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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 5.2x - 5.8x | 5.5x |
| Historical Pb Multiple | 5.4x - 8.5x | 6.2x |
| Fair Value | $29.55 - $32.66 | $31.10 |
| Upside | -10.3% - -0.8% | -5.6% |
| Benchmarks | - | Full Ticker |
| Tanger Inc. | - | NYSE:SKT |
| Federal Realty Investment Trust | - | NYSE:FRT |
| Whitestone REIT | - | NYSE:WSR |
| Regency Centers Corporation | - | NasdaqGS:REG |
| SITE Centers Corp. | - | NYSE:SITC |
| Saul Centers, Inc. | - | NYSE:BFS |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| SKT | FRT | WSR | REG | SITC | BFS | |||
| NYSE:SKT | NYSE:FRT | NYSE:WSR | NasdaqGS:REG | NYSE:SITC | NYSE:BFS | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 2.5% | -3.7% | 9.9% | 10.1% | 53.0% | 1.7% | ||
| 3Y CAGR | 127.3% | 4.3% | 53.4% | 2.3% | 68.8% | 2.0% | ||
| Latest Twelve Months | 2.3% | 20.1% | 111.3% | 2.3% | -7.1% | -25.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 11.8% | 26.6% | 16.0% | 26.7% | 69.1% | 25.2% | ||
| Prior Fiscal Year | 20.7% | 20.0% | 13.3% | 26.2% | 47.6% | 16.1% | ||
| Latest Fiscal Year | 18.2% | 23.7% | 23.9% | 25.7% | 182.0% | 14.7% | ||
| Latest Twelve Months | 17.8% | 23.9% | 21.7% | 25.2% | 211.1% | 11.5% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 10.2% | 10.2% | 5.5% | 5.5% | 12.2% | 18.8% | ||
| Prior Fiscal Year | 18.5% | 8.1% | 4.6% | 5.6% | 11.1% | 21.9% | ||
| Latest Twelve Months | 16.8% | 11.4% | 8.0% | 6.0% | 27.7% | 21.4% | ||
| Next Fiscal Year | 16.8% | 9.0% | 4.4% | 6.3% | 7.7% | 24.7% | ||
| Two Fiscal Years Forward | 19.6% | 9.9% | 5.4% | 7.0% | -3.0% | 27.4% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 6.8x | 6.6x | 4.0x | 8.4x | 3.5x | 4.1x | ||
| Price / LTM EPS | 36.6x | 24.0x | 18.4x | 33.0x | 1.6x | 25.1x | ||
| Price / Book | 6.0x | 2.6x | 1.5x | 2.0x | 1.2x | 8.3x | ||
| Price / Fwd Book | 6.0x | 2.8x | 1.5x | 2.0x | 1.2x | 6.3x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 1.2x | 2.0x | 6.0x | |||||
| Historical P/B Ratio | 5.4x | 6.2x | 8.5x | |||||
| Selected P/B Multiple | 5.2x | 5.5x | 5.8x | |||||
| (x) Book Value | 137 | 137 | 137 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SKT | FRT | WSR | REG | SITC | BFS | |
| Value of Common Equity | 3,729 | 8,159 | 629 | 13,040 | 617 | 803 | |
| (/) Shares Outstanding | 113.2 | 86.3 | 51.0 | 181.1 | 52.4 | 24.4 | |
| Implied Stock Price | 32.95 | 94.58 | 12.33 | 72.02 | 11.76 | 32.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.95 | 94.58 | 12.33 | 72.02 | 11.76 | 32.94 | |
| 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 | |