahead of the official release), what is especially ominous is that the collapse in department store spending was the biggest on record:

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/06/bigger%20short_0.jpg

 

Breaking down the headline number into components shows a notable decline across virtually all subsegments, with the exception of Cruise Ships (clearly not a concern for much of middle-class America), Home improvement stores and Home goods. Everything else was flat to down substantially.

 

Both stocks are still weak:

 

Stock--------- : Old High : -Low- : -Last- :change: Yield : Divid : OldDiv: P/E: H.x50.0%
PEI - : Penn REIT : $25.7 : $10.00: $11.50 - 55.3% : 7.30% : $0.84 : $0.84 : N/A : $12.85
MAC : Macerich-- : $94.0 : $56.06: $58.57 - 37.7% : 4.85% : $2.84 : $2.84 : 63.1 : $47.00
==============

 

PEI - : Penn REIT ... : 5-yrs : 2-yrs : 6-mos

Update: 8/1/17: $11.97

 

MAC : Macerich-- ... All-data : 8/1/17: $57.91

 

At the $10.00 Low for PEI, the $0.84 dividend would have been 8.4% for PEI

 

Philadelphia, PA, June 1, 2017 – Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced that its Board of Trustees has declared a quarterly cash dividend of $0.21 per common share. The dividend is payable on September 15, 2017 to common shareholders of record on September 1, 2017. The September 15th dividend payment will be the Company’s 162nd consecutive distribution since its initial dividend paid in August of 1962.

==

> https://www.preit.com/news/preit-declares-quarterly-dividend-common-preferred-shares-4/

 

Investor Call : Q2-2017 : https://investors.preit.com/investors/events-and-presentations/event-details/2017/PREIT-Second-Quarter-2017-Earnings-Call/default.aspx

[drbubb]

Here's another that might fit...

Brandywine Realty Trust / NYSE: BDN ... All-data : xx : 5-yrs : 2-yrs : 6-mo : Last: $16.72

 

OWNS Several major properties in Philadelphia: http://www.brandywinerealty.com/philadelphia-properties.aspx

- incl. Three Logan Sq., Circa Ctr., FMC Tower, One Commerce Sq.

Company Description

Brandywine Realty Trust is a real estate investment trust, which engages in owning, leasing, and managing an urban, town center, and suburban office portfolio. Its services include asset management, development and construction, investment, marketing & leasing, property management and tenant. The co..

RADNOR, Pa., July 20, 2017 /PRNewswire/ -- Brandywine Realty Trust BDN, -0.60% today reported its financial and operating results for the three and six-month periods ended June 30, 2017.

>

Second Quarter Highlights

Management Comments

"We are encouraged by the continued execution of our 2017 business plan during the second quarter," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "Our 2017 speculative revenue target is now 98% complete. We have also completed 75% of our 2017 net disposition target. Our balance sheet continued to strengthen during the second quarter as we redeemed our $100.0 million, 6.9% perpetual preferred shares, at par, and repaid our $300.0 million unsecured bonds upon maturity funded through a combination of cash and our unsecured line of credit. During the quarter, we also delivered our 111,000 square foot, 100% pre-leased, build-to-suit property in King of Prussia, Pennsylvania. With our operating plan substantially complete and, in assessing the occupancy timing of our leasing pipeline, several tenants delaying actual occupancy of their leased space and the staged delivery of some of the residential units at FMC Tower at Cira Centre South, we are revising and narrowing our 2017 FFO guidance range from $1.33 to $1.40 to $1.34 to $1.38 per diluted share."

Financial Results

• Net income to common shareholders; $4.1 million, or $0.02 per share.
• Funds from Operations (FFO); $57.4 million, or $0.32 per share.
• Our second quarter results include a one-time, non-cash charge related to unamortized issuance costs of our redeemed preferred shares totaling $3.2 million, or $0.02 per diluted share, excluding this charge, net income and FFO would be $0.04 and $0.34 per diluted share, respectively.

Portfolio Results

• Core portfolio was 92.2% occupied and 93.5% leased.
• Signed 995,000 million square feet of new and renewal leases.
• Achieved 77% tenant retention ratio.
• Rental rate market-to-market increased 1.3% / 17.8% on GAAP/Cash basis.

> more: http://www.marketwatch.com/story/brandywine-realty-trust-announces-second-quarter-2017-results-and-revises-2017-guidance-2017-07-20

[drbubb]

PEI is back under $10 - Has an 8.45% yield

PEI / ... 6-mos :

 

PEI / Pennsylvania Real Estate Investment Trust (NYSE) : $ 9.935

9/20/2017 01:18 PM hide quote detailed quote options chain chart help

Last: 9.935

Change: -0.105 : Percent Change: -1.05%

Open: 10.08 / High: 10.20 / Low: 9.93 : Volume: 404,779

Yield: 8.45% : Div, : $

===

News Headlines for Pennsylvania Real Estate Investment Trust

Wednesday, Sep 20, 2017 : 11:29 AM ET

More than half of these high-yield dividend stocks are on sale MarketWatch

 

Of 33 High Yield stocks, XX are REIT stocks

 

 

Here are the 33 stocks, sorted by dividend yield:

Company--------------------------- Ticker Industry Dividend yield Free cash flow yield, through Sept. 15

Greenhill & Co. Inc. GHL, +0.35% Investment Banks/ Brokers 12.54% 19.69% 7.15% -48%

CBL Associates Properties Inc. CBL, +0.06% Real Estate Investment Trusts 12.33% 26.28% 13.95% -25%

Waddell & Reed Financial Cl A WDR, +0.44% Investment Managers 10.16% 12.59% 2.43% -7%

DineEquity Inc. DIN, -0.03% Restaurants 9.50% 10.28% 0.78% -47%

Government Properties Income GOV, +0.05% Real Estate Investment Trusts 9.17% 11.83% 2.67% -2%

Whitestone REIT WSR, -0.04% Real Estate Investment Trusts 8.68% 9.90% 1.22% -9%

Pennsylvania REIT PEI, +0.05% Real Estate Investment Trusts 7.85% 16.73% 8.88% -44%

Senior Housing Properties Trust SNH, -0.05% Real Estate Investment Trusts 7.75% 9.19% 1.44% 6%

Maiden Holdings Ltd. MHLD, +1.67% Property/ Casualty Insurance 7.74% 78.79% 71.05% -56%

Big 5 Sporting Goods Corp. BGFV, +0.34% Specialty Stores 7.55% 13.47% 5.92% -54%

Seagate Technology PLC STX, -0.02% Computer Peripherals 7.51% 14.87% 7.36% -12%

GameStop Corp. Class A GME, -0.45% Specialty Stores 7.49% 26.11% 18.62% -20%

Franklin Street Properties FSP, -0.10% Real Estate Investment Trusts 7.39% 10.21% 2.82% -21%

Hospitality Properties Trust HPT, +0.04% Real Estate Investment Trusts 7.32% 12.56% 5.24% -10%

Medical Properties Trust Inc. MPW, -0.46% Real Estate Investment Trusts 7.28% 9.56% 2.28% 7%

Geo Group Inc. GEO, -0.04% Real Estate Investment Trusts 7.07% 7.67% 0.60% 11%

Lexington Realty Trust LXP, -0.10% Real Estate Investment Trusts 6.99% 9.79% 2.80% -7%

Ramco-Gershenson Properties Trust RPT, +0.04% Real Estate Investment Trusts 6.51% 9.99% 3.48% -18%

CoreCivic Inc. CXW, +1.02% Real Estate Investment Trusts 6.44% 9.97% 3.53% 7%

Buckle Inc. BKE, -0.32% Apparel/ Footwear Retail 6.35% 14.68% 8.33% -31%

Chatham Lodging Trust CLDT, +0.00% Real Estate Investment Trusts 6.29% 10.81% 4.53% 2%

Chesapeake Lodging Trust CHSP, -0.04% Real Estate Investment Trusts 6.22% 8.75% 2.53% -1%

LaSalle Hotel Properties LHO, +0.45% Real Estate Investment Trusts 6.20% 9.40% 3.20% -5%

Hersha Hospitality Trust Class A HT, +0.22% Real Estate Investment Trusts 6.08% 12.55% 6.46% -14%

L Brands Inc. LB, -5.10% Apparel/ Footwear Retail 5.92% 7.27% 1.35% -38%

Kite Realty Group Trust KRG, +0.08% Real Estate Investment Trusts 5.84% 10.00% 4.15% -12%

EPR Properties EPR, -0.69% Real Estate Investment Trusts 5.65% 6.87% 1.22% 1%

Tanger Factory Outlet Centers SKT, -0.02% Real Estate Investment Trusts 5.48% 9.60% 4.12% -30%

Oneok Inc. OKE, -0.02% Oil and Gas Pipelines 5.30% 8.37% 3.07% -2%

AT&T Inc. T, -0.03% Telecommunications 5.28% 6.89% 1.61% -13%

Kimco Realty Corp. KIM, -0.10% Real Estate Investment Trusts 5.26% 6.52% 1.27% -18%

Ford Motor Co. F, +0.09% Motor Vehicles 5.16% 23.39% 18.22% -4%

Macerich Co. MAC, +0.04% Real Estate Investment Trusts 5.11% 7.30% 2.19% -21%

Source: FactSet

 

Many of the REITs are investors in retail properties.

Everyone “just knows” brick-and-motor retail is dying. Or do they? Not all REITs are the same, and not all retail REITs are the same.

Friday, Apr 21, 2017

Brick-and-Mortar Stores Are Shuttering at a Record Pace The Wall Street Journal Interactive Edition

[drbubb]

UVSP

Univest Corp. of Pennsylvania (NASDAQ) ... all-data : 10-yr : 5-yr : 2-yr : 6-mos / 10d - Last: $31.85

Corporate Profile

Univest Corporation of Pennsylvania (UVSP), including its wholly-owned subsidiary, Univest Bank and Trust Co., has approximately $4.2 billion in assets and $3.2 billion in assets under management and supervision through its Wealth Management lines of business. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices in southeastern Pennsylvania extending to the Lehigh Valley and Lancaster, as well as in New Jersey, Maryland and online at www.univest.net.

[drbubb]

Penn REIT Update

PEI / Penn Reit ... All : 10yr : 4yr : 3yr / LPT-vs-PEI / Last: $5.74 / $48.62 = ratio-11.8%

: LPT-vs-PEI : w/ BDN :

Sym. Company-----: Last-$ : E.P.S. PE-R : Yield: BkVal : MkCap: Debt : ebitda: EV.e : D/ebi: Pr/BV
LPT : LibertyProp.Tr: $48.62: $3.24: 15.0 : 3.43%: 22.51: $7.36b: 3.10B: $351M: r29.4: r8.83: 92.%
PEI  : Penn. Reit—— : $ 5.75 : ( 1.98) N/A-: 14.8%: $6.25: $456M: 1.66B: $197M: r10.9: r8.43: 304%
BDN: BrandywineRT: $15.63: $0.76: 20.6 : 4.90%: 10.29: $2.76b: 2.03B: $245M: r19.3: r8.28: 152%
Other
VER : Vereit ———— : $ 8.25 : (0.16): N/A-: 6.87%: $7.40 : $8.18b: 6.09B: $1.07B : r11.1 : r5.69: 112.%
0 — : Realty Income: $71.36: $1.26 : 56.8 : 3.90%: 26.63: $21.7b: 6.51B : $1.21B : r23.1: r5.38: 268%
NNN: Nat’l Retail Pr : $53.18: $1.65: 32.2 : 3.85%:  21.81: $8.59b: 2.86B: $561M: r21.4:  r5.10: 244%
GNL : Global Net Ls : $18.39: $0.01: 300+: 11.7% : 18.75: $1.54b: 1.78B : $211M: r15.0: r8.43:  98.%
Afin : Amer Finan.Tr : $10.91: (0.35): N/A- : 10.1% : 15.09: $1.45b: 1.52B: $168M: r15.4: r9.05:  72.%

Ratio: PEI-to-LPT

 

[drbubb]

PREIT Reports Fourth Quarter and Full Year 2018 Results

Podcast : https://www.preit.com/news/financial/reminder-listen-preits-q4-2018-earnings-call-11am-february-14th/

Dividend: "we expect to maintain" in 2019

"first mover advantage... we have changed the definition of the mall... densification... mixed use"

HIGHLIGHTS:
+ Core Mall total leased space reached 96.6%
+ NOI-weighted sales per square foot reach $525; Sales up 5.1% at Top 5 Assets
+ Average renewal spreads of 6.3% for the quarter and 6.9% for the year
+ Opened Belk in former Bon-Ton and signed DICK’s Sporting Goods in former Sears at Valley Mall
+ Completed first multifamily land sale

Earnings: 2018= ($1.98) vs. 2017= ($0.84)
FFO —   :          $1.43 ————— $1.58
FFO,adj. :         $1.54 ————— $1.67

Our disciplined approach to low-productivity asset sales and proactive department store repositioning along with tenant diversification has resulted in a quality portfolio with densification opportunities. The work we’re doing in this milestone-marked year as we complete many of the anchor and redevelopment projects underway sets the stage for a stronger Company in 2020 and beyond. The early results from this effort are evident with core portfolio sales reaching $510 per square foot and traffic up 5% during the holidays at properties that have undergone remerchandising, paving the way for a solid NOI growth forecast despite a rapidly changing environment.
- Joseph F. Coradino, PREIT CEO

• Previous asset sales contributed to a $0.4 million, or $0.01 per share, FFO decline.
• During the quarter, we recorded a gain on sale of $8.1 million related to the sale of a land parcel at Exton Square to a multifamily developer.
• We recorded $103.2 million in impairments related to non-core properties and other assets.
• During 2018, we raised $1.2 billion in proceeds through financing activities and asset sales, underscoring our ability to creatively access capital markets to fund redevelopment activity.

2019 Outlook

The Company is introducing its earnings guidance for the year ending December 31, 2019 of GAAP Net loss between ($0.55) and ($0.40) per diluted share and estimates FFO for the year will be between $1.14 and $1.29 per diluted share.  FFO, as adjusted per share is expected to be between $1.20 and $1.34.  Same Store NOI, excluding termination revenue is expected to grow between 1.0% and 1.9% with wholly-owned properties in the range of 1.5% to 2.6% and joint venture properties declining between (2.7%) and (2.4%).

Yahoo Finance, PEI: https://finance.yahoo.com/quote/PEI/key-statistics?p=PEI

 

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Pennsylvania REIT stock price target cut to $5 from $7 - at SunTrust RH

 

MARKETWATCH : 7:19 PM ET 03/19/19 - stock dropped in early 3/20 trading

 

PEI ... 10d : Last: $5.87 -0.04 / O: $5.91, H: $5.96, L: $5.70 vol. 1.21Mn

==

 

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Some HELPFUL GOOD News : PEI +0.11 to $5.98

BRIEF-PREIT Says Woodland Mall Is Expected To Deliver Nearly 20 Pct NOI Growth In 2020

* PREIT SOLIDIFIES WOODLAND MALL REDEVELOPMENT WITH ADDITION OF THE CHEESECAKE FACTORY AS DINING ANCHOR

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Philly stock Update

CMCSA vs. PEI, etc... update :

PEI / PREIT ... update / last:

xx

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Final Phase of East Market is Imminent and Will Replace a Building We’ve Always Loathed

Nov, 21, 2019

Market East should be one of the most vibrant and desirable neighborhoods in Philadelphia. With its location in the heart of downtown, everyone should want to live there- but that hasn’t really been the case, historically. We don’t know that we can pin down exactly why Market East has lagged behind just about every other Center City neighborhood, but we can definitely point to signs that the area is emerging from its slumber, and with a vengeance.

The Gallery Mall reopened as Fashion District Philadelphia and now actually interacts with Market Street. The Collins project on the 1100 block of Chestnut provided new retail and created over a hundred new apartments. While both of those projects are a big deal, the most significant change to the area is the East Market development, which has completely transformed the 1100 blocks of Market and Ludlow.

[...]

Rendering of Chestnut Walk, from Chestnut Street

Rendering at 11th & Clover

Once this project is finished, East Market will have completely transformed an entire city block in the heart of downtown Philadelphia which was previously dramatically underused. It will have added, either through renovation or new construction, over 1.5M sqft of newly usable space at this location. And it will have reinvigorated some old buildings crying out for reuse and replaced other old buildings begging for the wrecking ball. When we first covered this project way back in 2014, it was far from a foregone conclusion that any of it would come to fruition, and now we see a hundreds of millions of dollar investment starting to pay off for our city. We’re excited to see this last phase move forward, and hopeful that it will spur additional development in the area. 8th & Market, we’re looking in your direction.

> http://www.ocfrealty.com/naked-philly/market-east/final-phase-east-market-imminent-will-replace-building-weve-always-loathed

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PREIT Reports Significant Increase in Traffic at Recently Opened Redevelopments Over Thanksgiving Weekend

2019-12-04 10:00 ET - News Release

Three major redevelopments off to great start for robust 2019 Holiday Season

PHILADELPHIA, Dec. 4, 2019 /PRNewswire/ -- PREIT (NYSE: PEI) today announces robust results at its key redevelopment projects to jumpstart the holiday shopping season.  PREIT's long-term transformation plan culminated with the opening this past fall of three major projects: Fashion District Philadelphia, Woodland Mall and Plymouth Meeting Mall.  The multi-year plan encompassed low-productivity asset dispositions, anchor repositioning and high-impact redevelopment and remerchandising initiatives, laying the groundwork for earnings growth and portfolio strength in the new paradigm for retail. 

 

Fashion District – Philadelphia, PA
In just over two months since opening, Fashion District has welcomed over 2 million visitors, an achievement for a property marching toward stabilization.  Upcoming openings of key destination tenants, including Round 1, Wonderspaces, Primark and Sephora are likely to bolster these results.  This project, situated in an unrivaled location in Philadelphia, represents the newest generation of retail experiences encompassing dining, entertainment, immersive experiences and an array of retail spanning the quality and pricing spectrum.

Woodland Mall – Grand Rapids, MI
The opening of the highly-anticipated Woodland Mall expansion wing has been a resounding success.  Recent openings include high-impact tenants, many of which are exclusive and new-to-market such as Von Maur, Urban Outfitters, The Cheesecake Factory, Tricho Salon, Black Rock Bar & Grill. The new retailers further establish Woodland Mall as a dominant consumer destination complete with in-demand dining, high-quality retail and a blend of national and local tenants.  Traffic for the Black Friday weekend was up 29% over last year with many retailers reporting sales in excess of their goals.

Plymouth Meeting Mall – Plymouth Meeting, PA
As part of its ongoing anchor repositioning effort, PREIT welcomed new retail, dining and experiential concepts for consumers at Plymouth Meeting Mall. Most recently, Dick's Sporting Goods, Burlington, Miller's Ale House and Edge Fitness have opened their doors in the former Macy's space.  Benefitting from a bullseye location in the Philadelphia suburbs, traffic was up 24% over last year's Black Friday weekend.

"The work we have done in strengthening our portfolio continues to deliver exceptional results," said Joseph F. Coradino, CEO of PREIT. "We are excited to offer a refreshed experience to shoppers throughout our portfolio and are particularly pleased that they are intrigued by our highest profile redevelopment projects.  To experience this notable upswing in traffic at the properties where we've made significant investments is a testament to the strength of our strategy and the potential for a sustained, long-term impact on sales productivity and shareholder value."