191 documents showing 181–191

At $14, GGP implicitly prices spinco GGO at negative $1; PF GGP alone merits ~$15 on Simon's 6.6% peer cap rate, pointing to ~$20 combined intrinsic and ~43% upside by year-end emergence.

Market-feared mall-REIT collapse never arrived: leverage fell, $18bn equity was raised, cap rates compressed, and tenants now generate cash — making mall REITs still cheap versus Treasuries.

CXW is a misunderstood real estate business — 90% of EBITDA is owned prisons leased to governments; rerating to healthcare-REIT cap rates unlocks $40-$54 vs. $24.50.

GGP filed for liquidity, not insolvency; with assets materially exceeding liabilities, a seven-year debt extension would deliver 10x–25x upside on equity trading at $1.19.

Target's land is mispriced inside a 5.8x retail multiple; a <20% IPO of 'TIP REIT' followed by a tax-free spin re-rates the real estate at REIT multiples and lifts the stock from $37 to $67 now, $80 by 2010.

Target's owned real estate is a $39bn hidden asset; a tax-free land-only REIT spin (TIP REIT) with a 75-year master lease unlocks ~$30/share and 74% upside.

Wendy's is fundamentally a franchise + real estate business trading at a peer-gap discount; the Triarc merger and OpCo turnaround unlock 75-85% upside to $49-$52.

Borders' high-quality Superstores franchise is obscured by money-losing Mall and International segments; rationalizing those while remodeling stores and buying back stock unlocks $36 vs. $21 today.

McDonald's is fundamentally a franchise and real-estate royalty company hidden inside an underperforming restaurant operator; a 20% McOpCo IPO and segment financials force a sum-of-parts rerating to $46-$50/share.

McDonald's is a hidden real-estate and franchise business trading as a restaurant operator; IPO'ing 65% of McOpCo and re-levering PropCo unlocks $45-50 per share, a 37-52% premium.

Fluor's $4bn NuScale stake masks a transformed EPCM core trading at just 2.8x EBITDA; separating NuScale unlocks a re-rating to peer 6-13x multiples.