Specialist
Former principal at Green Light Retail Real Estate Services
Agenda
- US mall REIT operating environment, discussing trends in pricing and foot traffic
- Cost implications of redevelopment approach to growth
- NOI erosion in underperforming asset portfolios
- Industry consolidation expectations among REITs, developers and operators
Questions
1.
Could you give us an industry-wide overview of the current operating environment for US mall REITs, pulling out some key trends or drivers that you think we should monitor?
2.
How is the volatile interest rate trajectory impacting mall REIT performance and forecasting?
3.
What’s been the impact of the 2023 US banking crisis so far on mall real estate capital markets?
4.
What stood out to you as a performance trend to highlight that you’re like to discuss from US mall REITs’ Q4 2022 earnings, perhaps building on what you already mentioned? What’s the common theme across these players’ earnings?
5.
You mentioned foot traffic has relatively remained steady across most reports. How does that translate to tenant health? Are we seeing any noteworthy trend in payment delinquencies?
6.
You noted that most mall REITs are taking a redevelopment approach to growth and portfolio enhancement. What do you think we should be paying attention to here?
7.
What specific redevelopment changes are you seeing happen across the board? What features are becoming imperative in the redevelopment of any facility?
8.
You mentioned we’re approaching a period in which we will not be able to discern the mall survivors vs the obsolete. Can you walk us through which REITs and associated properties you think are here to stay vs the laggards that we should be monitoring?
9.
How should we think about potential timelines for dispositions or bankruptcies as the industry looks to shed its underperformers?
10.
How do you expect dividends to trend across mall REITs?
