(SPG) : Free Stock Analysis Reportįederal Realty Investment Trust (FRT) : Free Stock Analysis ReportĮssential Properties Realty Trust, Inc. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Note: Anything related to earnings presented in this write-up represents FFO - a widely used metric to gauge the performance of REITs. The Zacks Consensus Estimate for Essential Properties Realty Trust’s ongoing year’s FFO per share stands at $1.64. The Zacks Consensus Estimate for Federal Realty’s current-year FFO per share is pegged at $6.45. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Some better-ranked stocks from the retail REIT sector are Federal Realty Investment Trust FRT and Essential Properties Realty Trust EPRT, each carrying a Zacks Rank #2 (Buy) at present. Image Source: Zacks Investment Research Stocks to Consider The Zacks Consensus Estimate for the company’s 2023 funds from operations (FFO) per share indicates a favorable outlook as it has increased marginally upward over the past month. Shares of SPG have gained 12.5% in the past six months, outperforming its industry’s growth of 4.4%.Īnalysts, too, seem bullish on this Zacks Rank #3 (Hold) stock. With added balance-sheet strength and ample financial flexibility, the company is well-positioned to capitalize on long-term growth opportunities. Investments in them seem strategic for Simon Property as the brands have been generating a decent amount from digital sales. In December 2022, SPG acquired a 50% noncontrolling legal ownership interest in Jamestown, a global real estate investment and asset management company, for total cash consideration of $173.4 million.Īdditionally, Simon Property has been exploring the mixed-use development option, which has gained immense popularity in recent years as it helps capture the attention of people who prefer to live, work and play in the same area.įurthermore, it capitalized on purchasing recognized retail brands in bankruptcy. Simon Property has been focusing on premium acquisitions and transformative redevelopments to enhance its portfolio and has invested billions in transforming its properties over the past few years. Per David Simon, chairman, CEO and president of SPG, “The new $5.0 billion credit facility enhances our already strong financial flexibility, and when combined with our existing $3.5 billion senior unsecured credit facility provides us with $8.5 billion of total revolving credit capacity.” Dollar borrowings was unchanged at secured overnight financing rate (SOFR) plus 82.5 basis points (inclusive of a 10 basis point SOFR spread adjustment), based on SPG’s operating partnership subsidiary’s current credit ratings. The new credit facility matures on Jun 30, 2027, and can be prolonged by a year to Jun 30, 2028, at the company’s discretion. The move boosts the company’s liquidity position and financial flexibility. Simon Property Group’s SPG majority-owned operating partnership subsidiary, Simon Property Group, L.P., has closed a new $5 billion multi-currency unsecured revolving credit facility, replacing the existing $4 billion senior unsecured revolving credit facility.
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