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

To: Paul Senior who wrote (7068)	5/6/1999 1:11:00 PM
From: James Clarke	Respond to of 78462

<<Jim, could you comment on PRT? I wasn't aware of this company until just recently. Yet another REIT outlet mall specialist. Hard for me to believe there's room for so many of these things - CCG, SKT, MLS, PRT, others?. Looks like PRT has over a 12% dividend yield, lots of insider buys-looks better at a very quick scan than SKT -g-. (And/or does anybody else have a comment related thereto?) Paul.>> Don't know much about it except that they have lots and lots of debt.

To: Paul Senior who wrote (7068)	5/7/1999 1:08:00 AM
From: Bob Rudd	Read Replies (1) \| Respond to of 78462

Paul: I haven't studied PRT specifically, but I'm getting the impression that outlet malls as a retail concept have been losing luster. Same store data on some of them have been flat to down. It's probably premature to say that they will follow catalog stores into near oblivion, but the salad days are clearly over. And this was before the threat from the net. Compounding this, there's the probability that conventional malls may follow Taubman's lead on a new one in Detroit area and combine value shopping and some of the outlet malls best features in a more conventional mall setting. With the loss net-vulnerable tenants, malls and strip centers are going to ajust by going after customers that go to outlet malls. All this is hypothetical, so make of it what you will. bob