- The iShares U.S. Real Estate ETF (NYSEARCA:IYR) and Vanguard REIT Index Fund (NYSEARCA:VNQ) are each down about 5% just this month - stung by surging interest rates. Deeper within the REIT sector, the mall and shopping center names also need to contend with the supposed death of traditional retail.
- That's created opportunity, says Evercore ISI's Steve Sakwa, noting many in the group sport dividend yields north of 4%, with malls now trading at just 16.8x forward AFFO - a 4-turn discount to the broader REIT sector vs. the typical 1-turn discount.
- Names of interest: SPG, GGP, BRX, KIM, WRI, MAC, TCO, PEI, CBL, ROIC, IRC, FRT, DDR
- Previously: Next 'Big Short': U.S. malls (March 13)
Evercore sees value in roughed-up REITs
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