G Asset Management

Transcription

G Asset Management

Draft Presentation
Draft Presentation
G ASSET MANAGEMENT
G Asset Management
Disclaimer
The analyses and conclusions of G Asset Management, LLC and/or its affiliates contained in this presentation are based on publicly available information. G
Asset Management and/or its affiliates recognizes that there may be confidential information in the possession of the companies discussed in the
presentation that could lead these companies to disagree with G Asset Management’s and/or its affiliates conclusions. This presentation and the
information contained herein is not a recommendation or solicitation to buy or sell any securities.
The analyses provided may include certain statements, estimates and projections prepared with respect to, among other things, the historical and
anticipated operating performance of the companies, access to capital markets and the values of assets and liabilities. Such statements, estimates, and
projections reflect various assumptions by G Asset Management and/or its affiliates concerning anticipated results that are inherently subject to significant
economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or
implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein. Actual
results may vary materially from the estimates and projected results contained herein.
Funds managed by G Asset Management and/or its affiliates might have invested in common stock on Syms Corporation (“SYMS”) and/or related securities.
G Asset Management and/or its affiliates manages fund/s that are in the business of trading – buying and selling – securities and financial instruments. It is
possible that there will be developments in the future that cause G Asset Management and/or its affiliates to change its position regarding SYMS. G Asset
Management and/or its affiliates may buy, sell, cover or otherwise change the form of its investment in SYMS for any reason. G Asset Management and/or
its affiliates hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type
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G ASSET MANAGEMENT
of any G Asset Management and/or its affiliates investment.
Executive Summary/Overview

SYMS is an off-price retailer that has an enterprise value as of October 2010 of ~$120 MN. SYMS currently operates 53 stores – 19* of which are
owned and 34 that are leased. The current stock price of SYMS is ~$7 per share, which we believe is materially below its intrinsic value.

As outlined by our analysis in this presentation, we believe the enterprise value could be more than doubled, by executing on one or more
recommended actions.

SYMS could benefit shareholders by monetizing the value of its owned real estate.

We believe that the company can increase the value of the shares by implementing at least one of the following approaches:
Liquidate or sell the company

Spin off the real estate business

Divest either business

Recapitalize the real estate

Increase transparency by disclosing both the owned real estate and the off-price retailing segments

Close underperforming stores

Improve communication with the investment community
One scenario where all stakeholders might benefit is by selling the real estate to a real estate buyer, allowing the family to maintain control of the
off-price retail business.

Another scenario where shareholders might benefit is bringing in a retail executive with a track record for turnarounds.
*Number of owned real estate includes SYMS asset in Rockville, MD, which SYMS agreed to sell on March 30, 2011, and since has listed its asset
in Tampa, FL for sale or lease.
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

SYMS Overview
Public Market Overview
Stock Price Performance
Share Price (11/12/2010)
52-Week High
52-Week Low
% of 52-Week High
Diluted Shares Outstanding (mm)
$7.15
$10.68
$6.57
66.9%
14.4
Equity Value
Plus: Total Debt
Less: Cash
Enterprise Value
$103.3
$26.0
$2.9
$126.4
2009 EBITDA Multiple
2009 PE Multiple
2009 Revenue
2009 EBITDA1
2009 NOI1
2009 EPS
4.7x
12.5x
$377.3
$26.8
($34.7)
$0.57
Recent News
SYMS operates a chain of off-price retail stores in the
United States. Its stores primarily sell men’s tailored
clothing and haberdashery; women’s dresses, suits, and
separates; children’s apparel; and men’s, women’s, and
children’s shoes. The company’s stores also offer luggage,
domestics, and fragrances. As of February 28, 2009, it
operated 32 stores. The company was founded in 1959 and
is headquartered in Secaucus, New Jersey.
• SYMS announced on October 21, 2010 that it has named
branding veteran Beth Bronner to its board of directors.
• On October 7, 2010, SYMS said its loss widened in the
second quarter due to one-time charges primarily related
to its acquisition of Filene’s Basement last year.
• SYMS, on June 09, 2010, announced Seth Udasin as SVP,
Chief Financial and Administrative Officer.
• On June 19, 2009, SYMS acquired Filene’s Basement to
expand market share in the off-price retail clothing
market. The purchase price was approximately $64.4 mn.
Source: SYMS 10k, 10Q, Yahoo Finance and G Asset Management.
1. Adjusted for non-recurring items including bargain purchase gain, acquisition costs and gain from life insurance proceeds.
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Company Description
Why SYMS and Why Now?
Deep Value Play. Not widely followed by sell-side or institutional investors due to its size and float.

Off-price retailers are performing well both operationally and as measured by their stock price as
consumers look for value; however, SYMS continues to lose money and the stock price is stagnant.

In addition, retail REIT share prices have materially outperformed and cap rates have compressed.

Filene’s basement acquisition was an attractive distressed purchase, with value likely not reflected in the
SYMS stock price.

The passing away of industry pioneer and company founder Sy Syms and more time of underperformance
with his daughter Marcy (59 years old) at the helm increases the likelihood of change.

Activists in the past have tried unsuccessfully to create change. However, the difference between the
intrinsic value of the businesses and the stock price has hardly ever been as material as today.

We believe a main reason for the substantial discount to our estimate of value is the absence of a visible
catalyst for change.
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
Management understands that the company is
undervalued, but it is time for some action…
•
Going Private part I - 1995: “The Syms Corporation said yesterday that it was exploring the possible
contribution of its retail operations to a limited liability company or a limited partnership "for purposes
of separating the retail operations from its real estate assets." In a filing with the Securities and
Exchange Commission, SYMS, a discount clothing store chain based in Secaucus, N.J., said the
contribution being explored would be contingent on completion of its plans to go private. On Aug. 30, Sy
Syms, chief executive of the company, announced a plan to go private in which the Syms family and other
allied shareholders would buy out other shareholders for about $8.75 in cash per share”. 1
•
Going Private part II - 2007: “Some activist value funds believe management has demonstrated little
concern for shareholders. This belief partially stems from the company's attempt to delist from the New
York Stock exchange around December 2007 to gain a listing on the pink sheets. Minority shareholders
stopped their attempt from a pink sheet listing. SYMS compromised and listed on the NASDAQ where it
currently trades”. 2
NY Times article, September 9, 1995.
Seeking Alpha article, February 9, 2009.
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1.
2.
Liquidation or
Change of Structure
G ASSET MANAGEMENT
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Liquidation Analysis (USD in Thousands)
Low
175,000
N/A
75,000
250,000
High
225,000
N/A
100,000
325,000
$17.30
$22.49
SYMS is probably worth more dead than
alive because its results have been weak in
recent years. Kahn believes the SYMS may
tire of losing money and sell or liquidate the
company.
Less Brokerage Commissions2
NAV after Commissions
(2,500)
247,500
(3,250)
321,750
Irving Kahn, respected value investor and a SYMS
top 10 shareholder.
After Tax NPV of Net Proceeds3
Inventories4
Air Rights
Other Assets5
Cost to lease leased stores for one year6
Current Liabilities7
Long-Term Liabilities
207,064
49,715
9,134
46,171
(28,802)
(76,728)
(31,250)
263,427
49,715
9,134
46,171
0
(76,278)
(31,250)
Liquidation Value
Liquidation value Per Share
Current SYMS price/share
175,304
$12.13
$7.00
260,919
$18.05
$7.00
Estate1
Owned Real
Leased Real Estate
Ground Leased Real Estate1
Net Asset Value (NAV)
NAV Per Share
Source: Barron’s, February 2004.
1
2
4
5
6
7
If SYMS were liquidated; all real estate and
assets were sold and netted against liabilities,
the proceeds per share in net present value
terms we estimate are well in excess of its
current share price

This is the strategy Steven Roth played with Two
Guy’s to start VNO and Eddie Lampert did with
K-Mart
Includes cash, receivables, prepaid expenses and deferred income taxes*
Annual average of total lease payments for next 2 years less estimated payments for expiring leases over next 12
months
Includes accounts payable, accrued expenses, and obligations to customers
Source: SYMS 2009 10K and G Asset Management.
* Assuming SYMS operation continues in the future.
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3
Selected ranges around our estimate of real estate value
1% brokerage commission
Assumes assets are divested on average in 12 months; 15% capital gain tax, discounted back at a 10% discount
rate. Assumes no cost to retrofit the stores
Assumes inventories are liquidated at 50% of book value

Pro Forma Off-Price Retailer
A Struggling Business with Hidden Value
USD '000
Book Value Adjustment
377,309
232,207
145,102
Net sales
Cost of goods sold
Gross profit
Selling, general & administrative expenses
Advertising expenses
Occupancy expenses 2
Depreciation & amortization 1
Asset impairment charge 1
Bargain purchase gain 3
Acquisitions costs 3
Gain from life insurance proceeds
& other income 4
(Gain) loss on disposition of assets
Total expenses
1
113,908
8,193
45,087
11,414
80
(9,714)
4,857
(25,049)
1,168
149,944
(5,721)
35,140
(4,361)
(80)
9,714
(4,857)
24,764
Adjusted
Value
377,309
232,207
145,102
108,187
8,193
80,227
7,053
0
0
0
(285)
1,168
204,543
Income (loss) from operations (EBIT)
(4,842)
(59,441)
EBITDA
6,572
(52,388)
1
2
3
4
Subtracted expenses related to real estate business
Added additional lease expense for owned stores
Acquisition of Filene's Basement (one-time charge/gain)
Subtracted insurance proceeds on life of the Company's founder (one-time gain)
Price / Book (off-price retailers)
DSW = 2.1x
SYMS = 0.6x
ROST = 5.2x
TJX = 5.8x
*SYMS off-price retail = at 2x book value would be $10.
Price / Sales (off-price retailers)
SYMS = 0.23x
ROST = 0.86x
DSW = 0.72x
TJX = 0.85x
If SYMS was 0.6x price/sales = the off-price retail business would
be worth double current levels ~$16.
Source: SYMS 2009 10k and G Asset Management.
*Pro forma retail balance sheet slide, our estimate.
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$10 - $16 per share on some metrics, although losses are material
Recent M&A Activity in Off-Price Retail
Suggests Value Even for an Unprofitable Business
June 2009: SYMS opportunistic purchase of Filene’s Basement out of bankruptcy.
SYMS and Vornado acquired Filene’s Basement for $62.4mn plus the assumption of liabilities. Filene’s
Basement operated 25 stores throughout U.S., including prime locations in the heart of Union Square and
Chelsea neighborhoods in Manhattan. The chain filed for bankruptcy in May of 2009, because of liquidity
challenges.
August 2010: Men’s Warehouse acquired Ensco for ~$80mn in cash.
The deal was expected to be accretive to earnings excluding transaction and integration expenses in 2010
and earnings are also expected to be accretive.
Financial Information (Reported Currency)
D&B Estimated Total Revenue (mn)*
80.8
Operating Income (mn)*
2.5
Total Assets (mn)*
108.3
Gross Profit (mn)*
28.1
EBITDA (mn)
-
Total Debt (mn)*
48.2
Net Income (mn)*
(6.7)
Estimated Number of Employees
-
Net Debt (mn)*
46.7
* Financial Data as of Dec-31-2009
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Source: Capital IQ, news releases and G Asset Management.
Pro Forma Real Estate Balance Sheet
USD '000
Book Value Adjustment
377,309
(342,169)
232,207
(232,207)
145,102
1
Net sales
Cost of goods sold
Gross profit
Advertising expenses 3
Occupancy expenses 3
Depreciation & amortization 4
Asset impairment charge
Bargain purchase gain 3
Acquisitions costs 3
& other income 3
(Gain) loss on disposition of assets 3
Total expenses
2
113,908
8,193
45,087
11,414
80
(9,714)
4,857
(108,187)
(8,193)
(45,087)
(7,053)
(25,049)
1,168
149,944
25,049
(1,168)
Adjusted
Value
35,140
0
35,140
5,721
0
0
4,361
80
0
0
9,714
(4,857)
0
0
10,162
Income (loss) from operations (EBIT)
(4,842)
24,978
EBITDA
6,572
29,339
1
2
3
VNO – 3.0%
KIM – 4.0%
O – 5.2%
*SYMS retail REIT = at a 5% dividend yield, the stock price
suggests ~$31 per share of value or ~300% upside from
current levels.
*$25mn NOI with 10% cap would be $250mn value or $17 per
share.
Average of $20 psf for 1,757,000 sq.ft. properties
Assumed to be 25% of net sales
Subtracted expenses related to retail business
Depreciation was calculated using total depreciation multiplied by proportion of
building to total tangible assets
$17 per share of retail REIT value seems conservative
Source: SYMS 2009 10K and G Asset Management.
*Pro forma retail balance sheet slide, our estimate.
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4
Retail REITs – dividend yield
Value of Real Estate
G ASSET MANAGEMENT
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Value of Owned Real Estate
SYMS owned retail stores have an estimated value of approximately 300MN based on recent comparables.**
The balance sheet suggests an estimated value of ~ $130M for the real estate at historical cost, which we believe is conservative.
Building Size # (SF)
# of
Stores
10K 2009
Connecticut
1
Florida
Value (in thousand)
Assessed5
Market4
43,000
32,178
104,980
$3,595
$7,100
4
297,000
306,088
1,038,614
$20,990
$52,997
Georgia
2
146,000
112,867
681,468
$3,113
$8,806
Illinois
1
68,000
71,360
240,816
$1,447
$7,900
Maryland***
1
71,000
70,884
230,433
$10,384
$37,000
Michigan*
1
60,000
60,0001
180,0002
$3,2003
$3,200
New Jersey*
3
567,000
567,0001
1,812,8322
$85,743
$92,300
New York*
4
394,000
397,6171
1,083,2422
$55,269
$76,400
Pennsylvania*
1
69,000
69,0001
207,0002
$5,3003
$5,300
Texas*
1
42,000
87,0001
261,0002
$8,0303
$8,030
Total
19
1,757,000
1,773,994
5,840,385
$197,071
$299,033
* Tax assessor information is not available.
1. Numbers from 2009 10K
2. Assumed as 3 times of building size
3. Used market value
4. Local comparables from loopnet.com. Market value may not reconcile with property detail section due to using different sources.
5. Tax assessed value is only one date point to be considered. It is not a great measure of value.
Source: SYMS 2009 10K (company-owned property information), Loopnet.com (market comparisons), and tax assessor office at respective counties.
**This does not take into account SYMS credit quality.
***Since this presentation was updated, SYMS announced the sales of its asset in Rockville, MD and has listed its asset in Tampa, FL for sale or lease. However, we believe communication with
shareholders on its intentions with the capital from the sales and overall real estate strategy should be increased.
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Tax Assessment
Land Size
(Tax Assessment)
State
Value of Owned Real Estate by NOI

# of Stores
Square Footage
Rental Payments
Rent / SF
Owned
19*
1,757,000
N/A
N/A
Leased
34
1,928,000
$27.1MN
$14.1
1
If one were to assume the owned stores could also be leased at ~ $14/SF, total lease income would
be $24.6MN. If these were triple net leases, the following valuation could be implied.
Rent / SF
$13.00
$14.00
$11.00
$12.00
$15.00
$16.00
$17.00
11.0%
175.7
191.7
207.6
223.6
239.6
255.6
271.5
10.0%
193.3
210.8
228.4
246.0
263.6
281.1
298.7
9.0%
214.7
234.3
253.8
273.3
292.8
312.4
331.9
8.0%
241.6
263.6
285.5
307.5
329.4
351.4
373.4
7.0%
276.1
301.2
326.3
351.4
376.5
401.6
426.7
1. According to SYMS 2009 10K, base rent for leased stores ranged from $3.88 to $103.52 per square foot.
* Number of owned real estate includes SYMS asset in Rockville, MD, which SYMS agreed to sell on March 30, 2011, and has since listed its asset
in Tampa, FL for sale (asking $6.5mn) or lease.
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Cap Rates
Value of Owned Real Estate ($mn)
New Board Member has Close Ties to Retail Real Estate Value Creators
SYMS announced on October 21, 2010 that it has named branding veteran Beth Bronner to its board of
directors. With significant experience managing high-profile brands, Ms. Bronner is currently a managing
director at Mistral Equity Partners, a private equity firm specializing in the consumer and media sectors.
Company Overview - Mistral
Mistral Equity Partners is a private equity firm specializing
in the consumer and media sectors. Mistral seeks to
generate long-term capital appreciation by purchasing
equity securities (and other securities providing equity-like
returns)
in
leveraged
acquisitions,
build-ups,
recapitalizations, restructurings, and pre-IPO growth
financings.
The Combination
The combination of Mistral and the Schottenstein Group
creates a unique team capable of both identifying and
managing growth and also evaluating and realizing asset
values through sale or liquidation, if necessary.
The Schottenstein Family of Companies is a multi-faceted
conglomerate primarily engaged in real estate and retailing.
Schottenstein Management Company, is a full service real estate
firm with expertise in development, construction, leasing,
management, and sales. It is the owner/operator of 20 million
square feet of rentable space, predominantly in retail shopping
centers. SB has helped hundreds of companies manage change,
restructure businesses and convert under performing assets into
new found liquidity.
Significant holdings include:
 American Eagle Outfitters (NASD:AEOS), a leading retailer of
casual clothing with sales over $2 billion;
 DSW (NYSE:DSW), a leading retailer of branded footwear
with sales in excess of $1 billion; and
 American Signature Furniture, a chain of over 100 stores
with sales in excess of $1 billion.
Source: SYMS 8K, Mistral Equity Partners, Schottenstein Group and G Asset Management.
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Transaction Size: Generally seek to invest $25 to $50 million
of equity in each transaction, and generally look for
businesses with enterprise values of $100 to $300 million.
Company Overview – Schottenstein Group
SYMS Owned Real Estate Represents a Materially
Greater Percentage of Assets than Comparable OffPrice Retailing Firms
Real Estate (4%)
Leasehold (19%)
Real Estate (9%)
Leasehold (26%)
Real Estate (58%)
Leasehold (19%)
Leasehold (15%)
SYMS
DSW
Total Asset – $269,070 (100%)
TJX
ROST
Total Asset – $7,463,977 (100%)
Total Asset – $2,768,633 (100%)
Real Estate1 – $156,668 (58%)
Total Asset – $850,756 (100%)
Real Estate – $281,527 (4%)
Real Estate – $239,688 (9%)
Leasehold – $39,037 (15%)
Leasehold – $158,687 (19%)
Leasehold – $1,930,977 (26%)
Leasehold – $536,979 (19%)
Source: 2009 10K for SYMS, DSW, TJX, ROST, and G Asset Management.
1. Shows underappreciated real estate values.
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 The percentage of SYMS-owned real estate is higher than comparable firms. Additionally, we believe that
market value of the company-owned real estate is materially higher than its book value.
SYMS Break-Up May Unlock Value
SYMS shareholders are paying a conglomerate tax
Noticed RE Value
Off-Price Apparel
Retail Segment
&
Real Estate
Off-Price Apparel
Retail Segment
Tax Deduction
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G ASSET MANAGEMENT
Real Estate
Dillard’s – January 2011 Announcement of New REIT Subsidiary
Generates A Positive Reaction from the Market – but will Syms listen?

After Dillard’s announced its plan to form a new wholly owned subsidiary, its share price was up over 17% over the next day,
closing the day up 12%.1
Billy Dreher, an analyst at Deutsche Bank recently valued Dillard’s real estate holdings at $2.8b, which will allow the newly
formed REIT to borrow ~$1.7 billion. He thinks the firm would use funds freed up by the REIT's creation to do things like buy
back stock, which would boost per-share earnings and presumably lift the stock price.
“Dillard’s one of the biggest department stores to struggle during the recession, reported two quarters of same-store sales
growth in 2010 after not seeing sales growth for three years. While the company’s revenue has long lagged its peers, cost
cutting, store closings and lower inventory levels that led to fewer promotions have boosted margins in recent
quarters.”2
At the close, DDS traded at 5.7x EBITDA versus 16x for Realty
Income, a triple net lease REIT focused on free standing retail. It
does not seem far-fetched that this valuation spread should
contract. Moreover, we think "tenant-landlord“ arbitrage (sales or
spinoffs of properties by operating companies) could continue for
owner-occupiers of corporate real estate given broader REIT sector
valuations relative to equities. They estimate REITs are currently at
a 19% premium to the S&P 500 versus an historical discount of 23%
(although this premium has contracted considerably from a 30%
premium reached at the end of the summer).3



1.
2.
3.
Yahoo Finance as of 1/20/11
Wall Street Journal 1/19/11
Dillard’s Strikes Real Estate Gold, Colin Barr, Fortune, 1/20/11
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G ASSET MANAGEMENT
Note: SYMS has a $138.6mm enterprise value as of today, and a market capitalization of $94.5mm. However, we value the real
estate holdings well in excess of that. Dillard’s has $3.4b enterprise value, its real estate is valued around $2.8b according to
above, yet its market capitalization is only $2.54b.1
Triple Net Lease REIT Comp - Realty Income has achieved a
Market Valuation That SYMS Should Strive For…
Stock Price Performance
Financial Highlights
Stock Price (11/02/10)
$34.24
Equity Value
3.6B
Enterprise Value
5.6B
2009 Revenue
329.9MN
2009 EBITDA
299.8MN
2009 Net Income
97.2MN
2009 Cap Rate
2.7%
2010E P/E Multiple
17.3x
Commentary
Realty Income Corporation engages in the acquisition and
ownership of commercial retail real estate properties in the
United States. The company leases its retail properties
primarily to regional and national retail chain store
operators. As of December 31, 2006, it owned 1,955 retail
properties located in 48 states, covering approximately 16.7
million square feet of leasable space.
• Realty Income trades at 37% premium to NAV.
• Relatively low quality (discretionary) tenant base
suggesting extreme value for SYMS retail real estate.
• Pershing Square short stock pitch in 2009 focused on
over-valuation for a low quality tenant base.
• September 22, 2010 equity capital raise of $170mn to
fund acquisitions, pay down debt.
• SYMS deferred tax asset of $24mn could be valuable to
Realty Income.
Source: Realty Income web site, SYMS 10K and G Asset Management.
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Company Description
BJ’s Wholesale Club –
February 2011 Announcement to Explore
Strategic Options Generates a Favorable Share Price Increase

Leonard Green & Partners which controls 9.5% of BJ’s common stock made an announcement in July
that it intended to approach the company with a proposal to go private. Obtaining new mortgage
financing or sale leaseback transactions using the real estate that the company currently owns. 1

BJ’s recently announced on February MM 2011 that it has hired Morgan Stanley to advise it on strategic
options. This may include the sale of the company. The stock rose 13.5% after the announcement, as
anticipation of a bidding war began to build.1

A month ago, in an effort to placate shareholder criticism and increase shareholder value the company
announced that it would close five underperforming stores in the southeast and lay off an additional
100 employees.

BJ’s remains in third place in its industry, behind Sam’s Club and Costco, mostly due to its small size and
footprint. BJ’s currently has 189 stores with projected sales of $10b, but only a net income of ~$135m.2

Other Investors are likely to be drawn into a possible deal as the board is now publicly open to
exploring strategic options.2
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G ASSET MANAGEMENT
1. Maxwell Jones, Dow Jones Newswires 2/3/11
2. Lydia Dishman, CBS B Net 2/3/11
Historical Stock Price Performance
SYMS shares have lagged both retail REITs and off-price retailers in performance in recent periods
and for previous decades
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
-70%
-80%
1200%
1000%
800%
600%
400%
200%
0%
-200%
SYMS
VNO
^DJUSRL
SYMS
40%
VNO
440%
SYMS
TJX
Source: Yahoo finance and G Asset Management.
ROST
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
-60%
Mar-10
-10%
Feb-10
40%
Jan-10
0%
Dec-09
140%
Nov-09
10%
Oct-09
240%
Sep-09
20%
Aug-09
340%
SYM
ROST
TJX
- 20 -
G ASSET MANAGEMENT
30%
Valuation Comparables
Shopping Center REITs
Ticker
ADC
AKR
BFS
CDR
DDR
EQY
FRT
IRC
KIM
KRG
REG
RPT
SKT
UBA
WRI
Name
Agree
Acadia
Saul
Cedar Shpg
Dvel. Diver.
Eqy. One
Federal
Inland
Kimco
Kite
Regency
Ramco-Ger.
Tanger
Urstadt
Weingart
Price
$22.26
$16.63
$40.94
$5.67
$9.42
$14.95
$69.89
$7.68
$13.03
$3.97
$33.25
$10.17
$41.71
$16.56
$19.04
NAV
$28.66
$16.20
$41.42
$6.19
$11.72
$15.20
$73.93
$8.32
$15.76
$4.78
$34.85
$12.66
$36.28
$17.56
$21.36
Prm. (Dsc.)
(22%)
3%
(1%)
(8%)
(20%)
(2%)
(5%)
(8%)
(17%)
(17%)
(5%)
(20%)
15%
(6%)
(11%)
Name
Capital Lease
Ent. Prop.
Getty
Natl Retail.
Rlty. Inc.
Price
$4.65
$37.56
$22.00
$21.46
$30.30
NAV
$6.44
$35.30
Prm. (Dsc.)
(28%)
6%
$19.35
$22.10
11%
37%
Implied Valuation
Cap rate
Value (sq ft)
7.33%
$155
8.81%
7.82%
6.26%
8.36%
8.39%
$56
$132
$321
$92
$55
7.79%
$140
6.75%
$274
8.00%
$96
Triple Net Lease
Source: Macquarie (USA) Equities Research and G Asset Management, July 6. 2010.
Implied Valuation
Cap rate
Value (sq ft)
- 21 -
G ASSET MANAGEMENT
Ticker0
LSE
EPR
GTY
NNN
O
Off-Price Retail Comps
Syms Valuation Discount Makes It A True Off-Price Retail Stock
Company Name
TEV/Total Revenues
LTM – Latest
TEV/EBITDA LTM –
Latest
P/Diluted EPS Before Extra
LTM – Latest
P/TangBV LTM
– Latest
Ross Stores Inc.
(NasdaqGS:ROST)
0.80x
5.97x
13.08x
5.31x
The TJX Companies, Inc.
(NYSE:TJX)
0.81x
6.34x
13.60x
6.43x
DSW Inc. (NYSE:DSW)
0.60x
5.08x
14.14x
2.34x
Syms Corp.
(NasdaqGM:SYMS)
0.26x
NM
11.50x
0.59x
Mean
0.74x
5.80x
13.61x
4.69x
- 22 -
G ASSET MANAGEMENT
Source: Capital IQ, and G Asset Management.
Off-Price Retail Business
Filene’s Acquisition Creates A Top-Line Growth Story
Nation’s Fastest Growing Retailer
The top spot goes to off-price retailer SYMS, based in Secaucus, New Jersey at STORES Magazine’s 2010 Hot
100 Retailers list. The chain, known for the slogan “An educated consumer is our best customer,” bought 20
Filene’s Basement locations last year, and now offers discount designer clothes for women and men. Other offprice chains who made the top 100 list include Citi Trends (#10), Ross Stores (#21) and TJ Maxx operator TJX
(#29).
The annual list ranked the fastest-growing retail chains in the United States, based on increases in year-overyear domestic sales between 2008 and 2009. The list was compiled by Kantar Retail on behalf of STORES
Media, which is the publishing and communications group of the National Retail Federation (NRF).
- 23 -
G ASSET MANAGEMENT
Source: Martinne Geller. Check Out Line: SYMS is nation’s hottest retailer. Reuters. August 2, 2010.
42 Trinity Valuation
In April, 2008, a comparable property with ~100,000 buildable square feet (bsf) and the
same zoning as 42 trinity, sold for $60mm, or $600 per bsf. This sale would value 42 Trinity
at roughly $102 million. In its April 25 annual report, SYMS disclosed the purchase of 16,500
square feet of air rights for 42 Trinity Pl for $3.1 million1. It also purchased the adjacent
property for $8mm. We believe these two acquisitions have added additional value to 42
Trinity, which was already valued at $102mm by Esopus2.
Valuation Part I
Price/SF
Property SF
Property Value
$200
62,089
$12,417,800
$300
62,089
$18,626,700
$400
62,089
$24,835,600
$500
62,089
$31,044,500
Air Rights/SF
Air Rights SF
Air Rights Value
$200
16,500
$3,300,000
$300
16,500
$4,950,000
$400
16,500
$6,600,000
$500
16,500
$8,250,000
Total Value
$15,717,800
$23,576,700
$31,435,600
$39,294,500
 If the existing structure is valued at a range of $200 to $500 / SF and the existing air rights are valued
at a range of $200 to $500 / SF, the property fetches a valuation range of $16 MN to $39 MN.
Valuation Part II
Value/Buildable SF
Buildable SF 1
Value of Buildable Area
$100
170,000
$17,000,000
$200
170,000
$34,000,000
$300
170,000
$51,000,000
$400
170,000
$68,000,000
Source: According to research of Investment firm Esopus, City records, CBRE, Massey Knackal & G Asset Management.
1. According to investment firm Esopus.
2. Seeking Alpha article, February 9, 2009.
* This valuation excludes costs to demolish or alter the existing structure, and in practice values the property as if it were an empty lot. However, a developer may be able to use all
or a significant portion of the existing structure.
- 24 -
G ASSET MANAGEMENT
 If the total buildable SF of the property were valued at a range of $100 to $400, the property has
a value range of $17MN to $68 MN.*
Case Study: Sterling Equities and Korvette’s
Department Store. 42 Trinity Place Potential
• In New York, one of Sterling Equities’ (founded by Fred Wilpon, owner of the Mets) most prized possessions is
575 Fifth Avenue -- a former Korvette's department store that Sterling acquired for $25 million in 1980. The
site, originally planned as a commercial building for diamond merchants, was redeveloped under a
partnership with Credit Suisse First Boston into a 40-floor skyscraper with office and retail space. It was once
home to restaurant Rusty Staub's on Fifth, founded by the former Mets slugger.
Source: http://therealdeal.com/newyork/articles/wilpons-real-estate-empire-in-spotlight, New York Times article 1981 and G Asset Management.
- 25 -
G ASSET MANAGEMENT
• In 2005, during the boom years, Wilpons sold the tower to MetLife
for $385 million. Sterling was represented by heavyweight
commercial brokers Bill Shanahan and Darcy Stacom of CB Richard
Ellis. The deal, a successful sale for the Wilpons, eventually closed in
2006, the single largest commercial office building sale in New York
that year.
• We believe the highest and best use for 42 Trinity would be a
residential development.
• ''Sports teaches you something about competition, playing within the
rules, and the desire to win. Sports teaches you about never giving up
when it seems impossible: You can be behind and all of a sudden the
momentum changes and starts to go in your direction. The same
things are true in life and in business.'' Fred Wilpon, Sterling Equities
and the owner of the NY Mets
Air Rights Valuation
Air rights -- the Floor to Air Ratio, or FAR, not being used by a building that can be transferred through
zoning lot merger -- give owners the right to expand their building.

Stuart Siegel, executive managing director at commercial real estate firm Grubb & Ellis, estimated in
September 2009, that air rights in Manhattan were worth $150 to $300 a square foot.

For residential use at the peak of the market, air rights were traded between $400 and $500 a square foot,
according to Siegel from Grubb & Ellis.

SYMS’ air rights are valued in excess of $9mm on its balance sheet, which gives a value of $554 / SF

SYMS currently has the right to build about 16 additional floors, three times the current buildings size.

Coupled with available air rights from adjoining lots, 42 Trinity Place could one day total 230,000 buildable
square feet.1

Over the last decade the Financial District has gone through a commercial transformation. Condominium
and retail sales are driving an area once dominated by Wall Street.
1. Eric Anton, Eastern Consolidated (7/1/08) and Grubb & Ellis.
- 26 -
G ASSET MANAGEMENT

Appendix
G ASSET MANAGEMENT
- 27 -
SYMS Ownership
Breakdown
Major Direct Holders
% of Shares Held by All Insider and 5% Owners
54%
% of Shares Held by Institutional & Mutual Fund Owners
30%
% of Float Held by Institutional & Mutual Fund Owners
66%
Number of Institutions Holding Shares
33
Holder
Marcy Syms
Shares
946,932
Reported
Oct 3, 2008
Top Institutional Holders
Holder
% Out
Value
FRANKLIN RESOURCES, INC
1,430,000
9.90
$10,153,000
DIMENSIONAL FUND ADVISORS LP
1,224,394
8.47
$8,693,197
KAHN BROTHERS & COMPANY, INC.
437,277
3.03
$3,104,666
Price, Michael F.
215,487
1.49
$1,529,957
TOCQUEVILLE ASSET MANAGEMENT, L.P.
86,227
0.60
$612,211
REED, CONNER & BIRDWELL, INC.
65,066
0.45
$461,968
CALPERS (CALIFORNIA-PUBLIC EMPLOYEES RETIREMENT SYSTEM)
46,300
0.32
$328,730
Royal Bank of Canada
43,000
0.30
$305,300
COMERICA, INC.
42,310
0.29
$300,401
BOYAR ASSET MANAGEMENT, INC.
35,600
0.25
$252,760
Source: Capital IQ (September 22, 2010) and G Asset Management.
- 28 -
G ASSET MANAGEMENT
Shares
Case Study: Vornado – Two Guys
Vornado –
Two Guys
SYMS
Date
1979
2010
Sales
$600MN
$377MN
Operating Loss
$20MN
$5MN
Number of Stores
60
53
Book Value per Share
$26
$12
$35 - $45
$18
Liquidation Value per Share
2.50
VNO share price ($)
2.00
1.50
1.00
0.50
Oct-78
Dec-78
Feb-79
Apr-79
Jun-79
Aug-79
Vornado price per share increased ~300% after the liquidation of Two Guys
Source: Capital IQ and G Asset Management.
Note: The share prices in the chart are adjusted for stock splits.
- 29 -
G ASSET MANAGEMENT
0.00
• Two Guys, a modest national discount retail chain, had acquired the
shell company of defunct fan maker Vornado for tax purposes in 1959.
• In 1978, Vornado was a company with 60 Two Guys stores after selling
off several Two Guys and Builders Emporium Stores.
• By the fall of 1979, Interstate Properties, a private partnership engaged
in shopping-center development with Steven Roth at the helm, had
taken a 17% stake in Vornado.
• In 1980 the company reported a loss of $750k on sales of $733.4
million. Later that year Interstate Properties took control of the firm
after winning a proxy struggle. The stock had a book value of $26,
although one analyst estimated the liquidation value of the company at
$35 to $45 a share. The jewel was the land on which the company had
built its stores and parking lots, land located in prime high-traffic areas
of Northeastern suburbia.
• Steven Roth regarded Vornado's real-estate holdings as more valuable
than its declining retail operations. He liquidated Two Guys, which had
$600 million a year in sales but had an operating loss of more than $20
million in the first half of 1981.
• Roth began developing strip malls on the sites and within a little more
than a decade, had grown the number of strip malls to more than 50,
in addition to regional malls.
• By 1992, Vornado's earnings had risen sixfold, from $4.3 million in 1981
to $26 million.
Case Study: Eddie Lampert’s Acquisition of Kmart
Kmart (known as Sears Holdings)
- 30 -
G ASSET MANAGEMENT
Source: Street Authority and G Asset Management.
• For many years, the company had slowly crumbled under
the weight of declining same-store sales, high operating
costs and sluggish profits. Kmart's shareholders saw their
stock values dwindle toward zero, and many were furious
with company management.
• Eddie Lampert bought a controlling stake in the company
for approximately $900 million in bankruptcy court.
• Kmart owned significant blocks of real estate at over
1,500 prime locations across the country and 16
distribution centers.
• Instead of concentrating on the firm's deteriorating
business outlook, Lampert focused his attention squarely
on Kmart's real estate holdings. After carefully doing his
homework, Lampert figured out that Kmart's real estate
was worth much, much more than $1 billion.
• After Kmart emerged from bankruptcy in 2003, Lampert
sold 68 of the firm's stores to Home Depot and Sears for
$850 million - less than 5% of Kmart's real estate assets -for about the same price that he had paid for control of
ALL of Kmart's locations.
• Shares of Kmart skyrocketed from $15 in March 2003 to
highs of more than $150 by the summer of 2005.
Past Activist Actions:
Have Resulted In Positive Near Term Share Price Performance
02/09/04: Kahn quoted in Barron’s: “SYMS, an also-ran in
the hot, off-price-retailing sector, is probably worth more
dead than alive because its results have been weak in
recent years. The shares, at 7, trade for half their book
value, which probably is understated because of the
company's Manhattan real-estate holdings”.
04/29/08: Esopus stated that SYMS failed to
disclose zoning lot development agreement on
42 Trinity location in conjunction with air rights.
07/06/04: Barrington files with
the SEC that it owns SYMS stock.
06/12/08: SYMS
stated that all public
disclosures are fully accurate and some data
has not been included due to its immateriality.
01/31/08: Barrington and Esopus sent a letter
to SYMS expressing their disappointment on
SYMS decision of delisting from NYSE.
Source: Yahoo Finance, SYMS SEC filings, news articles and G Asset Management.
- 31 -
G ASSET MANAGEMENT
04/21/08: Esopus sent a letter to SYMS to take affirmative
steps to maximize value for all stockholders, which
includes full appraisal of owned real estate value.
06/10/08: Esopus claims that there is
large discrepancy between the data
reported in SYMS filings and property tax
records. (1.4 million SF vs. 2 million SF)
Financial Summary (USD Thousands)
Finscal Year Ended
02/27/2010
02/28/2009
03/01/2008
377,309
232,207
145,102
242,000
141,475
100,525
267,149
157,168
109,981
Advertising expenses
Occupancy expenses
Depreciation & amortization
Bargain purchase gain
Acquisitions costs
Other expenses (income)
Total expenses
113,908
8,193
45,087
11,414
(9,714)
4,857
(24,764)
963
149,944
74,690
6,339
15,557
8,003
0
0
0
(71)
104,518
73,953
8,561
17,329
7,659
0
0
0
254
107,756
(4,842)
(3,993)
2,225
(1,538)
(14,688)
(38)
(609)
911
2,329
(3,423)
807
Income (loss) from operations
Interest income (expense) - net
Provision (benefit) for income taxes
Net income (loss)
Source: SYMS 10k for the fiscal year ended on 2/27/2010, 2/28/2009 and 3/01/2008.
8,308
- 32 -
G ASSET MANAGEMENT
Net sales
Cost of goods sold
Gross profit
Investment Risks & Concerns

SYMS is losing material amounts of money from its off-price retailing operation and the magnitude could
worsen.

The Company is controlled by the founding SYMS family, which owns 56% of the company.

Any material value creating event for the company would be very challenging without
management’s cooperation.

Activist investors have attempted to make changes at the company without being successful in
affecting material alterations.
- 33 -
G ASSET MANAGEMENT
The foregoing list of investment risks is not intended to be comprehensive.
Property Detail
G ASSET MANAGEMENT
- 34 -
Property Detail
1900 Chapman Avenue, Rockville, MD 20852
Location1
Building SF
1900 Chapman Avenue, Rockville, MD 20852
1
70,884
Lot SF
1
Year Built
230,433
1997
1
Year last
altered
Assessed Value1
N/A
$10.4mm
Market Value*
Last Sold
$11.8mm
N/A
Notes
IMAGE
Best Use2
Compelling mixed-use redevelopment opportunity due to location along Metro line. Could be 18-20 story
building (depending on FAR). Average retail site at best – not in proximity to other retail.
Est. Time to Lease2
12 months as retail asset; 60 days as mixed-use redevelopment. Redevelopment could be completed in 18
months.
Est. Market Rent2
$15-25 / SF as retail - depending on tenant, could potentially be a BJs or Costco type of tenant. Probably
difficult to find a retail tenant.
Free Rent / TI2
Valuation2
Probably one year free rent to potential retail tenant
With a triple net lease at $20 / SF, NOI would be $1,417,000. Applying a cap rate of 9%-11% yields a valuation
range of $12,888,000 to $15,752,000
Comparison3
Address
12600 Twinbrook Pkwy Rockville, MD 20852
Aug-10
Type
Service/Gas Station
Building Size SF
2,544
Year Built
1988
Sale Price
1,337,734
$525,84/sf
Source:
1. County Tax Assessor Department, Syms 10k and G Asset Management
2. National brokerage firm
3. Local comparables from Loopnet.com and G Asset Management
*Market value is provided by a national brokerage firm using a 12% cap rate for the entire portfolio.
Note: On March 8, 2011, SYMS agreed to sell its asset in Rockville, MD for $15m. Closing will take place on March 30, 2011.
- 35 -
G ASSET MANAGEMENT
Sale Date
Property Detail
42 Trinity Place, New York, NY 10006
Location1
Building SF
42 Trinity Place, New York, NY 10006
1
Retail – 59,607
Storage – 2,482
Lot SF
1
Year Built
11,470
1930
1
Year last
altered
Assessed Value1
1990
$4.2mm
Market Value*
Last Sold
$31.3mm
8/31/1989
Notes
IMAGE
Best Use2
Big box retail or redeveloped to a mixed-use or residential tower. Property has air rights that allow for
expansion.
Est. Time to Lease2
12 – 18 months if leased to other retail. If property were redeveloped, leasing could be a few months.
Est. Market Rent2
For a retail tenant, $125 / SF for first floor and $65 / SF for second floor.
Free Rent / TI2
Valuation2
Highly dependent on the tenant, but probably 6-8 months free rent. Probably no TIs needed..
Assuming a 30,000 plate and a triple net lease at $125 / SF, NOI would be $3,750,000. Applying a cap rate of
8%-10% yields a valuation range of $37,500,000 to $46,875,000
Comparison3
Address
Sale Date
Sale Price
December 2009
2,834
$800,000
Retail
Type
N/A
Lot Size SF
282.29/sf
Source:
- 36 -
G ASSET MANAGEMENT
Building Size SF
114 Liberty Street B, New York, NY 10006
Property Detail
5300 Powerline Ft. Lauderdale FL 33309 (Folio Number: 494215000030)
Location1
5300 Powerline, Ft. Lauderdale, FL 33309
Building SF1
Lot SF1
Year Built1
54,130
97,836
N/A
Year last altered Assessed Value2
N/A
$6.1mm
Market Value*
Last Sold
$4.5mm
N/A
Notes
Best Use2
Discount retail location. More of an industrial and small trade space area.
Est. Time to
Lease2
18 months
Est. Market Rent2
$9-12psf NNN
Free Rent / TI2
6-9 months free, $25psf TI
Valuation2
$4.5mm
Comparison3
Address
825 NW 61st St, Ft. Lauderdale, FL 33309
April-10
Type
Auto Repair
Building Size SF
7,205
Lost Size SF
52,272
Sale Price
$1mm
$138.79/sf
Source:
- 37 -
G ASSET MANAGEMENT
Sale Date
Property Detail
4400 Forest Hill Blvd West Palm Beach FL 33406 (Parcel Number: 70424412000005070)
Location1
4400 Forest Hill Blvd, West Palm Beach, FL 33406
Building SF1
Lot SF1
Year Built1
102,354
463,574
N/A
N/A
Market Value*
Last Sold
$8.4mm
$5.6mm
$6.2mm
Notes
Best Use2
Keep as is for future tenant, probably a discount retailer.
Est. Time to
Lease2
8-12months
Est. Market
Rent2
$7-$12 psf NNN
Free Rent / TI2
8-12 months, $30-$50psf TI
Valuation2
$8.4mm
Comparison3
Address
4509 Summit Blvd, West Palm Beach, FL 33415
April-10
Type
Free standing Bldg
Building Size SF
19,020
Year Built
1,984
Sale Price
$4.5mm
$240/sf
Source:
- 38 -
G ASSET MANAGEMENT
Sale Date
Property Detail
3251 Hillsborough Ave. Tampa FL 33614
Location1
3251 Hillsborough Avenue, Tampa, FL 33614
Building SF1
Lot SF1
Year Built1
87,667
265,115
1972
N/A
$2.9mm
Market Value*
Last Sold
$2.9mm
$3.3mm
Notes
Best Use2
Keep as is for future tenant.
Est. Time to
Lease2
18-36 months
Est. Market Rent2
$4-$6 psf NNN
Free Rent / TI2
1 month per year of lease, $5-$10 psf TI
Valuation2
$2.9mm
Comparison3
Address
4340 W Hillsborough Avenue, #300 Tampa, FL .33614
August-10
Type
Department Store
Building Size SF
50,156
Year Built
1989
Sale Price
$2.7mm
$53.83/sf
Source:
Note: SYMS listed its asset in Tampa, FL for sale or lease.
- 39 -
G ASSET MANAGEMENT
Sale Date
Property Detail
1 Syms Way Secaucus NJ 07094 (No Record Found)
Location1
1 Syms Way, Secaucus, NJ 07094
Building SF1
Lot SF1
Year Built1
340,000
N/A
N/A
N/A
N/A
Market Value*
Last Sold
$18.5mm
N/A
Notes
IMAGE
Best Use2
Situated next to large outlet center, only real value is keeping the asset as is.
Est. Time to
Lease2
12-18 months
Est. Market Rent2
$20psf
Free Rent / TI2
6 months free, $5-10 psf TI
Valuation2
$18-$19mm
Comparison3
Address
Sale Date
List for Sale
Type
Street Retail
Building Size SF
4,000
Lost Size SF
2,614
Sale Price
$699k
%174.98/sf
Source:
- 40 -
G ASSET MANAGEMENT
MAP
1259 Paterson Pland Road, Secaucus, NJ 07094
Property Detail
1803 Roswell Rd. Marietta GA 30062 (Parcel ID: 16113400190)
Location1
1803 Roswell Road, Marietta, GA 30062
Building SF1
Lot SF1
Year Built1
62,040
290,981
1974
N/A
$1.03mm
Market Value*
Last Sold
$2.6mm
N/A
Notes
IMAGE
Best Use2
Retail/Recreational use
Est. Time to
Lease2
12 months
Est. Market Rent2
$5-$5.50 psf
Free Rent / TI2
1 month per year of lease, $5 psf TI
Valuation2
$2.585mm
Comparison3
Address
150 S Cobb Pkwy, Marietta, GA 30060
May-10
Type
Wal-Mart
Building Size SF
136,575
Lot Size SF
624653
Sale Price
$8.3mm
$61/sf
Source:
- 41 -
G ASSET MANAGEMENT
Sale Date
Property Detail
5775 Jimmy Carter Blvd. Norcross GA 30071
Location1
5775 Jimmy Carter Blvd, Norcross, GA 30071
Building SF1
Lot SF1
Year Built1
34,880
210,350
1987
N/A
Market Value*
Last Sold
$1.3mm
N/A
$1.42mm
Notes
Best Use2
Industrial conversion, asset is located in a class C industrial area.
Est. Time to
Lease2
12 months
Est. Market Rent2
$4.50 psf
Free Rent / TI2
1 month per year of lease, $5 psf TI
Valuation2
$1.3mm
Comparison3
Address
6011 Western Hills Dr., Norcross, GA 30071
February-10
Type
Free Standing Bldg
Building Size SF
3,166
Lot Size SF
N/A
Sale Price
$249k
$79/sf
Source:
- 42 -
G ASSET MANAGEMENT
Sale Date
Property Detail
280 West North Ave. Addison IL 60101
Location1
280 West North Avenue, Addison, IL 60101
Building SF1
Lot SF1
Year Built1
71,360
240,816
1968
N/A
Market Value*
Last Sold
$3.5mm
N/A
$1.45mm
Notes
Best Use2
Split space, or sell for future development.
Est. Time to
Lease2
12-18 months
Est. Market Rent2
$5-$7 psf NNN
Free Rent / TI2
1 month per year of lease, $30-$50 psf TI
Valuation2
$3.57mm
Comparison3
Address
660 E. North Avenue, Lombard, IL 60148
September-09
Type
Free Standing Bldg
Building Size SF
8,030
Lot Size SF
N/A
Sale Price
$1.4mm
$110/sf
Source:
- 43 -
G ASSET MANAGEMENT
Sale Date
Property Detail
330 Rt. 17N. Paramus NJ 07652
Location1
330 Route 17North, Paramus, NJ 07652
Building SF1
Lot SF1
Year Built1
77,000
292,288
1969
N/A
$19.9mm
Market Value*
Last Sold
$12.8mm
N/A
Notes
IMAGE
Best Use2
Keep as is, property is located in a good corridor. Asset will appreciate as market rebounds.
Est. Time to
Lease2
12-18 months
Est. Market
Rent2
$20psf
Free Rent / TI2
6 months free, $20psf TI
Valuation2
$12,000,000 - $14,000,000
Comparison3
Address
153 W State Rt 4, Paramus, NJ 07652
January-10
Type
Free Standing Building
Building Size SF
15,452
Lost Size SF
37,462
Sale Price
$4.5mm
$293.65/sf
Source:
- 44 -
G ASSET MANAGEMENT
Sale Date
Property Detail
10770 Westheimer Houston TX 77042 (No Record Found)
Location1
10770 Westherimer Road, Houston, TX 77042
Building SF1
Lot SF1
42,000
N/A
Year Built1 Year last altered Assessed Value1 Market Value*
N/A
N/A
$2,100,000
Last Sold
$2.1mm
N/A
Notes
IMAGE
Best Use 2
Derive more value by splitting into 3 or 4 spaces
Est. Time to
Lease2
Dependent
Est. Market
Rent2
$6 psf for a single tenant, $12-$15 psf is the space is divided
Free Rent / TI2
Tenant dependent
Valuation2
Comparison3
Address
12280 Westheimer Road, Houston, TX 77077
September-09
Type
Street Retail
Building Size SF
64,813
Year Built
1984
Sale Price
7,300,000
$112.63/sf
Source:
- 45 -
G ASSET MANAGEMENT
Sale Date
Property Detail
695 Merrick Ave. Westbury NY 11590
Location1
Building SF
695 Merrick Avenue, Westbury, NY 11590
1
90,520
Lot SF
1
255,959
N/A
N/A
$14-$16mm
$15mm
Last Sold
N/A
Notes
Best Use 2
-
Est. Time to
Lease2
12-18 Months
Est. Market
Rent2
$20-$25/sf
Free Rent / TI2
Tenant dependant, cost to deliver as "vanilla box"
Valuation
2
$15,000,000
Comparison3
Address
146 Post Avenue, Westbury, NY 11590
Sale Date
April-09
Type
Free Standing Bldg
Building Size SF
9,996
Lot Size SF
6,098
Sale Price
1,535,000
$153.56/sf
- 46 -
G ASSET MANAGEMENT
Source:
Property Detail
1340 Swedesford Rd. Berwyn PA 19312 (No Record Found)
Location1
Building SF
1340 Swedesford Road, Berwyn, PA 19312
1
69,000
Lot SF
1
N/A
N/A
N/A
N/A
$3.5mm
Last Sold
N/A
Notes
Best Use 2
Poor location and building. Nearest retail is two miles away.
Est. Time to
Lease2
18 Months - 3 Years
Est. Market
Rent2
$4-$8 psf
Free Rent / TI2
Substantial TI and Free Rent
Valuation
2
$3,450,000
Comparison3
Address
762 W Lancaster Ave. Wayne, PA 19087
Sale Date
December-09
Type
Mall
Building Size SF
94,010
Year Built
1986
Sale Price
7,250,000
$77.12/sf
- 47 -
G ASSET MANAGEMENT
Source:
Property Detail
4615 NW 77th Avenue, Miami FL, 33166
Location1
4615 NW 77th Avenue, Miami, FL 33166
Building SF1
Lot SF1
Year Built1
54,010
156,817
1968
N/A
$4.4mm
Market Value*
Last Sold
$3.6mm
$4mm
Notes
IMAGE
Best Use2
Spend some money upgrading to attract a medium quality tenant.
Est. Time to
Lease2
12-18 months
Est. Market Rent2
$8-$14psf
Free Rent / TI2
6-9 months free, $10-$15psf TI
Valuation2
$3.6mm
Comparison3
Address
600 Payne Dr, Miami Springs, FL 33166
July-10
Type
Commercial Bldg
Building Size SF
1,238
Lot Size SF
1,950
Sale Price
$325k
$262/sf
Source:
- 48 -
G ASSET MANAGEMENT
Sale Date
Property Detail
652 Commerce Drive, Fairfield, CT 06825
Location1
Building SF
652 Commerce Drive, Fairfield, CT 06825
1
Office – 800
Retail – 20,652
Basement – 10,726
Lot SF
1
Year Built
104,980
1993
1
Year last
altered
Assessed Value1
N/A
$3,594,780
Market Value*
Last Sold
$7.1mm
N/A
Notes
IMAGE
Best Use
Est. Time to Lease
Est. Market Rent
Free Rent / TI
Valuation
Comparison2
Address
777 Commerce Dr. Fairfield, CT 06825
Jan 2008
Type
Commercial Bldg
Building Size SF
15,770
Year Built
1983
Sale Price
$13,832,000
$221.15/sf
Source:
*Loopnet.com.
- 49 -
G ASSET MANAGEMENT
Sale Date
Property Detail
1865 E. Marlton Pike Cherry Hill NJ 08003
Location1
1865 E. Marlton Pike, Cherry Hill, NJ 08003
Building SF1
Lot SF1
Year Built1
150,000
520,544
N/A
N/A
Market Value *
Last Sold
$10mm
$3.8mm
$6.3mm
Notes
IMAGE
Best Use2
Keep as is, property is located in a highly travelled corridor bordering a high income area.
Est. Time to
Lease2
Very quick turnaround, other big box retailers are currently looking to establish a presence in the area.
Est. Market Rent2
$8-$12psf
Free Rent / TI2
6 months free, standard build-out allowance
Valuation2
$10,000,000
Comparison3
Address
2907 West Chapel Avenue, Cherry Hill, NJ 08002
March-09
Type
Religious Facility
Building Size SF
74,000
Lost Size SF
443,878
Sale Price
5,050,000
$68.24/sf
Source:
- 50 -
G ASSET MANAGEMENT
Sale Date
Property Detail
27100 Telegraph Rd. Southfield MI 48034 (No Record Found)
Location1
Building SF
27100 Telegraph Rd Southfield, MI 48034
1
60,000
Lot SF
1
1
Year Built
N/A
N/A
Year last altered
Assessed Value1
Market Value*
Last Sold
N/A
N/A
$2.5mm
N/A
Notes
Best Use 2
Industrial Conversion due to size and location.
Est. Time to Lease2
12-18 Months
Est. Market Rent2
$5-$7 NNN
Free Rent / TI2
Tenant dependant and cost to deliver "vanilla box"
Valuation2
$2,500,000
Comparison3
Address
30855 Southfield Rd, Southfield, MI 48076
Sale Date
April-10
Type
Restaurant
Building Size SF
4,249
Lot Size SF
20,473
Sale Price
226,050
$53.12/sf
- 51 -
G ASSET MANAGEMENT
Source:
Property Detail
8075 Sheridan Drive Williamsville NY 14221
Location1
8075 Sheridan Drive, Williamsville, NY 14221
Building SF1
Lot SF1
Year Built1 Year last altered Assessed Value1
102,000
386,813
N/A
N/A
$3.33mm
Market Value*
Last Sold
$3.3mm
N/A
Notes
Best Use 2
Located in strong retail market, access to highway, and major retailers.
Est. Time to
Lease2
12-18 Months
Est. Market Rent2
$4-$8 psf
Free Rent / TI2
Tenant dependant, standard buildout allowance
Valuation
2
$3.5-$4,000,000
Comparison3
Address
5877 Main Street, Williamsville, NY 14221
Sale Date
March-10
Type
Restaurant
Building Size SF
12,800
Lot Size SF
71,003
Sale Price
1,270,000
$99.22/sf
- 52 -
G ASSET MANAGEMENT
Source:
Property Detail
295 Tarrytown Rd. Elmsford NY 10523 (No Record Found)
Location1
295 Tarrytown Road, Elmsford, NY 10523
Building SF1
Lot SF1
143,000
N/A
Year Built1
Year last altered
Assessed Value1
Market Value*
Last Sold
N/A
$3.5-$4mm
$3.6mm
N/A
N/A
Notes
Best Use 2
2
Est. Time to Lease
12-18 Months
Est. Market Rent2
$4-$8 NNN
Free Rent / TI2
Tenant dependant, standard buildout allowance
Valuation
2
$3.5-$4,000,000
Comparison3
Address
31 Lake Street, White Plains, NY 10603
Sale Date
December-09
Type
Free Standing Bldg
Building Size SF
4,000
Lot Size SF
4,792
Sale Price
980,000
$245/sf
- 53 -
G ASSET MANAGEMENT
Source:
**Market value is provided by a national brokerage firm using a 12% cap rate for the entire portfolio.
Property Detail
429 Dunlin Plz Secaucus
Location
429 Dunlin Plz
Square Feet
Building SF
1,347
Lot SF
N/A
Year Built
1976
Year last altered
N/A
Assessed Value
$153,800
N/A
Most Recent Sale
N/A
N/A
Source: County Tax Assessor Department and G Asset Management
- 54 -
G ASSET MANAGEMENT
Market Value
N/A
Property Detail
800B West 15th St Plano TX 75075 (No Record Found)
Location1
800B West 15th St.
Square Feet
Building SF1
IMAGE
45,000
Retail – 45,000
Lot SF
N/A
Year Built
N/A
Year last altered
N/A
Assessed Value
N/A
Market Value
N/A
$3,300,0002 (Comps)
Most Recent Sale
N/A
N/A
Comparison3
Address
Sale Date
Sale Price
June 2009
41,000
$3,000,000
Type
Lot Size SF
Religious Facility
479,162
$73.17/sf
Source:
1. Syms 10k and G Asset Management
2. Estimate from comps
- 55 -
G ASSET MANAGEMENT
Building Size SF
2301 Premier Dr. Plano, TX 75075
List of SYMS-Owned Properties
Address
652 Commerce Drive
Fairfield CT 06825
5300 Powerline
Ft. Lauderdale FL 33309
4615 NW 77th Ave.
Miami FL 33166
3251 Hillsborough Ave.
Tampa FL 33614
Location
City
State
Retail
652 Commerce Dr.
Fairfield
CT
43,000
5300 Powerline Road
Ft Lauderdale
FL
55,000
Warehouse
Appraised
Value
Additional
$
4615 NW 77 Ave
Miami
FL
53,000
3251 W Hillsborough AV
Tampa
FL
48,000
29,000
West Palm Beach
FL
54,000
58,000
Atlanta
GA
69,000
Marietta
GA
48,000
5,135,400
4400 Forest Hill Blvd
4400 Forest Hill Blvd West
Palm Beach FL 33406
1840 S Military Trl
5775 Jimmy Carter Blvd.
Norcross GA 30071
5775 Jimmy Carter BLVD
1803 Roswell RD
1803 Roswell Rd.
Marietta GA 30062
1827 Roswell RD
12C
29,000
1863 Roswell RD
280 West North Ave.
Addison IL 60101
280 W North Ave.
Addison
IL
68,000
1900 Chapman Ave.
Rockville MD 20852
1900 Chapman Ave
Rockville
MD
71,000
Southfield
MI
50,000
27100 Telegraph Rd.
Southfield MI 48034
1865 E. Marlton Pike
Cherry Hill NJ 08003
1865 RT 70 E
Cherry Hill
NJ
66,000
330 Rt. 17N.
Paramus NJ 07652
334 Route 17
Paramus
NJ
73,000
Secaucus
NJ
29,000
Land
(Acre)
Source
Link
2.41
Assessors Online Database
For Fairfield, CT.
http://data.visionappraisal.com/FairfieldCT/search.asp
http://www.bcpa.net/search.asp
$
3,594,780
$
6,114,350
Lori Parrish Broward County
Property Appraiser
$
4,419,891
Miami-dade County office of
http://www.miamidade.gov/pa/property_search.asp
the property appraiser
$
2,920,367
3.6
Hillsborough county property
http://www.hcpafl.org/CamaDisplay.aspx
appraiser
$
6,229,566
$
341,679
10.64
0.22
$
434,506
0.27
$
558,345
0.69
$
3,550,000
4.81
http://www.co.palmbeach.fl.us/papa/aspx/GeneralSearch/GeneralSearch.a
spx
Gwinnettcounty government
http://www.gwinnettcounty.com/portal/gwinnett/Dep
artments/FinancialServices/TaxAssessorsOffice
Cobb County Assessor's Office
http://www.cobbassessor.org/Search/GenericSearch.as
px?mode=OWNER
$
2,596,560
$
1,038,624
$
1,150,000
$
460,000
6.68
$
15,940
$
6,376
$
470,325
$
188,130
$
4,341,644
$
1,447,070
Addison Township website
http://addisontownship.com/SD/addison/assessordb/s
earch.aspx?ID=2
$
10,383,800
Montgomery County website
https://www.montgomerycountymd.gov/apps/tax/ind
ex.asp
2.453
1.683
10,000
39,000
Property Appraiser's Public
Access System
NO RECORD
45,000
$
6,279,900
11.95
4,000
$
19,964,300
6.71
$
153,800
$
3,100,000
7.95
$
230,000
0.93
9,580,000 $
4,159,600
NJ tax records search
1 Syms Way
Secaucus NJ 07094
311,000
NO RECORD
429 Dunlin Plz
8075 Sheridan Drive
Williamsville NY 14221
Assessed
Value
8075 Sheridan Dr.
Buffalo
NY
46,000
NJ tax records search
56,000
8095 Sheridan Dr.
Department of real property
http://www.erie.gov/ecrpts/webprop.asp
tax services (Eric.gov)
295 Tarrytown Rd.
Elmsford NY 10523
Elmsford
NY
59,000
42 Trinity Pl.
New York NY 10007
New York
NY
102,000
$
695 Merrick Ave.
Westbury NY 11590
Westbury
NY
92,000
$
King of Prussia
PA
55,000
Houston
TX
42,000
NO RECORD
TX
45,000
NO RECORD
10770 Westheimer
Houston TX 77042
800B West 15th
St Plano TX 75075
Total
Note: The property list is from Syms 2009 10K.
1,168,000
84,000
NO RECORD
12,779,090
$
12,779,090
14,000
350,000
329,000
5.876
NYC.gov
http://nycprop.nyc.gov/nycproperty/nynav/jsp/selectb
bl.jsp
Nassau County
http://www.nassaucountyny.gov/mynassauproperty/m
ain.jsp
NO RECORD
$
88,354,174
- 56 -
G ASSET MANAGEMENT
1340 Swedesford Rd.
Berwyn PA 19312
http://tax1.co.monmouth.nj.us/cgibin/prc6.cgi?&ms_user=glou&passwd=data&srch_type=
0&adv=0&out_type=0&district=0409
Disclaimer
The analyses and conclusions of G Asset Management, LLC and/or its affiliates contained in this presentation are based on publicly available information. G
Asset Management and/or its affiliates recognizes that there may be confidential information in the possession of the companies discussed in the
presentation that could lead these companies to disagree with G Asset Management’s and/or its affiliates conclusions. This presentation and the
information contained herein is not a recommendation or solicitation to buy or sell any securities.
The analyses provided may include certain statements, estimates and projections prepared with respect to, among other things, the historical and
anticipated operating performance of the companies, access to capital markets and the values of assets and liabilities. Such statements, estimates, and
projections reflect various assumptions by G Asset Management and/or its affiliates concerning anticipated results that are inherently subject to significant
economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or
implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein. Actual
results may vary materially from the estimates and projected results contained herein.
Funds managed by G Asset Management and/or its affiliates might have invested in common stock on Syms Corporation (“SYMS”) and/or related securities.
G Asset Management and/or its affiliates manages fund/s that are in the business of trading – buying and selling – securities and financial instruments. It is
possible that there will be developments in the future that cause G Asset Management and/or its affiliates to change its position regarding SYMS. G Asset
Management and/or its affiliates may buy, sell, cover or otherwise change the form of its investment in SYMS for any reason. G Asset Management and/or
its affiliates hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type
- 57 -
G ASSET MANAGEMENT
of any G Asset Management and/or its affiliates investment.

G Asset Management

Transcription

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