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.
| 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.
| 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 | |||
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