RETAIL HOT SPOTS

According to NAI Global's 2007 Global Market Review, Miami boasts the most expensive mall rents in the U.S. Here are some other highlights (and lowlights) from the report.

MOST EXPENSIVE MALL RENTS
MARKET PRICE PER SF
Miami $175
San Francisco 150
Long Island, N.Y. 120
Fargo, N.D. 102
Sioux Falls, S.D. 100
Kansas City, Mo. 100
Chicago 100
Boston 100
Atlanta 100
Phoenix 100
Santa Clara, Calif. 100
Data represents highest reported market rents as of Q4 2006.
LOWEST VACANCY RATES
MALL SPACE %
Salt Lake City 0.5
Fargo, N.D. 1.0
Atlantic County, N.J. 1.0
Phoenix 1.0
Orlando 1.2
Oklahoma City 1.2
Las Vegas 1.8
Data represents highest reported market rents as of Q4 2006.
HIGHEST VACANCY RATES
MALL SPACE %
Corpus Christi, Tex. 29.0
Las Cruces, N.M. 20.0
New Orleans 20.0
Cedar Rapids, Ia. 16.0
Jackson, Miss. 15.0
Kansas City, Mo. 14.2
Buffalo, N.Y. 12.0
Detroit 12.0
Ocean, N.J. 12.0
Burlington, Vt. 11.6
Data represents highest reported market rents as of Q4 2006.
MOST EXPENSIVE POWER CENTER RENTS
MARKET PRICE PER SF
Los Angeles $75
Palm Beach, Fla. 62
Long Island, N.Y. 60
Miami 50
Santa Clara, Calif. 50
Orange Cty, Calif. 48
San Mateo, Calif. 48
Chicago 45
Chattanooga, Tenn. 45
Fort Lauderdale, Fla. 45
Westchester, N.Y. 45
Data represents highest reported market rents as of Q4 2006.
LOWEST VACANCY RATES
POWER CENTER SPACE %
Sioux Falls, S.D. 1.0
Milwaukee, Wisc. 1.0
Knoxville, Tenn. 1.0
Lexington, Ky. 1.0
Santa Cruz, Calif. 1.1
Las Vegas, Nev. 1.9
Data represents highest reported market rents as of Q4 2006.
HIGHEST VACANCY RATES
POWER CENTER SPACE %
Morgantown, W. Va. 20.0
Philadelphia 18.0
Dayton, Ohio 15.2
Davenport, Iowa 15.0
Northeastern, Wisc. 15.0
Panama City, Fla. 15.0
Little Rock, Ark. 15.0
Columbus, Ohio 14.0
Greenville, S.C. 12.0
Kansas City, Mo. 11.8
Data represents highest reported market rents as of Q4 2006.

Source: NAI Global

THE RESULTS ARE IN

The 2006 earnings season is in full swing. Here is how retail REITs fared through Feb. 22.

BROADLINE RETAIL SHORT INTEREST 2006/2007
Company Type 2006 FFO/dil.share 2005 FFO/dil.share % Change
Tanger Factory Outlets Outlet $2.24 $1.73 29.48%
Taubman Centers Malls $2.56 $2.17 17.97%
Kimco Realty Group Shop. Ctr. $2.21 $2.00 10.50%
CBL & Associates Malls $3.39 $3.08 10.06%
Acadia Realty Shop. Ctr. $1.19 $1.09 9.17%
Simon Property Group Malls $5.39 $4.96 8.67%
Regency Centers Shop. Ctr. $3.88 $3.64 6.59%
Federal Realty Trust Shop. Ctr. $3.26 $3.06 6.54%
Developers Diversified Power Centers $3.41 $3.23 5.57%
Ramco-Gershenson Shop. Ctr. $2.54 $2.42 4.96%
Kite Realty Shop. Ctr. $1.16 $1.13 2.65%
General Growth Properties Malls $3.06 $3.05 0.33%
Macerich Co. Malls $4.35 $4.35 0.00%
Equity One Shop. Ctr. $1.48 $1.67 -11.38%
Glimcher Realty Trust Malls -$2.58 $0.09 -2,966.67%
Source: Company Reports

FOLLOW THE MONEY

Shareholders are betting against Dillard's and some dollar store chains, but like Wal-Mart.

BROADLINE RETAIL SHORT INTEREST 2006/2007
Company July Aug. Sept. Oct. Nov. Dec. Jan. Avg
Wal-Mart 0.7% 0.8% 0.8% 0.9% 0.8% 0.8% 0.8% 0.8%
Target Corp. 1.4 1.6 2.1 2 2.2 2.2 2.1 1.5
BJ's 4.5 4.6 4.2 4.4 4.3 4.5 4.5 4.8
Costco 2.4 2.5 2.7 2.1 2.1 2.1 1.8 2
Sears Holding Corp. 6.0 5.9 7.2 5.9 5.6 7.2 7.1 6
Kohl's Corp. 2.9 3.2 3.7 2.5 2.6 3.0 3.1 2.7
J.C. Penney Co. 4.3 4.7 6.6 6 4.8 4.3 4.3 4.5
Dillard's Inc. 9.1 11.5 11.3 10.7 9.4 10.6 8.2 9.5
Federated 2.1 2.3 2.6 2.0 1.9 1.9 2.0 2.1
Nordstrom 2.9 2.4 3.4 3.0 2.4 2.8 2.9 2.5
Saks Inc. 8.3 7.7 8.7 8.8 7.9 9.4 9.9 7
Dollar General 3.9 4.6 5.0 5.5 5.6 4.8 5.4 3.9
Dollar Tree 5.0 5.5 4.9 5.1 3.6 5.8 6.5 4.7
Family Dollar 2.8 3.2 3.2 2.4 2.8 3.1 3.4 3.2
99 Cents Only 9.3 8.6 9.0 8.1 7.2 7.9 9.3 8.2
Average 4.4 4.6 5.0 4.6 4.2 4.7 4.8 4.2
Source: Bloomberg; (a) Average represents past YTD average