Author Topic: SPG- Simon Property Group  (Read 7282 times)

Gregmal

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Re: SPG- Simon Property Group
« Reply #30 on: June 10, 2020, 08:44:27 AM »
https://seekingalpha.com/news/3581908-simon-property-pulls-plug-on-taubman-deal

Dodging a bullet. The acquisition itself, in a vacuum, was probably a good move. However you dont often get a mulligan like this, so I'll take it, even though I dont like companies that typically do shit like this. Interesting though that TCO apparently took no precautions or made efforts to stem financial bleeding. Now that will cost them.


cherzeca

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Re: SPG- Simon Property Group
« Reply #31 on: June 10, 2020, 09:03:21 AM »
 bad Taubman lawyering to agree to disproportionate impact in the MAC

Spekulatius

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Re: SPG- Simon Property Group
« Reply #32 on: June 10, 2020, 04:31:47 PM »
Isnít TCO a short here? They have tons of debt. Also some of their assets are in JV in South Korea, which probably limits their cash flow access.
Life is too short for cheap beer and wine.

fareastwarriors

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Re: SPG- Simon Property Group
« Reply #33 on: June 24, 2020, 11:18:56 AM »
Property Owner Simon Sees Buying Tenants as a Way to Boost Malls

Biggest U.S. shopping-center owner joins Brookfield Property Partners in exploring a bid for J.C. Penney

https://www.wsj.com/articles/property-owner-simon-sees-buying-tenants-as-a-way-to-boost-malls-11592913601

rb

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Re: SPG- Simon Property Group
« Reply #34 on: June 24, 2020, 11:56:50 AM »
First the retailers are spinning out their real estate into REITs to "unlock" value, now you have REITS buying retailers? This is mad.

Gregmal

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Re: SPG- Simon Property Group
« Reply #35 on: June 24, 2020, 12:27:07 PM »
I think the spinning out of RE is obviously operating from weakness. On the other end, the beauty of owning real estate, especially high quality dirt like Simon does, is the optionality of its usages. These guys, mainly SPG and BAM will now likely just do the PE thing and buy out the business operations for peanuts, squeeze every dime they can out of them, and in doing so, buy themselves much needed time to repurpose a lot of the locations. Will be interesting to watch unfold.

Haasje

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Re: SPG- Simon Property Group
« Reply #36 on: June 24, 2020, 12:34:04 PM »
I just had the pleasure of interviewing Andrew Walker (Yet Another Value Blog) and he gets into the merger agreement. Thought it's probably appropriate to post a link

video:
https://www.youtube.com/watch?v=WrBmzgVm_1w&t=1s

podcast:
https://specialsituations.libsyn.com/


lnofeisone

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Re: SPG- Simon Property Group
« Reply #37 on: June 25, 2020, 03:37:57 AM »
First the retailers are spinning out their real estate into REITs to "unlock" value, now you have REITS buying retailers? This is mad.

I think they are doing anything and everything from letting leases lapse and use that time to repurpose. Per WSJ - "For malls that have already lost an anchor tenant, losing another one could trigger cotenancy clauses. These clauses allow smaller tenants in the mall to pay a reduced rent if, for example, two anchor tenants close their stores. If these spaces arenít occupied within a set period, say 18 months, other tenants may also be allowed to terminate their lease without penalty."

Standard PE book hasn't worked out well for Sears, Toys R Us, etc. I'd have to see more out of SPG/BAM that would really differentiate them and make them successful in this game.

Gregmal

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Re: SPG- Simon Property Group
« Reply #38 on: June 29, 2020, 03:08:01 PM »
https://seekingalpha.com/news/3587147-simon-property-gains-6_7-after-resuming-quarterly-dividend

$1.30 per share for Q2. Expects to pay out AT LEAST $6 for FY 2020.

Gregmal

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