TCO - 3 Investing Lessons I Learned Going to 13 Malls
Mall landlords like industry giant Simon Property Group (NYSE: SPG) have been hit hard by the impact of COVID-19. In fact, the story behind mall real estate investment trusts (REITs) has changed dramatically because of the pandemic. To update my thesis on the space, I traveled to 13 malls around where I live in New York. I came away with some good news and some bad news.
I own stock in real estate investment trusts Simon and outlet specialist Tanger Factory Outlet Centers (NYSE: SKT). The shares of both are down materially in 2020, as government efforts to slow the spread of COVID-19 closed many of their locations (or at least the stores within them) and led to dismal rent collection rates.
The truth is I may harvest some tax losses here before the year is out to offset capital gains seen elsewhere in my portfolio. Once I do that, however, I have to decide if I want to buy back into the sector.