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 |
