ALBANESECORMIER VALUE
DISCOUNT TO DEVELOPMENT COST
AlbaneseCormier has focused on acquiring existing assets with in-place cash flow to take advantage of our operational expertise versus pursuing timely and expensive ground up development projects. Below is a summary of the attractive basis we are seeing in acquiring existing assets compared to ground up construction.
$450
$250
$210
$173
AC Appraised Value
Avg. Development Cost/SF
Avg. Strip Center Sales Price/SF**
Avg. REIT Implied Value/SF*
* Average REIT implied per square foot based on public market valuations. Includes all strip center REIT in our coverage universe, except for AKR and FRT, due to their exposure to street retail and mixed-used assets, respectively. ** Based on Green Street’s Sales Comps database. Average price per square foot for all neighborhood., community and power center transactions year-to-date.
48
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