In addition, GGP will likely have a BETTER liability profile post bankruptcy, with no maturities until Finally and most importantly, GGP is for sale and Simon isn't, so there should be a premium for GGP reflecting a possible sale of this strategic asset 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 : 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) 
Share:  In addition, GGP will likely have a BETTER liability profile post bankruptcy, with no maturities until Finally and most importantly, GGP is for sale and <span class="company">Simon</span> isn't, so there should be a premium for GGP reflecting a possible sale of this strategic asset 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 <span class="company">Simon</span>, Brookfield or someone else to acquire a national platform, as highlighted in this quote from the WSJ :<span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, 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 <span class="company">Simon</span> 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 <span class="company">Simon</span> already has)</span>...In addition, GGP will likely have a BETTER liability profile post bankruptcy, with no maturities until Finally and most importantly, GGP is for sale and <span class="company">Simon</span> isn't, so there should be a premium for GGP reflecting a possible sale of th Tweet this 

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 
Share:  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 <span class="company">Simon</span>, Brookfield or someone else to acquire a national platform, as highlighted in this quote from the WSJ (http://onlinewsjcom/article/SB10001424052748704538404574541923917766450html): <span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, 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 <span class="company">Simon</span> 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 <span class="company">Simon</span> already has)</span> 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 <span class="company">Simon</span> and Brookfield bought GGP's unsecured debt, but not the equity, even when the equity was at a much lower price...4)    Hovde's analysis treats GGP as a collection of assets, Tweet this 

The maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending Nevertheless, a prize like General Growth, which owns 200 malls, may be too juicy for others to resist 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 
Share:  The maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending Nevertheless, a prize like <span class="company">General Growth</span>, which owns 200 malls, may be too juicy for others to resist<span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, an analyst with International Strategy and Investment Group Inc</span> ...The maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending Nevertheless, a prize like <span class="company">General Growth</span>, which owns 200 malls, may be too juicy for others to resist<span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, an analyst with International Strategy and Investment Group Inc</span> Tweet this 

he maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending Nevertheless, a prize like General Growth, which owns 200 malls, may be too juicy for others to resist 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 And here's an excerpt from a 12/4 WSJ article : 
Share:  he maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending Nevertheless, a prize like <span class="company">General Growth</span>, which owns 200 malls, may be too juicy for others to resist<span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, an analyst with International Strategy and Investment Group Inc</span> And here's an excerpt from a 12/4 WSJ article :...he maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending Nevertheless, a prize like <span class="company">General Growth</span>, which owns 200 malls, may be too juicy for others to resist<span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, an analyst with International Strategy and Investment Group Inc</span> And here's an excerpt from a 12/4 WSJ article : Tweet this 

The maneuvering comes as mall owners are getting pummeled by the weak economy that has hammered rents and occupancy as consumers have reined in spending. Nevertheless, a prize like General Growth, which owns 200 malls, may be too juicy for others to resist. 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. General Growth might clinch a pact within a week to restructure its securitized mortgages, according to people familiar with the matter. The proposal the mall owner has discussed with servicers overseeing those mortgages calls for extensions of their due dates ranging from three to nine years, with an average of 4.5 to five years, according to people familiar with the talks. 
Share:  The maneuvering comes as mall owners are getting pummeled by the weak economy that has hammered rents and occupancy as consumers have reined in spending. Nevertheless, a prize like <span class="company">General Growth</span>, which owns 200 malls, may be too juicy for others to resist. <span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, an analyst with International Strategy and Investment Group Inc. </span> <span class="company">General Growth</span> might clinch a pact within a week to restructure its securitized mortgages, according to people familiar with the matter. The proposal the mall owner has discussed with servicers overseeing those mortgages calls for extensions of their due dates ranging from three to nine years, with an average of 4.5 to five years, according to people familiar with the talks. ...The maneuvering comes as mall owners are getting pummeled by the weak economy that has hammered rents and occupancy as consumers have reined in spending. Nevertheless, a prize like <span class="company">General Growth</span>, which owns 200 malls, may be too juicy for others to resist. <span class="sent"> The opportunity "is a potentially transformational event that doesn't come alo Tweet this 

The maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending. Nevertheless, a prize like General Growth, which owns 200 malls, may be too juicy for others to resist. 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. General Growth might clinch a pact within a week to restructure its securitized mortgages, according to people familiar with the matter. The proposal the mall owner has discussed with servicers overseeing those mortgages calls for extensions of their due dates ranging from three to nine years, with an average of 4.5 to five years, according to people familiar with the talks. 
Share:  The maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending. Nevertheless, a prize like <span class="company">General Growth</span>, which owns 200 malls, may be too juicy for others to resist. <span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, an analyst with International Strategy and Investment Group Inc. </span> <span class="company">General Growth</span> might clinch a pact within a week to restructure its securitized mortgages, according to people familiar with the matter. The proposal the mall owner has discussed with servicers overseeing those mortgages calls for extensions of their due dates ranging from three to nine years, with an average of 4.5 to five years, according to people familiar with the talks. ...The maneuvering comes as mall owners are getting pummeled by the weak economy, which has hammered rents and occupancy as consumers have reined in spending. Nevertheless, a prize like <span class="company">General Growth</span>, which owns 200 malls, may be too juicy for others to resist. <span class="sent"> The opportunity "is a potentially transformational event that doesn't come along very often," says <span class="analyst">Steve Sakwa</span>, an analyst with International Strategy and Investment Group Inc. </span> <span class="company" Tweet this 

The Chicago-based company also dropped its FFO guidance to $2-$2.30, which is 19 cents below Merrill's estimate. The move, relates Steve Sakwa--a research analyst with Merrill Lynch--deals a blow to the entire apartment REIT group. "We expect the group to react very poorly to this outlook." Merrill Lynch's new NOI estimate of $2.14 assumes an NOI decline of 5.5%, versus a 3.6% drop previously anticipated. During the fourth quarter, Equity Residential saw revenue and NOI growth of 2.4% and 2.8%, respectively. 
Share:  The Chicago-based company also dropped its FFO guidance to $2-$2.30, which is 19 cents below Merrill's estimate. <span class="sent"> The move, relates <span class="analyst">Steve Sakwa</span>--a research analyst with <span class="company">Merrill Lynch</span>--deals a blow to the entire apartment REIT group. "We expect the group to react very poorly to this outlook." </span> <span class="company">Merrill Lynch</span>'s new NOI estimate of $2.14 assumes an NOI decline of 5.5%, versus a 3.6% drop previously anticipated. During the fourth quarter, Equity Residential saw revenue and NOI growth of 2.4% and 2.8%, respectively. ...The Chicago-based company also dropped its FFO guidance to $2-$2.30, which is 19 cents below Merrill's estimate. <span class="sent"> The move, relates <span class="analyst">Steve Sakwa</span>--a research analyst with <span class="company">Merrill Lynch</span>--deals a blow to the entire apartment REIT group. "We expect the group to react very poorly to this outlook." </span> <span class="company">Merrill Lynch</span>'s new NOI estimate of $2.14 assumes an NOI decline of 5.5%, versus a 3.6% drop previously anticipated. During the fourth quarter, Equity Residential saw revenue and NOI growth of 2.4% and 2.8%, respectively. Tweet this 

The index is down another 14 percent this year. $11 Billion Payout U.S. REITs will pay out about $11 billion in cash dividends this year and a similar amount next year if their profits don't change drastically, Merrill Lynch & Co analyst Steve Sakwa estimated in a Dec. 8 report. The $22 billion total represents more than 40 percent of debt coming due in the next two years, Sakwa said. 
Share:  The index is down another 14 percent this year. <span class="sent">$11 Billion Payout U.S. REITs will pay out about $11 billion in cash dividends this year and a similar amount next year if their profits don't change drastically, Merrill Lynch & Co analyst <span class="analyst">Steve Sakwa</span> estimated in a Dec. 8 report. </span>The $22 billion total represents more than 40 percent of debt coming due in the next two years, Sakwa said. Tweet this