![]() ![]() Supply - Standing inventory, development and churn I will go over each briefly so as to get a picture of the overall leasing environment. There are six factors influencing the supply and demand dynamic: Note that a majority of retailer bankruptcies happen in the first half of the year, so 2022 full year is very likely to come in below 10 which would be lower than it has been in over a decade. The result is that the remaining retailers are strong leading to only 21 bankruptcies in 2021 and just four in 2022. The pandemic increased bankruptcies to 52 in 2020, but it seems to have pulled forward bankruptcies of retailers that were already weak rather than creating additional bankruptcies. Over long stretches of time roughly 30 retailers go bankrupt each year with new companies coming in to replace them. The events that truly hurt retail are those that happen so quickly that it's hard to adapt fast enough with the most recent such event being the pandemic. It's not that retail is without challenges, but rather that there are always challenges and retail finds ways to adapt to them. A few months ago the challenge was that they couldn’t get enough inventory in stock and now it appears to have all arrived at once and there's talk of increased discounting to try to unload the glut of inventory. I know there are all sorts of headlines about supply chain issues. My money is on the latter, but let us examine the earnings outlook. If SPG is not particularly risky, that leaves two potential reasons why it might trade at such a low FFO multiple: Weak/declining earnings or mispricing. Well, if we examine credit default swap pricing, we can see that SPG’s CDS measured risk spiked up during the initial COVID lockdown because nobody knew what would happen to malls but has since come back down and now sits quite tight with investment grade consumer discretionary.īasically, SPG’s debt investors are showing SPG as having risk commensurate of a company with a fairly strong balance sheet. One should note, however, that SPG’s common market price declines largely occurred since January of 2022, so perhaps something happened recently that made it suddenly much riskier. The 3.8% debt is a bit higher because it has a maturity date in 2050.Įven in the post-COVID world, SPG has been able to issue debt via its subsidiaries at very favorable terms with the latest issuance in January of 2022 with a 2.65% coupon and 10-year maturity. Shown below is their senior debt with coupons ranging from 1.91% to 3.8%. SPG has consistently been able to issue debt at very low coupons and long maturities. Credit default swap movement since issuance.SPG debt investors do not seem to see abnormal risk. ![]() ![]() Equity investors have a wide range of factors to focus on whereas debt investors have fixed upside and are thereby laser focused on the risk. When a company is in trouble it will often be reflected in debt pricing before equity pricing. Mismatch between debt pricing and equity pricing Overall, I view the multiple as far too low relative to the fundamental strength and see significant upside. Balance sheet and debt pricing imply lower than normal risk, and the retail environment is generally stable to good. In fact, I see significant growth to FFO per share due to a series of fundamental tailwinds creating a highly favorable leasing environment which is allowing SPG to significantly improve occupancy and start to ratchet up lease rates. In analyzing the fundamentals, however, I don’t see either of those in the base case scenario. The Buy ThesisĪt 8X forward FFO and 9.2X forward AFFO compared to a REIT average of about 15X and 17X, respectively, SPG is priced for either declining earnings or extreme risk. It has gotten unreasonably cheap and I see it as a great buying opportunity. Simon Property Group ( NYSE: SPG) has fallen substantially more than the market in the 2022 downdraft and yet its fundamentals have outperformed.
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![]() If you have issues adding a device, please contact us. Usage: for non-commercial household use only.Updates: your subscription may include product, service and/or protection updates, and features that may be added, modified, or removed, subject to the acceptance of the License & Services Agreement.To cancel your contract or request a refund, click here. Find out how to contact LifeLock, the company that provides identity theft protection and antivirus services, for various purposes. For details, visit our Cancellation & Refund Policy. For free trial with paid monthly subscription, you can request a full refund within 14 days of being charged. /rebates/2frenewal&. ![]() Whether you need to tune up your computer, remove viruses, or connect to your wireless network, Norton can assist you with a one-time or subscription service. Norton customer support specialists can provide personalized service today. Contact Norton to connect with a live Norton Chat or Norton Phone agent. For each annual renewal payment or free trial with paid annual subscription, you can request a full refund within 60 days of being charged. Norton experts are available 24/7 to help you solve your computer and device issues with friendly, personalized help. English: Phone support is open 24 hours a day, 7 days a week. Cancellation & Refund: you can cancel any of your contracts and request a full refund within 60 days of purchase for annual subscriptions and within 14 days of purchase for monthly subscriptions.Change auto-renewal settings, update or recover your Norton account and more. Help opening or installing your Norton protection on Windows. Annual payments are charged up to 35 days before the subscription is due to renew, and we send you a notification email with the renewal price before. Download in 3 easy steps, search or browse articles for Windows and Mac, and more. Renewal Prices: may be higher than the price for the initial term and are subject to change.Renewal Cycle: automatically renews after the initial term and is billed monthly or annually depending on your billing cycle, unless the subscription renewal is cancelled before the day you are due to be charged in your account or by contacting us here or at 84.When the trial ends, the paid subscription starts and the first term is charged, unless cancelled before. Here, you can reach customer service Monday to Friday from 08:00 to 20:00. ![]()
![]() Note: When you embed the widget in your site, it will match your site's styles (CSS). City - What Dreams Are Made Of Album 圓.Checking for You4.Crazy Love5.Don't You Worry6.Like This7.Live by the Gun8.Locked Away9.Make Up10.Our My Soul13.Slave to the Dollar14.Take You DownR. Would you still love me the same If I showed you my flaws If I couldn't be strong Tell me honestly Would you still love me the same Right about now. If I got locked away And we lost it all today. 'Cause I need a gal to hold me down for life. Adam Levine Album: What Dreams Are Made Of Heyo SONGLYRICS just got interactive. Tell me, tell me, do you need me? (need me) Luke Chorus: Adam Levine & (Theron Thomas) If I got locked away And we lost it all today Tell me honestly, would you still love me. 'Cause I need a gal who's always by my side. Locked Away Lyrics Produced by Cirkut & Dr. Tell me, tell me, would you call me? (call me) Tell me, tell me, would you want me? 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Tell me tell me do you need me (need me) Tell me tell me do you love me. ![]() Would you be there to always hold me down?Īll I want is somebody real who don't need much. Cuz I need a girl who's always by my side. Now tell me would you really ride for me? ![]() If I couldn't buy you the fancy things in life, Video can't be loaded because JavaScript is disabled: R. ![]() If youre asked to add the card that you use with your Apple ID, cards on other devices, or cards that you’ve recently removed, choose Apple Card. If you've downloaded files to your iPhone or. To access downloaded photos, open the Photos app instead. If you don't see the Downloads folder under favorites, look for it under iCloud Drive, On My iPhone, or On My iPad. In the screen, type in Google Play Store and tap on the Search button again. Once open, scroll to the bottom of the App Store screen and tap on the Search button. Tap the 'Browse' icon at the bottom of the app. If you only got 30 seconds: To download Google Play Store on your iPhone, you will need to first open the App Store on your device. ![]() On a Mac (macOS 10.14 or earlier) or a Windows PC: Open the iTunes app, click the button resembling an iPhone near the top. Do one of the following: On a Mac (macOS 10.15 or later): In the Finder sidebar, select your iPhone, then click General at the top of the window. Extract passwords and account information of Windows 11/10 Mail App. Tap Add Card, then Follow the steps to select Apple Card. Open the Files app on your iPhone or iPad. Connect iPhone and your computer with a cable. ![]() Custom context menu in Wireless Network Watcher.Extract passwords from external disk with ExtPassword! tool.Search long file names and paths with the SearchMyFiles tool.When you download the latest version of iOS, your data and settings remain unchanged. Find out which iPhone models are compatible with iOS 17. ![]() Application resources usage on Windows 10 and Windows 11 (From SRUDB.dat database) If you have not downloaded the most current release, you will not see the option to install the latest release.View the battery history of your laptop with the BatteryHistoryView tool.Posted by NirSoft on Maat 12:08 pm under Utilities Update. You can find more information about the custom menu feature in the Web page of Wireless Network Watcher.Īlso, it’s possible that the custom menu feature will be added to other NirSoft tools in the near future. Download the fast, secure browser recommended by Google. Get the best of Google Search, and easily sync your bookmarks and passwords with Chrome on your laptop. Now more simple, secure and faster than ever. Here’s an example for custom menu you can add to the configuration file of Wireless Network Watcher:Ĭommand2=cmd.exe /K nbtstat.exe -A %IPAddress%Ĭommand7=ShellExecute:\\%IPAddress%\Admin$Īfter adding the above custom menu to the configuration file, the context menu looks like this: Download the new Google Chrome for your iPhone and iPad. In the command string you can put variables that will be replaced with the data from the selected item, like IP address, device name, MAC address, and so on. Songs from the Apple Music catalog cannot be burned to a CD.The new version of Wireless Network Watcher (v2.30) allows you to add your own menu items to the right-click context menu, by editing the configuration file (WNetWatcher.cfg)įor every custom menu item, you can choose the caption of the menu and the command that will be executed when you click the menu item. iTunes-compatible CD or DVD recorder to create audio CDs, MP3 CDs, or backup CDs or DVDs.To turn it on, open up the Settings app and go to Safari. Internet connection to use Apple Music, the iTunes Store, and iTunes Extras This function is enabled automatically for private browsing in iOS 17, but it can be turned on for all browsing. A tool for Windows that extracts and displays application resource usage information stored in the Windows SRUDB.dat database.You.Screen resolution of 1024x768 or greater 1280x800 or greater is required to play an iTunes LP or iTunes Extras.Youll have to type a name for your profile into the 'Name' box here. The new profile screen will appear, with the General tab selected. Launch Apple Configurator and click File > New Profile. 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It helps a lot to have a collar, but ultimately, it matters more that your cat is able to venture out safely without getting stuck. Best Overall: Expawlorer Wave Point Adjustable Cat Collars. Side note, where I live, my cat is the only one with a collar, but most of the other cats have homes. This leather collar is crafted with lots of care and love to suit your kittys paw-some character. The breakaway clip is the most important feature, but I'd also recommend a reflective stripe if your cats have dark fur - they will be far more visible to traffic. SOLMOONY Cute Cat Collar for Girl Boy,Colorful Breakaway Cat Collars with Bell 2 PackAdjustable Printed Nylon with Safety Buckles Kitten Collar (Starry Sky) 4.5 out of 5 stars 264 1 offer from 5. I would much rather he lost the collar and came home than be stuck for hours while I searched the neighbourhood for him. He's lost many of them, but one, he did have to struggle free from - he came home with an injury. Outdoor cats may benefit more from breakaway collars for increased safety. I've bought my guy the standard faire collar from the local pet store for years. It is far, far better for you to buy cheap breakaway collars and regularly replace them than try to get something a bit hardier. ![]() A cat can pass through any opening wide enough for their heads, so their collar getting stuck against something is inevitable. Each collar showcases a unique pattern, including gingerbread men, snowmen, Santa Claus, elks, and Christmas trees. If the collar becomes snagged or caught on something, the buckle will break away, allowing the pet to escape without becoming injured or choked. Weewooday’s set is a festive bonanza, offering a whopping 12 pieces of Christmas-themed cat collars. ![]() But they have to be able to pull them off themselves or they will never get free if they get stuck. Pinterest Email No cat owner wants to consider the possibility of their kitty getting lost, but it’s always better to be prepared for the worst-case scenario. A breakaway collar works by using a safety buckle that is designed to release under pressure. My guy is infamous for losing his collars - his record is 6 hours. You basically have to accept that collars are replaceable items and your cats will inevitably lose many of them. ![]() Meilleurs vœux means best wishes and is a great French phrase to add to a birthday card. So if it sounds like a French speaker is saying “joyeuse anniversaire,” they’re just practicing liaison. Because of this, joyeux anniversaire is pronounced more like joyeuz anniversaire. This is because of a French pronunciation rule called liaison.īasically, liaison makes it so that if a word ends with a consonant and the next word starts with a vowel, you’ll connect the two sounds together. This is another one of those French expressions that French learners and speakers alike will misspell. En retard literally translates to “late.” Joyeux anniversaire en retard and bonne anniversaire en retard both mean happy belated birthday. While bon anniversaire means “good birthday,” joyeux anniversaire means “joyful birthday” or “happy birthday.”īut what’s the deal with the en retard at the end? Well, that’s what you would add if you’d like to wish someone a belated birthday. Similar to bon anniversaire, joyeux anniversaire is another common way French people say happy birthday. So make sure you keep “ bon” in its masculine form and write bon anniversaire. It is usually misspelled as bonne anniversaire. One French study found that 13% of birthday cards contain “ bon anniversaire” spelled incorrectly. ![]() You’ll find this written on birthday cards, balloons, and French birthday cakes.ĭespite this, bon anniversaire is actually a very misspelled phrase. Bon anniversaire (not bonne anniversaire)īon a nniversaire is one of the most standard ways to say happy birthday in French. Towards the bottom of the page you’ll find the French Happy Birthday song with complete French lyrics and English translation! Ways to say happy birthday in French 1. So I’m excited to dive into some of the common ways to say happy birthday in French as well as some French birthday customs. That means that by learning this French phrase, you’ll be able to attend French birthday parties, write a birthday card in French, and so much more! French birthday customs are similar to American ones.īut, there are a few differences that I have noticed since living in France and celebrating with French speakers. Unlike some other French expressions, bon anniversaire, or happy birthday in French will almost always be used on special occasions. The day where you learn how to say happy birthday in French is a special one.
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