 Good day, fellow investors. As I said in the REIT overview pros and cons video, today we're going to discuss Simon Property Group, which is the largest U.S. small outlet REIT. And it gives you a 5% dividend yield, 1.7% buyback yield, and probable growth between 2% and 4%. Let's take 3% on average, which means that the total expected, if things remain as is, return from Simon Property Group is 10% per year, which is an excellent return, especially given the quality of the real estate, the quality of the business, only class A malls, plus it gives you protection on inflation. And if people continue to go to those malls, plus there is international diversification, this might actually be a gem in your long term portfolio, delivering double digit returns. Let me give you an overview and a detailed representation of the key things that you have to watch when it comes to REITs that we discussed in the other video. So, Simon Property Group, over the last 5 years, the stock didn't go anywhere. However, the company continued to increase dividends to grow revenues and nothing really hit the company hard, despite the e-commerce threat. So, today I want to discuss the dividend yield, the buyback, the growth, and capital appreciation return, their interest rate least spread. I also will explain what it is, the funds from operations from Simon Property Group. I'll focus on their debt and sector trends. So, SPG owns malls and outlets in the US, Europe, and Asia. It looks like this. This is Crystal Las Vegas. And I'm going to focus on the key aspects of investing in SPG and avoid the purely descriptive video, as you can learn much more by just looking at the 49 slides in their investor presentation. Just shortly, 79.5% of net operating income comes from US malls and outlets, 11.7% from the mills, an acquisition they did in 2007, and 8.7% is international. Now, the key factors for SPG are the following. They have class A malls and outlets, which means that densely populated areas, high demand, high occupancy, and we see class D and C malls being in trouble, which means when those go bankrupt, these highly quality attractive for consumer malls even see an increase of visitors. And we can see that because the average leases per square foot increased over the last three years from 51.59 in 2016 to 54.18 in 2018. If a company can increase rents and keep a high occupancy rate, it means their customers aren't really in that much trouble, which means retail for Simon Property Group hasn't been in trouble over the past years. The lease spread is the difference between the new lease in comparison to the lease of the previous tenant that might have gone bankrupt or closed like Macy's or something like that. The key is that rents have been increasing and continue to increase. Further, dividend is just 65% of funds from operations, but still yielding 5%, funds from operations are $12.11 per share, expected to be $12.4 per share in 2019. So again, growth and the difference between the dividend of 65, payout of 65% is reinvested in buybacks or in new developments, refurbishments that increase the quality of the assets and itself financed as they distribute only 65% of their cash flows. The difference between funds from operations and net income is always depreciation that is a non-tax, non-cash charge. As you can see dividends per share also have been constantly increasing as the group grows and continues to invest for growth. If they continue like this, you can expect the 10% long-term return. They are building new developments and refurbishing existing malls. So this is Denver Premium Outlets. They are building something in Mexico, Malaga, Spain. They are building in Bangkok, so growing and taking advantage of the low interest rates. If they managed to continue to do business as they did up till now, I would say 5% dividend, 1.7% buybacks, 3% growth and the expected yearly return from SPG could be 9.7 or 10%. If there is inflation even more over the next decade or two, let's look at the debt. SPG is a read with a credit rating, so this means that whatever hits the economy, SPG should not have trouble to service its debt payments. The only thing that might be concerning a bit, but it might also be a management decision, is the shorter debt maturity. They did this probably to keep the same interest rates level as the cost of debt went up over the past years, but longer fixed interest rates are always nicer, especially from my perspective. Nevertheless, they said, okay, let's lower the maturity and keep the costs there. Probably it's still very high at 5.7 years, the average fixed interest maturity. And SPG has most of its debt in fixed interest rate, if you see around 4% or 5% in the U.S. But if you look at Europe, for example, 90 piave, an auto close to Venice, where I have been once, when we were returning from a trip to Venice and the area, has a fixed interest rate of 1.95% maturing only in 2025. This implies that SPG might easily grow in Europe as interest rates there are ridiculously low. So if you can borrow a 2%, you can find an investment that gives you 4% or 5%, their returns are staggering there, especially if there is a little bit inflation and you have a fixed interest rate. So not a bad long-term deal. Perhaps there will be other acquisitions, for now they haven't been planning any, but you never know, it depends on the situation. They are good, they have good finances, rock solid balance sheet. So if there is trouble, they might really pull the trigger on some good properties that are in trouble due to debt and higher interest rates. And you can see a lot of acquisitions over the last to 30 years that have fueled growth. The main concern is always the retail environment. I don't know how will the retail environment look like in 5, 10, 20 years. Will we be all with virtual reality reads or we will still go to these outlets in the middle of nowhere or for Simon property group in now highly densely populated areas to buy the clothes we need, to buy the things we need or we'll order everything online. So it might go down, but Amazon everybody is going to omni-channeling, you want to be present, there where there is a lot of people. So also this class A malls and reads might actually see a boom boost from the e-commerce trend. We will see how those trends develop. Nobody knows how it will look like in 5, 10 years. And that's the main concern. And that's also the concern the market is having when it comes to Simon property group. And that's why it's priced at the potential 10% yield because if revenues start declining, if occupancy rates goes down, if more retailers go bust and if there is a recession, of course the dividend would go down. And if the dividend goes down 10%, given the trend and given how Wall Street works, the stock goes down 30, 40% because that's how Wall Street works. And that's the risk that the market is pricing in. And that's why they are giving you a potential 10% return. So you have to see, we'll look at many other reads. So we'll see what are the best risk reward because investments, because investing is about risk and reward. So I'm going to continue to fill this table. This is just Simon property group. We analyze CPLG. So we'll add that to the table. And when the table is filled with 20, 30 names, we'll have a much better overview over reads. Thank you for watching. Looking forward to your comments, please subscribe. 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