In case you do not know anything about Cohen and Steers, here is brief introduction from the company’s website:
Cohen & Steers is a manager of income-oriented equity portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors.
The Firm at a Glance
- Established in 1986
- $22.5 billion in assets under management (as of 9/30/09)
- New York City headquarters
- Offices in New York, Seattle, Brussels, London and Hong Kong
- NYSE listed company: CNS
In the interview, Marty Cohen commented on two specific subsector of the real estate: Hotels and Mall Owners:
· On Hotels, he said: “hotels are probably the cheapest area and the most interesting, not without risk, but certainly, and not without volatility, but probably the one that is being discounted the most.”
· And on mall owners, he commented: “Another area that we like a lot is regional malls because everybody assumes the consumer is dead. But you know, the mall has survived every threat from catalogues, superstores, the Internet and what have you.”
He mentioned three companies in the mall owners that he will stick to as they are the biggest owns and they run their malls well: Simon Property Group (SPG), The Macerich Company (MAC) and Taubman Centers Inc. (TCO).
Here is a brief review of the three companies:
Simon Property Group Inc. (SPG)
Simon Property Group Inc. is a self-administered and self-managed real estate investment trust which through its subsidiary partnerships is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties primarily regional malls and community shopping centers. Simon Property Group Inc. has a market cap of $19.08 billion; its shares were traded at around $67.89 with a P/E ratio of 10.6 and P/S ratio of 5.1. The dividend yield of Simon Property Group Inc. stocks is 1.3%. Simon Property Group Inc. had an annual average earning growth of 5.3% over the past 10 years. GuruFocus rated Simon Property Group Inc. the business predictability rank of 4-star.
MACERICH CO. (MAC)
MACERICH CO. is a self-administered self-managed real estate investment trust which is engaged in the acquisition, ownership, redevelopment, management and leasing of regional shopping centers located throughout the United States. The Macerich Company has a market cap of $2.36 billion; its shares were traded at around $29.8 with a P/E ratio of 5.5 and P/S ratio of 2.6. The dividend yield of The Macerich Company stocks is 5.4%. The Macerich Company had an annual average earning growth of 1.8% over the past 10 years. GuruFocus rated The Macerich Company the business predictability rank of 2.5-star.
TAUBMAN CENTERS INC. (TCO)
TAUBMAN CENTERS INC. a real estate investment trust is the managing general partner of and owns an interest in The Taubman Realty Group Limited Partnership (TRG). Taubman Centers Inc. has a market cap of $1.62 billion; its shares were traded at around $30.51 with a P/E ratio of 10 and P/S ratio of 2.4. The dividend yield of Taubman Centers Inc. stocks is 5.4%. Taubman Centers Inc. had an annual average earning growth of 15.9% over the past 10 years. GuruFocus rated Taubman Centers Inc. the business predictability rank of 2-star.
Watch the video.
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