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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 5.6x - 6.2x | 5.9x |
| Selected Fwd Ps Multiple | 5.0x - 5.6x | 5.3x |
| Fair Value | $25.59 - $28.29 | $26.94 |
| Upside | -21.1% - -12.8% | -16.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Kite Realty Group Trust | - | NYSE:KRG |
| Saul Centers, Inc. | - | NYSE:BFS |
| Acadia Realty Trust | - | NYSE:AKR |
| Urban Edge Properties | - | NYSE:UE |
| SITE Centers Corp. | - | NYSE:SITC |
| Tanger Inc. | - | NYSE:SKT |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| KRG | BFS | AKR | UE | SITC | SKT | |||
| NYSE:KRG | NYSE:BFS | NYSE:AKR | NYSE:UE | NYSE:SITC | NYSE:SKT | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 21.7% | 3.0% | 4.8% | 2.8% | -11.6% | 2.0% | ||
| 3Y CAGR | 31.1% | 4.0% | 8.0% | 1.5% | -21.8% | 7.3% | ||
| Latest Twelve Months | 2.3% | 4.5% | 13.2% | 9.3% | -39.0% | 13.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -2.9% | 25.7% | -6.7% | 29.4% | 41.5% | 9.5% | ||
| Prior Fiscal Year | 5.8% | 16.1% | 5.7% | 61.0% | 47.6% | 20.7% | ||
| Latest Fiscal Year | 0.5% | 14.7% | 5.4% | 16.3% | 182.0% | 18.2% | ||
| Latest Twelve Months | 0.5% | 14.7% | 5.4% | 16.3% | 182.0% | 18.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 16.4x | 15.9x | 18.6x | 16.4x | 5.3x | 17.6x | ||
| Price / LTM Sales | 5.6x | 4.2x | 6.6x | 5.3x | 2.2x | 7.0x | ||
| LTM P/E Ratio | 1152.6x | 20.1x | 115.3x | 31.0x | 1.2x | 37.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.2x | 5.3x | 6.6x | |||||
| Historical LTM P/S Ratio | 2.4x | 4.8x | 7.0x | |||||
| Selected Price / Sales Multiple | 5.6x | 5.9x | 6.2x | |||||
| (x) LTM Sales | 537 | 537 | 537 | |||||
| (=) Equity Value | 3,006 | 3,164 | 3,323 | |||||
| (/) Shares Outstanding | 113.2 | 113.2 | 113.2 | |||||
| Implied Value Range | 26.56 | 27.95 | 29.35 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 26.56 | 27.95 | 29.35 | 32.43 | ||||
| Upside / (Downside) | -18.1% | -13.8% | -9.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | KRG | BFS | AKR | UE | SITC | SKT | |
| Value of Common Equity | 4,692 | 802 | 2,386 | 2,299 | 624 | 3,671 | |
| (/) Shares Outstanding | 219.7 | 24.2 | 119.8 | 125.7 | 52.4 | 113.2 | |
| Implied Stock Price | 21.36 | 33.12 | 19.92 | 18.28 | 11.90 | 32.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.36 | 33.12 | 19.92 | 18.28 | 11.90 | 32.43 | |
| 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 | |