CBLAQ - Odeon Capital says retail REITs' rebound is 'just beginning'

Climbing collection rates bode well for retail-focused REITs, as the owners of open-air shopping centers, enclosed malls, and other retail assets claw their way back from May's trough, writes Odeon Capital analyst Alex Arnold.And investors have noticed. Retail REIT shares, on the whole, have outperformed the S&P 500 in the past month as seen in the gains made by the S&P Composite 1500 Retail REITs Index:"While the reversion is just beginning, we'd expect surging infection rates in the coming months to drive increased group volatility and entry points along the way," Arnold said in a  note to clients."Q3 collections were not only up in aggregate but also across all shopping center types," he added. "October is looking even better."Arnold classifieds the retail REITs into three buckets: Net lease REITs, where tenants take care of their own properties; Community centers described as open-air and frequently grocery-anchored; and Enclosed mall players.During the

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Odeon Capital says retail REITs' rebound is 'just beginning'