The Zacks Analyst Blog Highlights:Simon Property Group, Nike, G-III Apparel
Group, Taubman Centers and Gap
CHICAGO, Nov. 27, 2012
CHICAGO, Nov. 27, 2012 /PRNewswire/ --Zacks.com announces the list of stocks
featured in the Analyst Blog. Every day the Zacks Equity Research analysts
discuss the latest news and events impacting stocks and the financial markets.
Stocks recently featured in the blog include Simon Property Group Inc.
(NYSE:SPG), Nike Inc.(NYSE:NKE), G-III Apparel Group, Ltd. (Nasdaq:GIII),
Taubman Centers, Inc. (NYSE:TCO) and The Gap Inc. (NYSE:GPS).
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from the Pros newsletter: http://at.zacks.com/?id=5513
Here are highlights from Monday's Analyst Blog:
Simon Ppy Adds Brands, Moves Up Opening
Indianapolis, Indiana-based real estate investment trust (REIT), Simon
Property Group Inc. (NYSE:SPG), recently announced it had added retailers in
its under-construction upscale outlet joint venture St. Louis Premium Outlets
in Chesterfield, Missouri. The company also stated that the grand opening date
of the outlet mall has been moved up to August 22, 2013, to meet the needs of
both shoppers and retailers. The opening was originally scheduled for
The new retailers who intend to join the outlet center include merchants such
and its subsidiaries, The Gymboree Corporation, Adidas, Claire's Accessories
and Wilsons Leather of
G-III Apparel Group, Ltd. (Nasdaq:GIII).
As a matter of fact, the property already anchors numerous well-known brands
for an all-genre shopping experience for residents and visitors.
St. Louis Premium Outlets is a part of a mixed-use development, Chesterfield
Blue Valley. The 131-acre complex will boast a class of office space, hotel,
restaurant and entertainment venues upon completion. Positioned west of
I-64/US Highway 40 and east of Daniel Boone Bridge, Chesterfield Blue Valley
will include 85 stores. Upon completion of the final phase, the St. Louis
Premium Outlets will span approximately 415,000 square feet.
Simon Property has been constructing St. Louis Premium Outlets in a joint
venture with Woodmont Outlets and EWB Development, LLC. Simon Property holds a
60% interest in the project. Woodmont Outlets – an associate of The Woodmont
Company – specializes in providing commercial real estate-related services.
These includes development, asset management, tenant representation, brokerage
and construction supervision.
However, Simon Property needs to be wary of its competitor in the Chesterfield
area, Taubman Centers, Inc. (NYSE:TCO), who recently stated the opening of its
mall - Taubman Prestige Outlets - on August 2, 2013. The $150 million property
is projected to have over a hundred stores, including primary products of The
Gap Inc. (NYSE:GPS) and J.Crew Group, Inc.
Simon property reported third-quarter 2012 FFO (funds from operations) per
share of $1.99, exceeding the Zacks Consensus Estimate of $1.92 and year-ago
FFO of $1.71. The company currently owns or has ownership interests in 333
properties spanning 242 million square feet of gross leasable space in North
America, Europe, and Asia.
We have a long-term Outperform recommendation on Simon property. Also, it
carries a short-term Zacks #2 Rank (Buy).
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained
after adding depreciation and amortization and other non-cash expenses to net
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