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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 5.8x - 6.4x | 6.1x |
| Selected Fwd Ps Multiple | 5.2x - 5.7x | 5.5x |
| Fair Value | $26.73 - $29.54 | $28.13 |
| Upside | -20.9% - -12.6% | -16.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Urban Edge Properties | - | NYSE:UE |
| Kite Realty Group Trust | - | NYSE:KRG |
| Saul Centers, Inc. | - | NYSE:BFS |
| Acadia Realty Trust | - | NYSE:AKR |
| Regency Centers Corporation | - | NasdaqGS:REG |
| Tanger Inc. | - | NYSE:SKT |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| UE | KRG | BFS | AKR | REG | SKT | |||
| NYSE:UE | NYSE:KRG | NYSE:BFS | NYSE:AKR | NasdaqGS:REG | NYSE:SKT | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 2.8% | 21.7% | 3.0% | 4.8% | 5.2% | 2.0% | ||
| 3Y CAGR | 1.5% | 31.1% | 4.0% | 8.0% | 7.7% | 7.3% | ||
| Latest Twelve Months | 9.3% | 2.3% | 4.5% | 13.2% | 9.7% | 13.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 29.4% | -2.9% | 25.7% | -6.7% | 25.1% | 9.5% | ||
| Prior Fiscal Year | 61.0% | 5.8% | 16.1% | 5.7% | 26.2% | 20.7% | ||
| Latest Fiscal Year | 16.3% | 0.5% | 14.7% | 5.4% | 25.7% | 18.2% | ||
| Latest Twelve Months | 16.3% | 0.5% | 14.7% | 5.4% | 25.7% | 18.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 17.0x | 16.9x | 16.4x | 19.3x | 19.0x | 18.3x | ||
| Price / LTM Sales | 5.6x | 5.9x | 4.6x | 6.9x | 8.9x | 7.4x | ||
| LTM P/E Ratio | 32.9x | 1207.0x | 22.1x | 122.5x | 34.5x | 39.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 4.6x | 5.9x | 8.9x | |||||
| Historical LTM P/S Ratio | 2.4x | 4.8x | 7.4x | |||||
| Selected Price / Sales Multiple | 5.8x | 6.1x | 6.4x | |||||
| (x) LTM Sales | 537 | 537 | 537 | |||||
| (=) Equity Value | 3,135 | 3,300 | 3,465 | |||||
| (/) Shares Outstanding | 112.7 | 112.7 | 112.7 | |||||
| Implied Value Range | 27.82 | 29.28 | 30.75 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 27.82 | 29.28 | 30.75 | 33.79 | ||||
| Upside / (Downside) | -17.7% | -13.3% | -9.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | UE | KRG | BFS | AKR | REG | SKT | |
| Value of Common Equity | 2,384 | 4,914 | 873 | 2,507 | 13,342 | 3,808 | |
| (/) Shares Outstanding | 125.5 | 219.7 | 24.2 | 119.7 | 180.9 | 112.7 | |
| Implied Stock Price | 19.00 | 22.37 | 36.07 | 20.95 | 73.76 | 33.79 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.00 | 22.37 | 36.07 | 20.95 | 73.76 | 33.79 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |