SOLID FOOTING

Centro Property Group's troubles in mid-December set off alarm bells for investors in other publicly traded retail real estate firms. However, most U.S. retail REITs are carrying managable debt loads as measured by debt-to-market-capitalization ratios. Further, only two REITs have as much as 10 percent of their debt maturing in 2008, meaning the sector is not exposed to heavy refinancing risks in the next 12 months.

REGIONAL MALL REITS
CBL & Associates Properties General Growth Properties Glimcher Realty Macerich Simon Property Group Taubman
Total Debt (in $M) 5,193 26,892 1,460 6,888 23,390 2,903
Debt-to-Market Cap Ratio (%) 54.3 62.7 56.2 46.4 43.6 39.0
2008 Maturities (in $M) 413.8 2,816.0 119.0 547.6 1,472.2 101.0
As Percent of Total Debt 8.0 10.5 8.2 7.9 6.3 3.5
2009 Maturities (in $M) 379.9 3,540.0 319.8 692.6 2,148.9 281.0
As Percent of Total Debt 7.3 13.2 21.9 10.1 9.2 9.7
SHOPPING CENTER REITS
Developers Diversified Equity One Federal Realty Kimco Realty Regency Centers Ramco-Gershenson Weingarten
Total Debt (in $M) 6,233 1,162 1,835 4,416 1,952 775 3,156
Debt-to-Market Cap Ratio (%) 45.5 36.6 25.4 27 26.8 49.4 43.1
2008 Maturities (in $M) 359.0 36.0 19.0 760.0 24.0 180.0 253.0
As Percent of Total Debt 5.8 3.1 1.0 17.2 1.2 23.2 8.0
2009 Maturities (in $M) 398.0 243.0 188.0 337.0 63.0 35.0 113.0
As Percent of Total Debt 6.4 20.9 10.2 7.6 3.3 4.5 3.6

Source: Deutcshe Bank Securities Inc.

A LOOK THROUGH STOCK PRICES

The problems at Centro sent retail stocks crashing in late December.

RETAIL REIT SCORECARD
Symbol Price* 52-week High Chg 52-week Low Chg 31-Dec-06YTD Chg
National Retail Properties NNN $23.25 $26.15 -11.09% $20.20 15.10% $22.95 1.31%
Acadia Realty Trust AKR $25.10 $29.00 -13.45% $21.71 15.61% $25.02 0.32%
Taubman Centers TCO $50.31 $63.87 -21.23% $45.67 10.16% $50.86 -1.08%
Realty Income Corp. O $27.24 $30.70 -11.27% $22.87 19.11% $27.70 -1.66%
Tanger Factory Outlet Centers SKT $37.99 $44.43 -14.49% $32.32 17.54% $39.08 -2.79%
Saul Centers BFS $53.55 $62.74 -14.65% $41.86 27.93% $55.19 -2.97%
Federal Realty Investment Trust FRT $79.68 $98.92 -19.45% $70.13 13.62% $85.00 -6.26%
Simon Property Group SPG $89.78 $123.96 -27.57% $82.60 8.69% $101.29 -11.36%
Agree Realty Corp. ADC $30.36 $36.00 -15.67% $27.29 11.25% $34.37 -11.67%
Urstadt Biddle Properties Inc. UBA $16.33 $19.73 -17.23% $14.48 12.78% $19.09 -14.46%
Equity One Inc. EQY $22.00 $30.88 -28.76% $21.21 3.72% $26.66 -17.48%
The Macerich Co. MAC $70.84 $103.59 -31.62% $69.44 2.02% $86.57 -18.17%
Regency Centers Corp. REG $62.63 $93.49 -33.01% $61.41 1.99% $78.17 -19.88%
Kimco Realty Corp. KIM $35.93 $53.60 -32.97% $34.05 5.52% $44.95 -20.07%
General Growth Properties GGP $41.51 $67.43 -38.44% $40.05 3.65% $52.23 -20.52%
Kite Realty Group KRG $14.76 $21.80 -32.29% $13.95 5.81% $18.62 -20.73%
Inland Real Estate Corp. IRC $14.65 $21.14 -30.70% $13.50 8.52% $18.72 -21.74%
PREIT PEI $29.46 $50.39 -41.54% $28.48 3.44% $39.38 -25.19%
Capital Lease Funding LSE $8.65 $11.94 -27.55% $7.96 8.67% $11.60 -25.43%
Weingarten Realty Investors WRI $33.13 $52.30 -36.65% $32.52 1.88% $46.11 -28.15%
Vornado Realty Trust VNO $85.40 $136.55 -37.46% $82.82 3.12% $122.35 -30.20%
Cedar Shopping Centers Inc. CDR $10.70 $16.99 -37.02% $10.65 0.47% $15.91 -32.75%
Developers Diversified Realty Corp. DDR $39.48 $72.33 -45.42% $38.15 3.49% $62.95 -37.28%
Cousins Properties Inc. CUZ $21.68 $40.75 -46.80% $20.77 4.38% $35.27 -38.53%
Ramco-Gershenson Properties Trust RPT $21.81 $38.75 -43.72% $21.20 2.88% $38.14 -42.82%
CBL & Associates Properties CBL $24.77 $50.36 -50.81% $24.36 1.68% $43.35 -42.86%
Glimcher Realty Trust GRT $14.33 $29.69 -51.73% $13.97 2.58% $26.71 -46.35%
Colonial Properties Trust CLP $21.36 $50.59 -57.78% $20.97 1.86% $46.88 -54.44%
Feldman Mall Properties FMP $2.99 $13.00 -77.00% $2.42 23.55% $12.45 -75.98%
* As of 12/19/2007
Source:
Retail Traffic