The rents paid were better previously (before Covid), but he is not recommending any companies operating in malls so that people don't get hurt by Covid.
Trade-down companies are the place to be in this economy. Their outlets are the final destination for marked-down merchandise. SKT was down only 7% in 2022, while retail peers were down double-digits. They delivered a bottom line beat last week with a 97% occupancy rate.
They just had a great quarter, a REIT holding retail outlets: top and bottom line beat and positive guidance. They enjoy accelerating lease momentum and new properties coming, like in Nashville.
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A REIT that holds factory outlets. Pays over a 4% yield and delivered a great recent quarter.