|Bid||11.02 x 1400|
|Ask||11.17 x 2900|
|Day's range||10.95 - 11.25|
|52-week range||7.10 - 20.58|
|Beta (5Y monthly)||1.52|
|PE ratio (TTM)||10.38|
|Earnings date||30 Oct 2019 - 04 Nov 2019|
|Forward dividend & yield||1.33 (12.12%)|
|Ex-dividend date||28 May 2020|
|1y target est||15.21|
Brookfield Property Partners' parent came forward with a "deal" for unit holders, and the price took off accordingly.
According to sources said to have direct information, J.C. Penney (NYSE: JCP) may be currently working out a deal to be bought out by its own landlords, Brookfield Property Partners (NASDAQ: BPY) and Simon Property Group (NYSE: SPG). A third company, privately held Authentic Brands Group, LLC, is apparently in alliance with the retailer's landlords to work out an acquisition deal. J.C. Penney recently declared Chapter 11 bankruptcy after store closures from the COVID-19 pandemic sent its already struggling operations into a tailspin.
(Bloomberg) -- The two largest mall landlords and Authentic Brands Group LLC are in talks to buy bankrupt department-store chain J.C. Penney Co., according to people familiar with the matter.Authentic Brands may team up with Simon Property Group Inc. and Brookfield Property Partners LP to acquire the retailer as part of its court reorganization, said the people, who asked not to be identified because the talks are private. The discussions are still fluid and may ultimately end without a deal.J.C. Penney, which filed for Chapter 11 protection in May, has been racing to firm up a business plan by a July 14 deadline, after which the company risks running out of cash to finance its reorganization and emerge from bankruptcy court. The company’s proposed exit plan involves creating two new publicly traded entities, including a real estate investment trust that would hold some of the retailer’s property.For the landlords, buying J.C. Penney would ensure the survival of one of their most ubiquitous tenants amid a wave of retail distress that has seen thousands of stores close permanently. That’s in addition to the pandemic lockdown that shuttered most retailers for months nationwide.Authentic teamed up with Simon and Brookfield to buy teen clothing chain Forever 21 out of bankruptcy earlier this year. And Authentic and Simon are also in discussions with Brooks Brothers Inc. on a joint bid that would be part of a potential bankruptcy filing by that clothing retailer, Bloomberg News reported last week.Brookfield, the second-largest U.S. mall operator after Simon, in May announced the creation of a $5 billion fund to buy stakes in retailers.Authentic also owns Aeropostale after teaming up with the mall landlords to buy that brand out of bankruptcy in 2016. Its growing portfolio could be a boon to J.C. Penney if licensed product from those retailers were added to the department store’s lineup.Private equity firm Sycamore Partners has also held preliminary talks to buy J.C. Penney, weighing an acquisition outright or making an investment in the retailer, Reuters reported earlier this month.J.C. Penney’s remaining value includes its owned real estate and intellectual property from its private brands, according to David Silverman, a retail analyst at Fitch Ratings.“The different companies that are potentially looking into J.C. Penney have different capabilities and options given the real estate that J.C. Penney has and the suitors’ potential use with it,” Silverman said.(Adds context on company’s reorganization plan in third paragraph and commentary from an analyst in the last paragraph. A prior version of this story corrected timing of Brookfield fund announcement in the sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Canaccord Genuity analyst Mark Rothschild maintained a Hold rating on Brookfield Property Partners (NASDAQ:BPY) on Monday, setting a price target of $12, which is approximately 27.80% above the present share price of $9.39.
Brand management company Authentic Brands said on Wednesday it and mall owner Simon Property would own 37.5% each of the retailer, while Brookfield Property would buy 25% of the intellectual property and operating businesses. Financial terms of the deal were not disclosed. Forever 21, which has 593 stores in 57 countries, will continue to operate in U.S. and international markets, Authentic Brands said.
Brookfield Property's buyout of the REIT was complicated and bold. A year later, other economic headwinds have kept the company from benefiting.