In order to enhance customers shopping experience,
Simon Property Group, Inc.
) disclosed the extensive renovation plan of the Southeast's
premier upscale shopping center - Phipps Plaza - positioned at
the center of Atlanta's prominent Buckhead area. The
refurbishment activity will be initiated in the summer this year
and is expected to complete before the start of holidays.
As per the first series of renovations, Phipps Plaza will get
an extensive makeover, which will comprise interior repainting,
LED light upgrade and restrooms remodeling. Notably, the
refurbishments at the shopping center will provide Simon Property
energy-saving benefits. Moreover, the parking decks will be
upgraded through the renovations.
Apart from the abovementioned renovation plans, Simon Property
intends to redo the entrance area of Phipps Plaza. This will
include the addition of a 164-room hotel with upscale dining and
320 luxury residential units.
Founded in 1969, Phipps Plaza is a 3-level shopping center and
is recognized for its diverse and exclusive store mix. The center
boasts over 100 stores of world renowned retailers such as
Tiffany & Co.
), Valentino and
Michael Kors Holdings Limited
We view the aforementioned move as a strategic long-term
investment by Simon Property. This is expected to provide the
company a considerable up-market potential and boost this famed
Simon Property is slated to report its first-quarter 2014
results on Apr 22, before the market opens. The Zacks Consensus
Estimate for FFO per share for the quarter is pegged at $2.24,
representing year-over-year growth of 9.09%.
This retail real estate investment trust (REIT) has an
of +1.34% for first-quarter 2014. This, along with its Zacks Rank
#2 (Buy), makes us confident about a positive earnings
: FFO, a widely used metric to gauge the performance of
REITs, is obtained after adding depreciation and amortization and
other non-cash expenses to net income.
NORDSTROM INC (JWN): Free Stock Analysis
MICHAEL KORS (KORS): Free Stock Analysis
SIMON PROPERTY (SPG): Free Stock Analysis
TIFFANY & CO (TIF): Free Stock Analysis
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