Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Simon Property Group Inc    SPG

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

REITs Lag Behind Broader Equities; Investors Make Room For Simon Deal

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/08/2012 | 10:22pm CET
   A.D. Pruitt 
   Of  
 

Real-estate stocks sat out the gains achieved in the broader equities markets Thursday as investors made way for a $1.5-billion debt offering from Simon Property Group Inc. (>> Simon Property Group, Inc), the nation's largest real-estate investment trust by market capitalization.

The MSCI US Reit Index was almost down almost 1% while the S&P 500 Index was up about 1% near the market's close. Among the largest REITs, Simon Property ended up a penny at $138.24 after being down for most of the trading session. Boston Properties Inc. (>> Boston Properties, Inc.) dropped 1.1% to $101.91 and Kimco Realty Corp. (>> Kimco Realty Corporation) declined 1% to $18.18.

Some analysts attributed the declines to investors selling out of some REITs to have cash to buy into Simon's three-part debt deal that was launched this session. The Indianapolis company is raising the debt to fund or repay loans partly used for the acquisition of a 28.7% equity interest in Klepierre (KLPEF, LI.FR), a publicly traded French REIT.

The company also issued about 7 million shares which can be dilutive to existing stock.

"We rarely see property deals," in the corporate bond market, said David Harris, an analyst with Imperial Capital. "I think that caused a few people to sell their positions to take up that offer. Otherwise, the stock would have traded with the market."

James Sullivan, an analyst at Cowen & Co., said that in addition to the Simon deal, REITs have been underperforming broader equities recently as more companies become fully valued. "REITs have lost some of their momentum," he said, noting the sector has usually outperformed during the last two years.

In a sign of waning demand, the National Association of Real Estate Investment Trusts' FTSE NAREIT All Equity REITs Index fell 0.91% in February, compared with a 4.32% gain for the S&P 500.

Sullivan added that he sees investors shifting to other sectors and out of REITs.

-By A.D. Pruitt, Dow Jones Newswires; 212-416-2197; angela.pruitt@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SIMON PROPERTY GROUP INC
12/09 SIMON PROPERTY : Zoning delayed for new Penn Square project
12/06 SIMON PROPERTY : Developers plan neighborhood on Simon estate
11/29 SIMON PROPERTY : Estridge to develop Simon's $25M Asherwood estate in Carmel
11/22 SIMON : And Urbanspace To Collaborate On First Annual Holiday Market At Roosevel..
11/17 SIMON : Property Group To Redeem All Outstanding 10.35% Notes Due 2019
11/15 SIMON : Property Group Sells $1.85 Billion Of Multi-Tranche Senior Notes
11/14 SIMON PROPERTY GROUP INC : ex-dividend day
11/07 SIMON PROPERTY : #5. Simon Property Group Inc.
11/04 SIMON PROPERTY : Clarksburg Premium Outlets Open
11/03 SIMON : Announces Its Unique New 5% Back Visa® Simon : Giftcard® In Time For Hol..
More news
Sector news : Retail REITs
12/06DJEquinix to Buy Some Verizon Data Centers for $3.6 Billion -- Update
12/06DJEquinix to Buy Some Verizon Data Centers for $3.6 Billion -- Update
12/06DJEQUINIX : to Buy Some Verizon Data Centers for $3.6 Billion
11/16 BRITISH LAND : turns cautious on office property development
11/15 Land Securities sees resilient performance despite Brexit pressure
More sector news : Retail REITs
News from SeekingAlpha
12/07 With Its Yield Over 4%, Macerich Looks Interesting
12/06 STOCKING STUFFER IDEA : Seritage Realty Group
12/03 SIMON PROPERTY GROUP : A Blue Chip REIT Down Over 20% Since July
12/01 Invesco Global Real Estate Income Fund A (ASRAX) November Summary
11/30 Simon Property, General Growth are mall picks in the age of Amazon - UBS
Advertisement
Financials ($)
Sales 2016 4 824 M
EBIT 2016 2 964 M
Net income 2016 1 940 M
Debt 2016 25 328 M
Yield 2016 3,56%
P/E ratio 2016 30,95
P/E ratio 2017 27,44
EV / Sales 2016 17,2x
EV / Sales 2017 16,1x
Capitalization 57 641 M
More Financials
Chart SIMON PROPERTY GROUP INC
Duration : Period :
Simon Property Group Inc Technical Analysis Chart | SPG | US8288061091 | 4-Traders
Full-screen chart
Technical analysis trends SIMON PROPERTY GR...
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 223 $
Spread / Average Target 22%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
David E. Simon Chairman & Chief Executive Officer
Richard S. Sokolov President, Chief Operating Officer & Director
Andrew A. Juster Chief Financial Officer & Executive Vice President
David Schacht Chief Information Officer & Senior Vice President
Karen N. Horn Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SIMON PROPERTY GROUP I..-5.54%57 641
GENERAL GROWTH PROPERT..-3.71%23 207
SCENTRE GROUP3.82%17 247
WESTFIELD CORP LTD-6.52%13 772
KIMCO REALTY CORP-1.81%11 042
MACERICH CO-11.84%10 225
More Results