by Wolf Richter
The disaster came in two phases: first, the brick-and-mortar meltdown, then Covid-19.
Retail property REITs had a huge day in the stock market today. The WOLF STREET market-cap-weighted index of nine REITs in this space surged 12.4% today! These nine REITs in my index are Tanger Factory Outlet Centers, Cedar Realty Trust, Macerich, Seritage Growth Properties, Kimco Realty, RPT Realty, Washington Prime Group, Brixmore Property Group, and the largest of them all, Simon Property Group.
But despite that one-day surge, the index remains down 76% from the peak in July 2016.