$TCO $SPG $MAC Seems Mr Market takes exception to my thesis. Time will tell.
$MAC Long 25.25 per earlier post. Retail malls are valued at a metric known as a "price-to-Funds from Operations(FFO) multiple. $SPG is paying 15x FFO for 80% of the $TCO portfolio. Applying that multiple to MAC's FFO implies a share price of $60. Note $SPG offered $100 share for Mac in 2015 (17bln). Mac owns plum properties...Tysons in DC, Santa Monica Place in California, and Biltmore Fashion Park in Phoenix.
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