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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (72816)	5/18/2023 2:27:47 PM
From: E_K_S	Respond to of 78676

Re: UBA FWIW UBA was my largest REIT holding, w/ MAC my 2nd. I like their assets but slightly different shopping center model w/ UBA vs MAC. I do think MAC will utilize their locations and convert some of those malls into multi-use. That will diversify their revenue streams which could actually see significant growth moving forward if that is the model they move towards. REG acquisition of UBP adds about 10% to their market cap. They get the immediate diversification from buying UBP. However, no multi-use expansion opportunity. That translates to limited growth. FWIW, A Rally's here at Lake Tahoe, shut down (could not renew their lease) and would be a perfect candidate for multi-use especially if they expand from one story to 2-3 stories. It looks like they chose to rent to Target which is a mistake. Seems like they could go w/ a smaller grocery store foot print and then many smaller specialty shops & restaurants. Maybe even some apartments. Not going to do that. Lake Tahoe is a destination resort town and this parcel is one of the largest next to the Casinos and w/i walking distance to the Lake. I think property owners are short sighted as the last retail store we need/want is a Target. REG shares pay a 4% div vs UBA pays a 6% div

To: Madharry who wrote (72816)	6/7/2023 2:50:46 PM
From: E_K_S	Respond to of 78676

Re: Macerich Company (MAC) 11.42 +0.59 (+5.45%) Broke out of it's SMA(200) daily level at $10.84/share yesterday. Looking now at the SMA(200) weekly at $14.47/share. The Macerich Company is a retail real estate investment trust (REIT) that owns, acquires, leases, manages, develops, and redevelops regional and community shopping centers in high barrier-to-entry markets. Macerich primarily focuses on the attractive, densely populated markets of the United States. It has notable presence in the West Coast, Arizona, and the Metro New York to Washington, DC corridor. Macerich is engaged in some significant joint venture (JV) with Hudson Pacific Properties, Simon Property Group and with an affiliate of RED Development. There is lots of value in the REIT Mall owner. April 2015 Macerich Rejects Simon Property’s $16.8 Billion Takeover Bid Macerich says the offer undervalues the company --------------------------------------------------- MAC is my 2020/2023 large spec value investment. I have 7 Buys in 2020; 1 Buy in 2021; 1 Buy in 2022 and 5 Buys in 2023 now at an avg cost of $9.60/share. This undervalued REIT has some excellent Mall properties located in high density population areas. Several of the locations could be upgraded to mixed-use, the new trend for destination Malls, w/ access to transit, restaurants & gyms. These property sites just not available to develop and many Cities are looking for ways to increase new housing stock (as well as property tax base). This is a long term play perhaps w/ an Exit strategy to spin off mixed-use property projects into a separate Division and/or w/ partners to build out the projects. MAC has a market Cap of $2.3 Billion, selling below BV (at $8.75/share); Debt/Equity of 1.54x. Current div yield is 6.6%. MAC rejected a $16.6 Billion from Simon Property Group in 2015. MAC is selling at 13% of that offer w/ a potential to generate tons more FCF if/when they develop some of their sties to mixed-use. MAC has been FCF positive every quarter for over 5 years. Just a reversion to the mean play, one could argue a $40/share price. Develop the mixed-use sites and $80/share is game depending on how that development is financed. Debt/Equity is 1.5x so would not like to see that expanded and think a Builder/Partner is the way to proceed there.