Commercial Real Estate tic.............tic,,, Message Board

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Strategies & Market Trends : Commercial Real Estate tic.............tic,,,

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To: Smiling Bob who wrote (81)	12/2/2008 4:19:36 PM
From: Perspective	Read Replies (1) of 442

Looks like SPG is levered about 5:1 based on debt of 17,879,266 and equity of 3,313,091. Taking their net income of 112,809 and adding back in depreciation of 235,915, it looks like their net cash margin is around 348724/935594 = 37%. A 10% drop in revenues (94,000) would virtually wipe out reported income, and reduce cash flow by 27%. Couldn't find much about their debt maturities in here: yahoo.brand.edgar-online.com Has anybody done similar analyses for other REITs? I want to know 1. which ones are most highly levered 2. which ones have the narrowest net margins I also don't understand how significant net income is vs. FFO for these guys. Seems like it wouldn't take much of a hit to revenues (occupancy) in order to really nail income, but cash flow would still look pretty good. `BC

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