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With Forever 21 and many other retailers filing for Chapter 11 bankruptcy protection, the eyes have been on the mall owners over the past months. Each of them took a hit – without exception (Simon Property Group (SPG), Macerich (MAC), Taubman (TCO), Brookfield (BPR), Pennsylvania Real Estate Investment Trust (PEI), Washington Prime (WPG), and CBL & Associates (CBL)).
Forever 21 is a big tenant for most REITs at 1-3% of total rents and the anticipated store closures will add to the pressure that malls already are experiencing. More specifically, it may lead to increased vacancy,