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Strategies & Market Trends : Commercial Real Estate tic.............tic,,,
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To: Smiling Bob who wrote (284)12/17/2009 12:23:06 PM
From: Smiling Bob   of 442
 
Ahead of the Bell: Shopping centers seen pressured
Shopping centers catering to the middle class likely to be pressured into next year: analyst
ap

*
Companies:
o Saul Centers Inc.
o Kimco Realty Corporation
o Realty Income Corp.

On Wednesday December 16, 2009, 8:44 am EST

NEW YORK (AP) -- Shopping centers catering to middle class customers will likely continue to face difficulties next year, as average consumers continue to be pressured by the economic downturn, an analyst said Wednesday.

Christopher Lucas of R. W. Baird said in a client note that shopping centers that target more affluent customers may see some signs of improvement in 2010, as those shoppers become more relaxed about the economy due to increased household net worth from the stock market rally.

"We expect extended high unemployment, limited access to credit, accelerating foreclosures in 2010 and little home price cash-out opportunity to cap potential growth in retail sales," he wrote. He rates the shopping center sector "Neutral."

Still, Lucas boosted his investment rating on Saul Centers Inc. to "Outperform" from "Neutral," citing its appealing stock price and stabilizing credit among tenants that run small stores.

The analyst also lowered his ratings on Kimco Realty Corp. and Realty Income Corp. to "Underperform" from "Neutral" saying those stocks are pricey.

Lucas also noted that Kimco is dealing with tenant credit issues.

Copyright © 2009 The Associated Press. All rights reserved. The inform
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