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Mystery REIT Shopper
As I explained in a recent Seeking Alpha article, I have commenced a new series called "Mystery REIT Shopper" in which I have become an "undercover agent" in the REIT sector.
It's not really that I have become a spy, but more of an interested REIT analyst wanting to know more about the securities that I'm researching on a frequent basis.
A REIT analyst should always rely on the original earnings reports and other documents wherever possible, but it's also important to look at stocks as part of a business an essential element of this irreducible core of value investing is the owner orientation. The legendary investor Benjamin Graham also believed that it was paramount that all investments are logically sound from a business owner's perspective.
Today I am in Orlando, Florida attending The Money Show. Yesterday when I arrived in Orlando I decided to visit The Mall at Millenia, commonly referred to as The Millenia Mall. Located just off of Interstate 4 (exit 78) at Conroy Road, The Millenia Mall has over 150 stores, and is anchored by Macy's (NYSE:M), Bloomingdale's, and Neiman Marcus.
The 1.1 million square foot mall advertises itself as an upscale, premium shopping mall, as evidenced by its anchors. Its Macy's was the first in Central Florida, and remains its largest (the other Macy's in Orlando are converted Burdins stores). Bloomingdale's and Neiman Marcus were also regional firsts. Source Wikipedia
The Mall is owned by The Forbes Company and Taubman Centers (NYSE:TCO) and was designed by JPRA Architects and features award winning lighting[ by Paul Gregory, glass elevators, and fountains. The name The Mall at Millenia is intentionally misspelled, possibly for trademarking since the word Millennia is correctly spelled with two of the letter n.
The area, particularly the Mall, has become a major draw for business and tourists alike. There are now apartment and condo buildings, single family homes, and corporate office buildings surrounding the mall. Furthermore, many premium stores and upscale restaurants surround the mall, including Mercedes Benz, Aston Martin, and others.
A Living and Breathing Example of a High Quality Mall
If there are still doubters that Malls are Dead, just visit The Millenia Mall. When I arrived at the property (around 11:00 am) the parking lot was full. I had to drive around for 15 minutes to find a parking space.
When the Mall first opened in 2002 it featured upscale offerings: Louis Vuitton, Burberry, Cartier, Tiffany Co., Gucci,cartier love bangle white gold, and Jimmy Choo. The Mall has further developed its luxury offerings as existing stores have renovated and expanded and new tenants have been announced. Between 2010 and 2015, Armani, Prada, Saint Laurent, Brooks Brothers, Tory Burch, Vineyard Vines, and Lilly Pulitzer have opened. Sam Edelman opened in early 2016, while Bulgari and Earl's Kitchen Bar are slated to open later in the year.
Nearly all upscale stores are concentrated on the second level in between Grand Court and Bloomingdale's. The remaining section is filled with mall mainstays, including Victor's Secret, Sephora, Vans, Williams Sonoma (NYSE:WSM), Ann Taylor, H and Abercrombie Fitch (NYSE:ANF). Chang's China Bistro.
As I suspected, The Millenia Mall had no vacancies and the traffic was robust. As a stakeholder in TCO I felt satisfied that my investment in the company was solid and that the underlying value of one of the REIT's core properties was well protected. There is very little competition for The Millenia Mall and I felt little fear of Amazon as I walked through the property.
The Millenia Mall is a shopping experience and there is simply no way that Amazon can deliver the entertainment value that I witnessed while walking through the Mall. People were smiling, people were having fun, and the benefits for investing in this high end mall were obvious.
My overall mystery shopping score is 9,cartier eternity bracelet.9.
Taubman Centers: A Treasure Chest Unlocked
Taubman Centers has been in business for over 65 years, and the company was founded by A. Alford Taubman in 1950. It converted to a REIT in 1992,how much is a cartier bracelet, and the Bloomfield Hills based REIT has maintained a consistent cash payout history for over 24 years.
Most notable for the durable regional mall company is the fact that Taubman was a pioneer REIT that became the first publicly traded UPREIT (in 1992), laying the groundwork for real estate companies in all sectors to access the public equity markets. and Asia large enough to provide economies of scale and solidify relationships with some of the world's best retailers, yet small enough to effectively maximize the potential of every asset by receiving attention of the senior management team. Taubman was added to the prestigious S 400 MidCap Index in January 2011.
Over the years,gold love bangle, the REIT has maintained a strategic capital recycling model in which it has selectively bought and sold assets in order to maximize the potential of the individual assets. Taubman started as a public company 24 years ago with 19 properties.
Along the way, the company built 17 and acquired 11 properties, but sold 26 properties (including a portfolio of 7 properties for $1.405 billion sold to Starwood (NYSE: STWD) in 2014). So, on a net basis, Taubman went from 19 to 26 assets.
Anchors are a critical factor in assessing mall quality since strong anchors attract both retailers and customers. Taubman's portfolio is well positioned; containing the largest concentration of high quality anchors.
As Taubman details (in its investor presentation) the best retail assets have five key success factors that drive productivity, ultimately resulting in NOI and FFO growth:
Leading retailers and emerging concepts choose to showcase their brand in the best markets and highest quality assets. As illustrated below, Taubman has the best locations:.
As I explained in a recent Seeking Alpha article, I have commenced a new series called "Mystery REIT Shopper" in which I have become an "undercover agent" in the REIT sector.
It's not really that I have become a spy, but more of an interested REIT analyst wanting to know more about the securities that I'm researching on a frequent basis.
A REIT analyst should always rely on the original earnings reports and other documents wherever possible, but it's also important to look at stocks as part of a business an essential element of this irreducible core of value investing is the owner orientation. The legendary investor Benjamin Graham also believed that it was paramount that all investments are logically sound from a business owner's perspective.
Today I am in Orlando, Florida attending The Money Show. Yesterday when I arrived in Orlando I decided to visit The Mall at Millenia, commonly referred to as The Millenia Mall. Located just off of Interstate 4 (exit 78) at Conroy Road, The Millenia Mall has over 150 stores, and is anchored by Macy's (NYSE:M), Bloomingdale's, and Neiman Marcus.
The 1.1 million square foot mall advertises itself as an upscale, premium shopping mall, as evidenced by its anchors. Its Macy's was the first in Central Florida, and remains its largest (the other Macy's in Orlando are converted Burdins stores). Bloomingdale's and Neiman Marcus were also regional firsts. Source Wikipedia
The Mall is owned by The Forbes Company and Taubman Centers (NYSE:TCO) and was designed by JPRA Architects and features award winning lighting[ by Paul Gregory, glass elevators, and fountains. The name The Mall at Millenia is intentionally misspelled, possibly for trademarking since the word Millennia is correctly spelled with two of the letter n.
The area, particularly the Mall, has become a major draw for business and tourists alike. There are now apartment and condo buildings, single family homes, and corporate office buildings surrounding the mall. Furthermore, many premium stores and upscale restaurants surround the mall, including Mercedes Benz, Aston Martin, and others.
A Living and Breathing Example of a High Quality Mall
If there are still doubters that Malls are Dead, just visit The Millenia Mall. When I arrived at the property (around 11:00 am) the parking lot was full. I had to drive around for 15 minutes to find a parking space.
When the Mall first opened in 2002 it featured upscale offerings: Louis Vuitton, Burberry, Cartier, Tiffany Co., Gucci,cartier love bangle white gold, and Jimmy Choo. The Mall has further developed its luxury offerings as existing stores have renovated and expanded and new tenants have been announced. Between 2010 and 2015, Armani, Prada, Saint Laurent, Brooks Brothers, Tory Burch, Vineyard Vines, and Lilly Pulitzer have opened. Sam Edelman opened in early 2016, while Bulgari and Earl's Kitchen Bar are slated to open later in the year.
Nearly all upscale stores are concentrated on the second level in between Grand Court and Bloomingdale's. The remaining section is filled with mall mainstays, including Victor's Secret, Sephora, Vans, Williams Sonoma (NYSE:WSM), Ann Taylor, H and Abercrombie Fitch (NYSE:ANF). Chang's China Bistro.
As I suspected, The Millenia Mall had no vacancies and the traffic was robust. As a stakeholder in TCO I felt satisfied that my investment in the company was solid and that the underlying value of one of the REIT's core properties was well protected. There is very little competition for The Millenia Mall and I felt little fear of Amazon as I walked through the property.
The Millenia Mall is a shopping experience and there is simply no way that Amazon can deliver the entertainment value that I witnessed while walking through the Mall. People were smiling, people were having fun, and the benefits for investing in this high end mall were obvious.
My overall mystery shopping score is 9,cartier eternity bracelet.9.
Taubman Centers: A Treasure Chest Unlocked
Taubman Centers has been in business for over 65 years, and the company was founded by A. Alford Taubman in 1950. It converted to a REIT in 1992,how much is a cartier bracelet, and the Bloomfield Hills based REIT has maintained a consistent cash payout history for over 24 years.
Most notable for the durable regional mall company is the fact that Taubman was a pioneer REIT that became the first publicly traded UPREIT (in 1992), laying the groundwork for real estate companies in all sectors to access the public equity markets. and Asia large enough to provide economies of scale and solidify relationships with some of the world's best retailers, yet small enough to effectively maximize the potential of every asset by receiving attention of the senior management team. Taubman was added to the prestigious S 400 MidCap Index in January 2011.
Over the years,gold love bangle, the REIT has maintained a strategic capital recycling model in which it has selectively bought and sold assets in order to maximize the potential of the individual assets. Taubman started as a public company 24 years ago with 19 properties.
Along the way, the company built 17 and acquired 11 properties, but sold 26 properties (including a portfolio of 7 properties for $1.405 billion sold to Starwood (NYSE: STWD) in 2014). So, on a net basis, Taubman went from 19 to 26 assets.
Anchors are a critical factor in assessing mall quality since strong anchors attract both retailers and customers. Taubman's portfolio is well positioned; containing the largest concentration of high quality anchors.
As Taubman details (in its investor presentation) the best retail assets have five key success factors that drive productivity, ultimately resulting in NOI and FFO growth:
Leading retailers and emerging concepts choose to showcase their brand in the best markets and highest quality assets. As illustrated below, Taubman has the best locations:.
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