UNTAPPED VALUE

Citigroup conducted studies of more than 3,000 firms to compile a list comparing the value of each company's land and buildings as a percentage of the firm's total enterprise value. Restaurants and retailers made up a significant portion of the list. Some are listed here.

RETAILER REAL ESTATE VALUE
Company Total Enterprise Land & Buildings Value (millions$) Land & Buildings as % of Enterprise Value
Pep Boys — Manny, Moe & Jack 1,120 1,174 105
Bob Evans Farms 1181 1031 87
Ryan's Restaurant Group 802 684 85
Dillard's 3568 2883 81
Ingles Markets 989 754 76
Lone Star Steakhouse & Saloon 439 313 71
Saks 1716 1114 65
Denny's 782 494 63
CBRL Group 1720 1038 60
Brinker International 3116 1856 60
Landry's Restaurants 1414 781 55
Jack in the Box 1518 776 51
Darden Restaurants 5663 2872 50
McDonald's 50,083 24,835 50
Barnes & Noble 2163 988 46
Weis Markets 967 436 45
Steak N Shake 573 256 45
O'Charleys 529 224 42
Big Lots 1750 692 40
OSI Restaurant Partners 2299 890 39
Source: FactSet and Citigroup Investment Research

WORKING ON IT

Job growth in markets including Phoenix, Dallas and Houston was above the national average during the last 12 months while the Midwest suffered. In recent months, however, Midwest and Northeast markets have performed better.

PERCENT CHANGE IN EMPLOYEES
City Year-to-date Last three months Last 12 months
Phoenix -0.1 -0.3 5.3
Seattle 1.7 2.1 4.1
Dallas 0.9 1.1 3.2
Washington, D.C. 1.5 1.9 2.6
Tampa, Fla. -0.5 -0.9 2.6
Atlanta 0.3 0.8 2.6
Miami -1 -1 2.6
Houston 0.4 0.7 2.5
Minneapolis 1.7 3.6 2.5
Denver 1.5 2.9 2.4
Portland, Ore. 0.1 1.2 2.3
Riverside, Calif. 0 0.6 2.1
San Francisco 0.3 1 1.9
San Diego 0.5 1.2 1.4
Baltimore 0.3 1.8 1.4
Chicago 0.6 2.8 1.2
Los Angeles 0.1 0.5 1.1
Philadelphia 0.1 1.7 1.1
Cincinnati 0.7 2.2 1.1
Boston 0.4 2.4 1
New York 0.1 2.2 0.9
Pittsburgh 0.9 2.5 0.8
St. Louis 0.5 2.1 0.7
Cleveland 0.4 2.5 0.2
Detroit 0.1 2.8 -0.7
Sources: Bureau of Labor Statistics; U.S. Census Bureau; BB&T Capital Markets