TCO - The Only Reason I Would Buy Simon Property Group
I recently wrote two bearish pieces on Mall REITs:
- Jason Mudrick Was Right About The Secular Decline Of Malls (April 20th)
- Mall REITs: Swimming In A Brisk Upstream Current (April 23rd)
To quickly sum up my thesis, the entire mall ecosystem has been displayed in a COVID-19 (and post COVID) world. The mall business model no longer works for its interior tenants as rent to revenue ratios are way too high, mall traffic is in decline, and people prefer the convenience of online or outdoor Power Centers.
In my neck of the woods, there is