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Thursday, February 23, 2017

The bull market in pessimism claims many victims

Malls are dying. Apparently. Everybody seems to know it. As a proud owner 34 different REITS around the world, including 8 Retail REITS, I have to say that this is pure nonsense. To showcase my point I am just going to show you two sets of numbers. They are from Pennsylvania REIT, which despite its name, owns malls outside of Pennsylvania. They show the sales per SQ FT for 2014 and 2016. They are not in the same order as the company has changed its presentation format….but go ahead and find one mall with lower sales per Sq Ft.  
Click on images for larger view. 



It is the same more or less for every REIT I own. Sales are up (top tier malls PEI, MAC) to flattish (lower quality malls WPG, CBL).  The third and fourth tier malls are suffering but 90% of the capital invested today, which is in the top two tiers is doing absolutely fine. 

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