Tag Archives: Real estate investment trust

Miracle On 34th Street- Is Starboard’s Plan To Unlock Value Back On The Table At Macy’s (M)?

As we discussed back in November 2015, Starboard Value Partners, led by the brash Jeffrey Smith, had acquired a stake in Macy’s(M) and pushed for a spinoff of the real estate into a REIT(Real Estate Investment Trust). Now, with the stock down 60% from Starboard’s purchase price and longtime Macy’s CEO Terry Lundgren stepping down, the plan may… Read More »

Another Spin, Another Index Change- CareTrust REIT To Join Parent Ensign Group In S&P SmallCap 600

Following up on last week’s slew of index changes, another spin off resulted in another index change yesterday. The Ensign Group(ENSG) completed its spin off of CareTrust REIT(CTREV) after yesterday’s close. Subsequent to the spin, CareTrust joined its former parent in the S&P SmallCap 600, pushing out struggling insurer Tower Group International(TWGP). Given that both stocks are in… Read More »

Penn National Gaming UnPenns Gaming And Leisure Properties

In the course of our busy lives, we sometimes never get around to writing about certain spins, even those which we are aware of and find interesting. Penn National Gaming’s (PENN) spin of Gaming & Leisure Properties (GLPI) is one such case. A search of our site revealed one scant mention when talking about IRS treatment of REITs,… Read More »

Starwood Property Trust CEO Barry Sternlicht Says Company May Spin Off Residential REIT

Barry Sternlicht of Starwood Capital has a long history of real estate success. Nearly two decades ago, he built Starwood Hotels(HOT) from scratch into one of the world’s largest hotel companies. More recently, as Chairman and CEO of Starwood Propert Trust(STWD) he has assembled the country’s largest commercial mortgage REIT. The firm has financed some of the most… Read More »

Canada Tire To Roll Out Real Estate Spin

Canadian Tire Corporation(CTC-A) announced plans yesterday to spin off its real estate as a REIT.  The company anticipates selling 10-20% of the new REIT in an IPO this fall, and retaining the rest. The new REIT will have approximately 18 million square feet of real estate valued at approximately C$3.5 billion. The company has no announced plans to… Read More »

Rouse Moves Down In First Day Of When Issued Trading

Rouse(RSE) began trading on a when issued basis today in anticipation of its spin off next month from General Growth Properties(GGP). The stock, which opened at 14, moved steadily downward and closed the day at 12 on 55,819 shares traded.  This represents a significant discount to book value and is below the $15/share, $200 million post-spin rights offering… Read More »

Spins That Need To See the Doctor

Amidst the current carnage, it feels a bit disingenuous singling out one or two individual stocks for poor performance, but some spin-offs have taken quite a beating recently. Just prior to the increase in market ‘volatility’, nursing home operator and health care REIT stocks nose-dived because the CMS announced a harsher than expected (11.1%) cut in Medicare reimbursement… Read More »