Mall Owners Take a Back Seat on the Rocky Road to Retail
Our new take on the U.S. mall real estate investment trusts incorporates numerous headwinds facing the industry. We have reduced our fair value estimates for Simon Property Group ($145), Macerich ($58), and GGP ($19.40), moved our moat ratings for all three to none from narrow, and changed our moat trend ratings to negative from stable. We've also raised our fair value uncertainty ratings to high from medium for Macerich and GGP, given those companies' smaller, less diversified portfolios and hi...Simon Property Group operates as a self-administered and self-managed real estate investment trust. Simon Property Group, L.P. is the company's majority-owned Delaware partnership subsidiary that owns all of its real estate properties and other assets. The company owns, develops and manages shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets?, and The Mills? in United States as well as internationally including Puerto Rico, Asia, Europe and Canada. The company also owned equity stake in Klepierre SA, a Paris-based real estate company, which owns, or has an interest in, shopping centers in Europe.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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