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发表于 2018-07-12 11:01:48 股吧网页版
2 More RVI Properties Listed for Sale 查看PDF原文

研报日期:2018-07-12

  DDR Corp(DDR)

  The Orlando Business Journal reported that two additional RVIproperties are for sale, Millenia Plaza and International DriveValue Center. Both of the properties are located in Orlando, FLand could be sold for a combined $90mn according to themedia report. We review these two properties.

  Millenia Plaza: The property is a 411, 503 sf power center located in Orlando, FLthat was built in 2001 and acquired by DDR in 2015. It was 98.5% occupied as of2017 and anchored by Home Depot (28.1% of NSF; 1/31/2028 lease expiration),BJ's Wholesale Club (26.4% of NSF; 10/31/2021 lease expiration) and Dick'sSporting Goods (10.5% of NSF; 1/31/2021 lease expiration). The article states thatthe property could be sold for ~$61.7mn, which would imply a cap rate of 4.9sed on underwritten NOI of $3mn provided by CMBS disclosure. Bycomparison, the property was appraised for $67.4mn as of November 30, 2017.

  International Drive Value Center: The property is a 191,885 sf power centerlocated in Orlando, FL that was built in 1995 and acquired by DDR in 2015. It was93.8% leased as of 2017 and anchored by Bed Bath & Beyond (21.6% of NSF;1/31/2023 lease expiration), dd's Discounts (13.4% of NSF; 1/31/2014 leaseexpiration), Ross Dress for Less (15.2% of NSF; 1/31/2021 lease expiration) and T.J.Maxx (15.1% of NSF; 1/31/2021 lease expiration). The article states that theproperty could be sold for ~$28.8mn, which would imply a cap rate of 6.1sed on underwritten NOI of $1.8mn provided by CMBS disclosure. Bycomparison, the property was appraised for $33.3mn as of November 9, 2017.The company has not confirmed whether or not these properties are for sale.

  We apply a 12.0x multiple to our 2019e FFO of $1.17 (ex RVI) which is above peer KIMand 1.1x below the 5-year average of 13.1x. We then add our IRR derived value of RVI of$3.21 per share. DDR has traded in a range of 7-16x over the last 5 years where samestoreNOI growth has averaged 2.1%. FFO multiples track same-store NO……[摩根士丹利]
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