Mall REITs Stall on Slowdown in Consumer Spending

Published Wednesday, May 07, 2008

Consumers' tightened purse strings constricted regional mall REIT performance in the first quarter. With six of the eight regional mall REITs reporting results so far, half saw a decline in sales per square foot and a drop in occupancy levels. Still, four firms beat consensus estimates, including Simon Property Group, Inc., General Growth Properties, Inc., CBL & Associates Properties, Inc. and Glimcher Realty Trust. Pennsylvania REIT met expectations and Taubman Centers, Inc. was the only firm to miss, falling short of Wall Street's consensus by $0.03 per share. There's another reason for gloom: For the three months ended ...

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