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M

Macy's

$27.45

0.71 (2.66%)

, BAM

Brookfield

$40.26

-0.02 (-0.05%)

08:02
02/27/18
02/27
08:02
02/27/18
08:02

Macy's continues to work with Brookfield as part of strategic alliance

Heading into fiscal 2018, Macy's, Inc. continues to opportunistically evaluate its real estate portfolio to identify opportunities where the redevelopment value of its real estate exceeds that of non-strategic operating locations. The company also continues to focus on creating additional value from its flagship stores while adding vitality to the retail experience. In February 2018, the company signed an agreement to sell floors 8 through 14 of its State Street store in Chicago to a private real estate fund sponsored by Brookfield Asset Management. Brookfield intends to convert these largely unused floors into dynamic, creative office space. As part of this transaction, Macy's, Inc. will receive a total of $30 million ($27 million of consideration and a $3 million contribution for certain improvements), as well as upside participation in the ultimate value creation associated with the conversion of the upper floors to office space. This transaction will enable the company to make Macy's on State Street a more vibrant shopping destination. The company anticipates closing this transaction in the first half of fiscal 2018. The company is now exploring opportunities to sell the approximately 240,000 gross square foot I. Magnin portion of the main Union Square building in San Francisco. Macy's Union Square comprises multiple buildings, and the former I. Magnin flagship building, situated at the corner of Stockton and Geary Streets, is a separate structure well-suited for development. As previously announced, Macy's sold the Union Square Men's building and is incorporating the men's business into the main store. The company is also making additional enhancements to the Union Square main building through the conversion of street-level selling space into high-end retail shops that will be leased to third parties. The Union Square main building will remain the largest department store in the Bay Area and will comprise approximately 700,000 gross square feet. Macy's, Inc. continues to work with Brookfield as part of its strategic alliance. The companies have agreed to certain terms on nine assets (of the approximately 50-asset portfolio), which Brookfield will redevelop once it has received the necessary approvals. Upon the completion of certain approvals, Macy's, Inc. will either sell its interests in the individual assets to Brookfield or contribute them to individual joint ventures. If sold, the cumulative value is estimated to be approximately $50 million. Additionally, Macy's, Inc. would be entitled to an increased purchase price if certain financial targets are achieved for the three largest assets. The company expects that these developments will add vibrancy and desirability to the vicinity, enhancing the retail experience in these locations.

M

Macy's

$27.45

0.71 (2.66%)

BAM

Brookfield

$40.26

-0.02 (-0.05%)

  • 27

    Feb

  • 18

    Mar

M Macy's
$27.45

0.71 (2.66%)

12/18/17
OTRG
12/18/17
UPGRADE
OTRG
Mixed
Macy's upgraded to Mixed from Negative at OTR Global
OTR Global upgraded Macy's to Mixed following checks that indicate sell-through is meeting or exceeding plan driven by strong ecommerce trends.
01/02/18
MSCO
01/02/18
NO CHANGE
MSCO
Kohl's, Macy's Q4 same-store sales estimates raised at Morgan Stanley
Morgan Stanley analyst Kimberly Greenberger said that overall retail traffic appeared solid following Christmas, adding that store checks and third party data points suggest better performance at Kohl's (KSS) and Macy's (M) than she originally anticipated. Greenberger raised her Q4 Kohl's comparable sales estimate to down 1% from down 3% and increased her comp sales estimate for Macy's to down 2% from down 2.5%. However, she maintains an Underweight rating on Kohl's shares and an Equal Weight rating on Macy's.
01/05/18
BMOC
01/05/18
NO CHANGE
Target $38
BMOC
Outperform
Macy's price target raised to $38 from $35 at BMO Capital
BMO Capital analyst Wayne Hood raised his price target on Macy's to $38 and kept his Outperform rating after the company's Nov-Dec comps completed the first positive SSS Q4 since 2014. Hood notes "encouraging" improvement in brick-and-mortar comps as well as double digit growth in digital platforms, forecasting further upside from " improving consumer spending setup from tax reform and falling unemployment that could be far reaching". The analyst raises his FY17 EPS forecast to $3.63 from $3.53 and FY18 forecast to $3.18 from $2.63, reflecting a lower effective tax rate of about 25%.
02/05/18
JEFF
02/05/18
NO CHANGE
Target $100
JEFF
Buy
Bon-Ton Stores bankruptcy benefits Kohl's, says Jefferies
Jefferies analyst Randal Konik notes that Bon-Ton Stores filed bankruptcy protection and provided the locations of the about 50 units slated for closure. The analyst now estimates near-term closures from Macy's (M), Sears (SHLD), Kmart, and Bon-Ton (BONT) should add about 18c to Kohl's (KSS) EPS and a 1.5% comp lift. Moreover, Konik believes the materialization of Bon-Ton's closures could be a "cherry on top" to accelerating fundamentals at Kohl's this year. He reiterates a Buy rating and $100 price target on Kohl's shares.
BAM Brookfield
$40.26

-0.02 (-0.05%)

11/13/17
SDLR
11/13/17
NO CHANGE
SDLR
GGP could be worth $28+ in a takeout, says Sandler O'Neill
Sandler O'Neill views Brookfield's (BAM) $23/share offer for GGP (GGP) as an opening bid but believes it faces an uphill battle with independent shareholders to convince them its a fair price. The firm's analyst said Brookfield has its 35% stake of GGP on the books at $30/share and believes independent shareholders should demand a NAV premium north of $28/share.
02/02/18
02/02/18
DOWNGRADE
Target $22

Sell
GGP downgraded to Sell at Sandler ONeill on lower chances of higher bid
As previously reported, Sandler ONeill analyst Alexander Goldfarb downgraded GGP (GGP) to Sell from Hold, as he believes the chances of a materially higher price bid from Brookfield (BAM) have decreased. He notes that a report this week that Brookfield may be interested in acquiring another REIT - Forest City Realty (FCE.A) - caused GGP to trade under the $23 level for the first time since November 10 and he now thinks $24 is likely the best offer for GGP. Absent a deal, the stock could trade back towards its pre-M&A level of $19, contends Goldfarb, who has a $22 price target on GGP shares.

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Downgrade
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DIS

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  • 07

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