Simon Property Installs More EV Chargers, Will it Benefit? - Analyst Blog
Simon Property Group, Inc. (SPG) along with NRG eVgo of NRG Energy, Inc. (NRG) is continuing with the installation of EV fast-charging Freedom Station sites in California. The partners have now disclosed the set up of these at four shopping centers namely Great Mall, Livermore Premium Outlets, Petaluma Village Premium Outlets and Vacaville Premium Outlets.
We view this transaction as a strategic fit for Simon Property, amid the rising usage of EVs in California, Notably, as per recent data, the number of plug-in EVs in California reached around 100,000. To cater to the increasing network in this region, the company previously opened Freedom Station sites at four shopping centers – Stoneridge Shopping Center, Napa Premium Outlets, Folsom Premium Outlets and Stanford Shopping Center.
We expect such initiatives to escalate footfall at the company’s properties. Notably, Simon Property currently boasts of 170 EV fast-charging Freedom Station sites across its 55 shopping centers.
With the rise in omni-channel retailing and new technologies, several promising opportunities for innovation are cropping up. As part of such efforts, the company declared the retail startup competition, Simon Launch, which is aimed at seeking investing opportunities in the retail and related technology industry. Specifically, Simon Property teamed up with Plug and Play Tech center through a joint venture – Simon Venture Group – and plans to co-invest in the competition’s winner. Alongside, Simon Property will become Anchor member of this Retail Accelerator program of Plug and Play. Such measures bode well for the company’s future growth.
Simon Property currently carries a Zacks Rank #3 (Hold). Investors interested in the retail REITs may consider better-ranked stocks like Cedar Realty Trust, Inc. (CDR) and Regency Centers Corporation (REG). Both the stocks sport a Zacks Rank #2 (Buy).
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Source: http://www.zacks.com/stock/news/147959/simon-property-installs-more-ev-chargers-will-it-benefit
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