18 October 2016
18 October 2016
REITs
US REIT 3O16 Earnings Preview
• Outlook and opportunity of shadow development/redevelopment
pipelines
Update on any conversations with Macy's (M: DB Hold rated,
USD35.57 by Paul Trussell) or other department stores for the
potential to take back space or partner within a JV
• Update on Sears (SHLD: DB not rated) JV's and outlook for this retailer
given rising concerns about a potential bankruptcy
• Update on retailer conditions in tourist heavy markets
• Update on the consumer
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• Commentary, rationale and expectations around ARO deal with GGP and ABG
• Observations and traffic trends from Primark (ABF: DB Buy rated, GBP2,641 by Warwick Okines) opening at
King of Prussia as well as overall feedback from 155ksf expansion opening at the mall
• Update on retailer environment, store closings, releasing activity
Update on department store health, vacancies and opportunity to take back space.
• Tenant sales trends and trends at tourism driven centers and outlets
Update on traffic trends at malls vs outlets
Update on Sears JV and plans
Pricing on recent non core asset sales, including the press-reported sales of 3 of the The Mills Limited
Partnership assets (The Galleria at White Plains, Northpark Mall, and The Esplanade)
• Update on the HBC-JV outlook (HBC.TSX DB not rated).
• Update on project progress within the 42.16 redevelopment pipeline (at share) at an 8% expected yield
• Update on Brickell City Center in Miami and the market overall
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Deutsche Bank Securities Inc. Page 23
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