REITs with Sears exposure drop

• Seritage Growth Properties (NYSE:SRG), with master lease on 230 properties leased to Sears Holdings, sinks 5.3%.
• Other REITs getting hurt by the news are CBL (CBL -3.7%) and Pennsylvania Real Estate Investment Trust (PEI -0.9%). Both have a lower occupancy/tenant sales than other REITs with Sears exposure and may have a harder time filling new vacancies, according to Bloomberg Intelligence's Lindsay Dutch.
• Simon Property (SPG +0.1%), Macerich (MAC -0.4%), and Taubman (TCO +0.1%)--which all have some exposure to Sears--have strong occupancy rates and higher tenant sales, Dutch says. Also, their exposure has decreased and they've been proactive in recapturing some Sears store space, she adds.
• Source: Bloomberg First Word.
• Previously: Sears -20% as bankruptcy looms (Oct. 10)