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WPG - Macerich's Tenants Are Selling Record Amounts - The Market Is In Hibernation Mode
Washington Prime Group Inc.
Negativity in the mall space continues to dominate big time. Even the share prices of Class A Mall REITs are experiencing massive losses. A-Malls are defined by tenant sales per square foot (PSF) in excess of $500. By comparison, Macerich's (MAC) centers produce average sales PSF of $800, so MAC is deep into A-Mall territory.
Since July 2016, excluding dividends, Simon Property Group (SPG) is down more than 35%, MAC is down more than 70% and Taubman Centers (TCO) is down more than 60%!