The market is clearly in depression mode with mall REITs, with negativity reaching unprecedented levels. We are witnessing indiscriminate selling, perhaps driven by algos based on the trade "long e-commerce, short brick-and-mortar". In particular, the market is targeting enclosed regional malls, regardless of their quality. It is fair to say that the market has completely disregarded the progress such as rising sales PSF, positive releasing spreads, resilient occupancy rates, etc. Despite fairly solid fundamentals, share prices are heading in only one direction; that's down. As a result, dividend yields are at sky-high levels.