Simon Property Group, Inc. (SPG)

Simon Property Group, Inc. (SPG) - Todd Sullivan at Value Plays

Simon: "Not in Active Negotiations" With GGP $$ ToddSullivan th, 2010 . From the Simon (SPG) earnings call… NEW YORK (Dow Jones)–The nation's largest real estate investment trust, Simon Property Group (SPG), said Friday it isn't in active negotiations with General Growth Properties Inc (GGWPQ), which is trying to remerge from bankruptcy this year 

Simon Property Group, Inc. (SPG) - Zacks Investment Research

Simon Property Group Inc ( SPG , Analyst Report ), a leading real estate investment trust (REIT), reported fourth quarter 2009 FFO (funds from operations) of $485.2 million or $1.40 per share, compared to $540.5 million or $1.86 per share in the year earlier quarter. Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non cash expenses to net income Excluding non recurring items, FFO for the quarter was $5733 million or $166 per share 

Simon Property Group, Inc. (SPG) - Richard Moore at RBC Capital Markets

"Simon's fourth quarter results seem to suggest that life is returning quickly to the regional mall sector," RBC Capital Markets analyst Rich Moore, wrote in a research note David Simon, chairman and chief executive, said in a statement the results were significant "given the state of the US economy and the challenges faced by consumers in 2009," Simon forecast 2010 FFO of $572 to $587 per share, excluding a charge connected with last month's tender offer for some of its bonds Including the charge, it forecast FFO of $525 to $540 per share Analysts see $566 per share, according to Thomson Reuters I/B/E/S 

Simon Property Group, Inc. (SPG) - Jim Sullivan at Green Street Advisors

Simon didn't return calls seeking comment Earlier this month, Simon offered to buy back up to $325 billion of its notes with due dates ranging from 2011 to 2013 Thus, its sale of notes on Tuesday amounts to replacing those notes it bought back with new, longer term debt Simon's tender offer expires at 5 pm Wednesday Green Street Advisors Inc analyst Jim Sullivan said in an interview Tuesday that exchanging short term debt for longer term debt could help position Simon to make a bid for bankrupt mall owner General Growth Properties Inc "By eliminating a big chunk of their near term maturities, it gives them more flexibility in how they structure a bid," Mr Sullivan said 

Simon Property Group, Inc. (SPG) - James Sullivan at Green Street Advisors

Simon didn't return calls seeking comment Earlier this month, Simon offered to buy back up to $325 billion of its notes with due dates ranging from 2011 to 2013 Thus, its sale of notes on Tuesday amounts to replacing those notes it bought back with new, longer term debt Simon's tender offer expires at 5 pm Wednesday Green Street Advisors Inc analyst Jim Sullivan said in an interview Tuesday that exchanging short term debt for longer term debt could help position Simon to make a bid for bankrupt mall owner General Growth Properties Inc "By eliminating a big chunk of their near term maturities, it gives them more flexibility in how they structure a bid," Mr Sullivan said 

Simon Property Group, Inc. (SPG) - The Street.com

Simon Property Group, Inc (the "Company") (NYSE: SPG) today announced that holders of the Company's Series I 6% Convertible Perpetual Preferred Stock (NYSE: SPGPrI) ("Preferred Stock") may elect to convert their shares during the quarter beginning on , 2010 and ending on , 2010 because the closing sale price of the Company's Common Stock exceeded $74179 , or 125% of the applicable conversion price, for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the prior quarter, , 2009 At the current conversion price, each share of Preferred Stock is convertible into 0847495 of a share of Simon Property Group Common Stock For further information, holders of the Preferred Stock should contact BNY Mellon Shareowner Services, the conversion agent (toll free) at 1 800 957 3110, or their respective banks or brokers 

Simon Property Group, Inc. (SPG) - Steve Sakwa at International Strategy and Investment Group

4)    Hovde's analysis treats GGP as a collection of assets, but it's more than that The fact that GGP is in bankruptcy has put it into play, so there is a once in a lifetime opportunity for Simon, Brookfield or someone else to acquire a national platform, as highlighted in this quote from the WSJ (http://onlinewsjcom/article/SB10001424052748704538404574541923917766450html): The opportunity "is a potentially transformational event that doesn't come along very often," says Steve Sakwa, an analyst with International Strategy and Investment Group Inc 5)    Hovde dismisses the likelihood that GGP might be acquired (pages 51 55), focusing only on Simon and not even mentioning Brookfield, which may in fact be the more likely acquirer due to fewer anti trust concerns and the need for a national platform (which Simon already has) As noted above, Hovde misses the value of GGP as a strategic asset – no doubt, there's lots of distressed inventory out there, but only one national platform for sale like GGP Finally, Hovde finds it "telling" that Simon and Brookfield bought GGP's unsecured debt, but not the equity, even when the equity was at a much lower price 

Simon Property Group, Inc. (SPG) - Clusterstock

Of course, if someone like Simon were to buy GGP at, say, $20, the debt would convert at this price – and again, it wouldn't be dilutive 2)    Hovde takes seven pages (6 12) arguing for its definition of NOI, but there's no right answer here NOI is like free cash flow: different people calculate it in different ways 

Simon Property Group, Inc. (SPG) - Robert McMillan at Standard & Poor''s Equity Group

Simon has a history of acquiring properties to expand its footprint Last month, The Wall Street Journal reported that Simon Property Group had hired investment adviser Lazard Ltd and a law firm to help create a strategy to potentially bid for all or part of General Growth Properties, a Chicago based mall owner in Chapter 11 bankruptcy Robert McMillan, an industry analyst with Standard & Poor's, declined to comment on whether the Prime Outlets purchase price is a good deal, but said that, in general, with the economy improving, now may be a good time to buy real estate before purchase prices rise again "If you can make an acquisition at a reasonable price, why wouldn't you?" McMillan asked 

Simon Property Group, Inc. (SPG) - David Fick at Stifel Nicolaus

The company owns or manages more than 200 shopping malls in 44 states and also owns office buildings "It's very clear that these assets would perform better in pretty much anyone's hands," said David M Fick, a Stifel, Nicolaus & Co managing director who had "hold" ratings on both General Growth and Simon Property 

Simon Property Group, Inc. (SPG) - Clusterstock

In addition, take a look at the stock charts of Macerich (MAC), Simon Properties (SPG) and Boston Properties (BXP) since the Pershing Square presentation on In light of how much the market has moved, Hovde's belief that the cap rates Pershing Square used in May are too aggressive in today's market is absurd: