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NYSE:SPG
Simon Property Group Inc. (SPG)
Financials 
Technical Analysis The best and largest mall REIT globally. NAV is about $180 with a target price as high as $213. Feels it is worth $185-$186. 2.9% dividend yield.
Dennis Mitchell, CFAThis is sitting at about a 10% discount to NAV. Historically has not traded at that kind of level. A world-class REIT. Shopping malls, predominantly in the US, but also in Asia and Europe. Have a 30% interest in a European REIT called Kleppierre. These are high quality malls that are operating anywhere from $500-$600 per square foot in terms of sales. They have seen 8% increase on average in the last 6 quarters in a sales per square foot number, which means consumers are starting to spend a little in the US and are heading to the high quality malls. 2.8% yield but free cash flow yield is in the double digits. Very low payout ratio.
Michael Missaghie
Dennis Mitchell, CFA
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(A Top Pick July 9/13. Down 4.2%.) Payout ratio of 70%. Had very strong earnings reporting in Q3. Trading at about a 10% discount to NAV were historically it traded at a 3% premium. Feels it owns the highest quality mall portfolio in the US and they are now expending globally as well. Valuation is very compelling.