GLG News by Sears and Kmart Real Estate Experts

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Depending on Who You Believe, Retailing Is Either Recovering Or Not

December 23, 2010

Store Openings to Increase in 2011, While Store Closings Will Decrease Slightly | retailtrafficmag.com

This article from the Retail Traffic trade publication is interesting because it contradicts itself in each of the three separate quotes from its' sources, yet manages to put a positive spin on its' findings.

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

A Wonderful New Indicator Of Value

December 16, 2010

Overdue loan for sale on big suburban shopping center | www.chicagorealestatedaily.com

One of Chicago's latest and greatest "special centers" has defaulted on its' $91 million construction loan from EuroHypo A.G. and the loan is now being marketed by Eastdil Secured LLC. Any GLG client interested in understanding the underlying value of troubled shopping centers should follow this marketing effort.

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Forest City Pretends and Extends

December 16, 2010

Partner cuts value of stake in condos | www.chicagorealestatedaily.com

Forest City Enterprises, a real estate company with assets of approximately $11.8 billion, has taken a $18,3 million hit on the value of its' 25% stake in a large condo project in the South Loop of Chicago. This acknowledgement by such a large player that the condominium market is unlikely to perk up anytime soon, is explained away by their statement that "it is in keeping with what's happened around the country in terms of single-family homes and condos".

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Private equity's real estate valuations opaque at best

December 2, 2010

In a recent article in the Chicago Tribune about an Illinois Pension fund that has reported a 9.4% negative return due to the bankruptcy of firms they have invested in, I spotted a very disturbing fact that I believe should be highlighted to the GLG reader.

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Resurection Of Xanadu and Others

December 2, 2010

A New Push To Rescue Xanadu Mall Project | www.nytimes.com

This article in the NYT has a broad implication for GLG clients who follow the Mall REIT industry. Even though Xanadu is not owned by a Mall REIT, and in fact, has been passed over by every Mall REIT in the country, its' attempted resurrection should be of interest because it is symptomatic of what is happening to at least a dozen other stalled projects around the country.

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Hidden Impact of Slimmed Down Stores

November 15, 2010

An article titled "BIG STORES SLIM DOWN IN A BID TO FATTEN PROFITS" in the 11/10 issue of the NYT, caught my eye and prompted me to comment for the benefit of any GLG reader who closely follows the Mall REIT industry. The impact of this growing activity is poorly understood and the NYT article did not contribute to this lack of information.

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Valuing An Underperforming Mall

November 14, 2010

A recent article in an industry trade journal features a reasonably candid picture of the costs and difficulties of repositioning an underperforming regional mall. I will summarize the article for any of the GLG readers who follow the Mall REIT industry and who may be lulled into a false sense of security about the values of those Mall REITs who are recognized as having a substantial number of underperforming malls in their portfolios.

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

How Good Are Hedge Funds At Managing Turnarounds?

November 10, 2010

Overdrive- Who really rescued General Motors? | newyorkeronthetown.com

Mr. Steven Rattner's new book "Overdrive" (a first person account by Mr. Rattner, the co-founder of the Quadrangle Group,about what a wonderful job he thought he did in turning GM around when overseeing the Federal Bailout of GM) was reviewed by Malcolm Gladwell in the the 11/1/10 issue of THE NEW YORKER. I thought it worthwhile bringing this book review to the attention of the GLG Reader for several reasons which will be explained below.

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Some Occupancies Up, But Many Rents Down

November 10, 2010

Retail good and bad: Vacancy drops, but so do rents | www.chicagorealestatedaily.com

This article in the CHICAGO REAL ESTATE DAILY, purports to show an interesting trend but only tells a partial tale. I think it is worth bringing to the attention of the GLG reader for several reasons, not the least of which is that it is the kind of misleading information that could easily be misconstrued by GLG clients.

Kenneth Leonard, Principal

Kenneth LeonardPrincipalLeonard Associates What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Ackman "Targets" JCP

October 22, 2010

A recent article in the Chicago Tribune speculates about the reasons Mr. Bill Ackman's hedge fund, Pershing Capital, has taken a large position in the J.C. Penney company. They seem to accept Mr. Ackman's comment that he is not going to try the same things he tried and failed to do at Target. I disagree.

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