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MALL REITS - ENDING 2004 ON A HIGH NOTE
Despite an industry downturn in April and May, both the SNL Enclosed Mall REIT Index and the broader SNL Equity REIT Index rebounded in December with increases of 49.2% and 36.1% from their respective spring-time lows, bringing year-to-date price increases to 38.7% and 23.7%, respectively.
| Company Name Market | Ticker | Closing Price | Price* Change (%) | Equity |
|---|---|---|---|---|
| Cap ($M) | ||||
| Mills Corp. | MLS | 63.20 | 7.03 | 4,084.0 |
| Pennsylvania Real Estate Investment Trust | PEI | 43.50 | 7.01 | 1,733.8 |
| Simon Property Group | SPG | 65.00 | 5.81 | 18,090.3 |
| Alexander's Inc. | ALX | 215.65 | 4.15 | 1,081.0 |
| CBL & Associates Properties | CBL | 75.55 | 3.99 | 4,296.2 |
| Macerich Co. | MAC | 62.66 | 3.74 | 4,604.8 |
| General Growth Properties | GGP | 35.47 | 3.41 | 9,727.3 |
| Sources: SNL Financial | ||||
NATIONAL APARTMENT COMPARISON: HIGH-GROWTH MARKETS LEAD
Positive job growth, escalating housing prices and below average vacancy are the ingredients of a healthy apartment market. All Southern California markets are among the top five performers for the third consecutive year due to low vacancy, above-average rent growth and constrained supply.
| City | Vacancy (%) 2004 | Median Sales Price per Unit ($) 2004 | Completions (Units) 2004 |
|---|---|---|---|
| Los Angeles | 3.2 | $105,000 | 5,400 |
| San Diego | 3.5 | $120,000 | 3,000 |
| Philadelphia | 3.8 | $54,680 | 1,430 |
| New York City | 4.2 | $125,730 | 3,370 |
| Jacksonville | 5.1 | $67,500 | 1,134 |
| Boston | 5.4 | $105,500 | 2,550 |
| Washington, D.C. | 5.5 | $83,417 | 7,700 |
| San Francisco | 6.0 | $180,385 | 1,425 |
| Las Vegas | 6.4 | $49,062 | 4,800 |
| Miami | 6.7 | $70,000 | 2,200 |
| Detroit | 7.0 | $46,000 | 890 |
| Chicago | 7.2 | $70,000 | 1,500 |
| Seattle | 7.6 | $86,725 | 2,100 |
| Portland | 7.8 | $54,100 | 1,815 |
| Orlando | 7.9 | $53,244 | 2,249 |
| Tampa | 8.3 | $47,375 | 3,400 |
| San Antonio | 8.5 | $40,198 | 3,126 |
| Phoenix | 9.2 | $43,434 | 3,900 |
| Cincinatti | 9.5 | $30,208 | 630 |
| Denver | 9.9 | $63,100 | 3,000 |
| West Palm Beach | 10.0 | $68,921 | 2,450 |
| Charlotte | 10.2 | $40,500 | 1,600 |
| Indianapolis | 10.7 | $32,000 | 1,500 |
| Austin | 10.8 | $45,000 | 2,500 |
| Atlanta | 11.0 | $45,393 | 5,700 |
| Dallas-Ft. Worth | 11.6 | $34,234 | 9,200 |
| Houston | 14.0 | $46,269 | 13,000 |
| Source: Marcus & Millichap | |||
