2 Mall REITs Are Merging. Why Another One's Stock Is Jumping, Too. -- Barrons.com
2 Mall REITs Are Merging. Why Another One's Stock Is Jumping, Too. -- Barrons.com
The deal comes even as malls have suffered lately from the growth of e-commerce. DJ 2 Mall REITs Are Merging. Why Another One's Stock Is Jumping, Too. -- Barrons.com
DJ 2 購物中心房地產信託正在合併。為什麼另一個人的股票也在跳躍。-巴倫 s.com
By John Coumarianos
由約翰·庫馬里亞諾斯
Mall giant Simon Property Group said it would buy an 80% interest in upscale mall landlord Taubman Centers for $3.6 billion in cash, or $52.50 per share.
商城巨頭西蒙物業集團表示，它將購買 80% 高檔商場房東陶布曼中心的權益 $3.6 十億現金, 或 $52.50 每股.
The deal comes even as malls have suffered lately from the growth of e-commerce.
即使購物中心最近受到電子商務增長的影響，這筆交易也是如此。
Simon (ticker: SPG) is paying a 51% premium over Taubman's (TCO) $34.67 closing price on Friday, Feb. 7. The price represents a capitalization rate of 6.2% and a price to funds from operations (FFO) multiple of 15. A capitalization rate refers to the first year's net operating income as a percentage of the purchase price. Funds from operations is a real-estate investment trust cash flow metric across all property types that adjusts net income for property sales, depreciation, and amortization, allowing for analysts and investors to compare companies and properties. The price/FFO multiple is a REIT substitute for a price-to-earnings ratio. Taubman produced $3.50 of FFO per share in 2019.
西蒙（股票代碼：SPG 俱樂部）將於 2 月 7 日（星期五）支付超過塔布曼（TCO）34.67 美元的收盤價 51％ 的溢價。價格代表 6.2％ 的資本化率和價格從操作（FFO）倍數為 15。資本化率是指第一年的淨營業收入佔購買價格的百分比。營運資金是所有房地產類型的房地產投資信託現金流量指標，可調整房地產銷售、折舊和攤銷的淨收入，使分析師和投資者可以比較公司和物業。價格/FFO 倍數是房地產投資信託基金的價格與盈利比率的替代品。陶布曼在 2019 年產生每股 3.50 美元的 FFO。
Taubman stock shot up 53% on Monday to $53.12, while Simon's shares edged up just 0.6%.
陶布曼股票上漲 53% 週一至 $53.12, 而西蒙的股價小幅上漲 0.6%.
The deal also has implications for another retail real-estate investment trust whose share price has been in the doldrums, Macerich (MAC). The REIT also owns upscale malls, including Tysons Corner Center outside of Washington, D.C., Biltmore Fashion Park in Phoenix, and Santa Monica Place in Santa Monica. Its stock is up nearly 9% on the news to $25.40, as the Taubman deal suggests that Macerich could be targeted for a buyout as well. (Simon, in fact, made a bid to buy Macerich in 2015 for nearly $100 per share, or $17 billion, but Macerich rejected the offer.)
該交易還對另一家零售房地產投資信託公司產生了影響，該信託公司的股價一直處於低迷狀態，Macerich（MAC）。房地產投資信託還擁有高檔購物中心，包括華盛頓特區以外的泰森斯角中心，鳳凰城的比爾特莫爾時尚公園和聖莫尼卡聖莫尼卡廣場。它的股票上漲了近 9% 在新聞 $25.40, 因為陶布曼交易表明，馬塞里奇也可能成為買斷的目標.（事實上，西蒙在 2015 年以近 100 美元每股或 170 億美元的價格購買麥克里奇競標，但是馬塞里奇拒絕了要約。）
Applying that 15 price-to-FFO multiple that Simon is paying for Taubman to Macerich results in a $60 share price for Macerich, more than double its current price.
應用該 15 西蒙支付陶布曼麥凱里奇的價格到 FFO 倍導致 $60 股價為麥塞里奇, 超過其目前價格的兩倍以上.
Smead Value (SMVLX), one of the few funds in Morningstar's large-value category to keep pace with the S&P 500 over the past decade, has nearly 3% of its $1.4 billion in Macerich stock. Portfolio manager Bill Smead said Macerich is a superior operator to Taubman and emphasized that property can provide inflation protection to an investment portfolio. Highlighting energy companies along with retail REITs, Smead said "Inflation-related companies are trading for a song."
Smead Value（SMVLX）是晨星大價值類別中為數不多且能跟上標普 500 指標準普爾 500 指數的基金之一，佔馬凱里奇股票的近 3%。投資組合經理比爾·斯梅德（Bill Smead）表示，Macerich 是陶布曼的優越運營商，並強調房地產可以為投資組合提供通貨膨脹保護。Smead 表示，強調能源公司以及零售房地產投資信託基金（REITS），「與通脹有關的公司正在交易一首歌。」
Smead said Macerich's balance sheet might be slightly weaker than Taubman's, and both firms have been criticized for not cutting their dividends to conserve more cash. But Smead noted that Macerich had no trouble financing its operations.
斯美德表示，馬塞里奇的資產負債表可能比陶布曼略弱，兩家公司都因沒有削減股息以節省更多現金而受到批評。但斯美德指出，馬塞里奇沒有麻煩為其運營提供融資。
Macerich paid a $3 dividend last year, a nearly 13% dividend yield on Friday's closing price.
梅里奇去年支付了 3 美元的股息，週五收盤價的股息收益率接近 13%。
While malls are struggling with an increasing amount of retail sales moving to the internet, Smead defended malls. "Human beings needs someplace to go, [and] need to be around each other," he said. The idea that people need to have a place besides work and home where they can gather has supported the hope that malls can be redeveloped into entertainment destinations that include restaurants, pop-up retail, and even amusement parklike attractions.
儘管購物中心正在為越來越多的零售銷售轉移到互聯網而苦苦掙扎，但 Smead 捍衛了購物中心。他說：「人類需要某個地方去，〔而且〕需要在彼此身邊。」除了工作和家庭之外，人們還需要有一個可以聚集的地方的想法，這支持了希望購物中心可以重新開發為娛樂目的地，包括餐廳，彈出式零售，甚至遊樂園般的景點。
Write to John Coumarianos at john.coumarianos@barrons.com
寫信給約翰·庫馬里亞諾斯 john.coumarianos@barrons.com
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February 10, 2020 13:35 ET (18:35 GMT)
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