Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Mall REITs: Too Little, Too Late

  • Pushed to the brink by the pandemic, Mall REITs entered 2020 on unstable footing following a tsunami of store closings over the past decade, and the forthcoming vaccines may be too-little-too-late.

  • Despite improving rent collection and foot traffic, earnings reports revealed that Q3 was another epically-bad quarter with same-store Net Operating Income plunging over 20% and occupancy rates in free fall.

  • It's the end of the road for some: Troubled mall REITs Pennsylvania REIT and CBL & Associates each filed for bankruptcy this month while Washington Prime likely isn't far behind.

  • "Black Swan Times Three." Retail real estate legend David Simon provided some grim commentary on the state of the mall sector, commenting that it's "sad to see what's happened to a good solid business."

  • While the lower-tier of the sector is getting hollowed out, the forthcoming post-pandemic "suburban revival" offers a glimmer of hope for the higher-productivity mall REITs, including Simon Property and Brookfield Property.

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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