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TCO - The Death Race: Class A Malls Vs. Outlet Centers
Taubman Centers Inc.
With Forever 21 filing for Chapter 11 bankruptcy protection, the eyes have been on Retail REITs over the past weeks. Each of them took a hit – without exception.
Forever 21 is a big tenant for most retail REITs at 1-3% of total rents and the anticipated store closures will add to the pressure that malls are already experiencing. More specifically, it may lead to increased vacancy, lower NOI, higher capex needs and other releasing expenses.
As of right now, we really do not know what the impact will be – but it is fair