Scotiabank figures the occupancy risk to mall players like Tanger Factory (SKT -4.5%), Macerich (MAC -6.4%), Simon Property (SPG -4.2%), and Taubman (TCO -4.8%) is at least double that of shopping center owners like Regency (REG -3%), Kimco (KIM -3.3%), Brixmor (BRX -2.6%), Federal Realty (FRT -3.2%), and Weingarten (WRI -2.7%). Why? Malls have more apparel exposure, and that's where retailer bankruptcy risk is greatest.
The carnage in the REIT sector today, however, is very much across the board as the 10-year Treasury yield continues to rise - now just shy of touching 2.60%.
Realty Income (O -2.8%), Omega Healthcare (OHI -2.4%), Ventas (VTR -3.6%), Senior Housing (SNH -1.4%), National Retail (NNN -3.6%), Stag Industrial (STAG -2.1%), Prologis (PLD -1.7%), W.P. Carey (WPC -2.5%), Public Storage (PSA -1.6%), Equity Residential (EQR -2.5%).
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