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Slow downward spiral for Retail REIT's.

September 12, 2008

Analysis of:MALL GLUT TO CLOG MARKET FOR YEARS | online.wsj.com

First: It will be slow downward spiral for the REITS, as retailers and speciality users will continue to shed or renegotiate unprofitable "new market" and "old market" locations through the next 3-5 years... This coupled with capital/financing availability will create a "recalculation" of not only rental rates but long term values of commercial real altogether... Second: I believe the small National Retailers will look for efficiencies in co-branding weak locations as well as more Internet presence... Third: The perfect storm of economic woes, lack of cheap financing will cause more privately held commercial/retail properties to re-adjust their rental rates/values and will further depreciate and further aggravate the REIT's comparable properties...

Bad time to "cut and run"...

July 16, 2008

Analysis of:Centro Sells Stake in America Fund for $714 Million | www.bloomberg.com

Centro has bought a large portion of their portfolio on the basis of "re-positioning". These centers still have not reach their zenith yet and unfortunately the benefactor will be the eventual owner. It would have been in Centro's interest to bring in a JV partner rather than sell outright. Despite this fact, Centro still has good channels for new development and could pick up other new projects that have fallen out or failed due to losing anchor tenant, etc.

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