Beaten-down mall REITs rally on Pfizer vaccine news

Seritage Growth Properties

09/11/2020 14:14

** Shares of mall operators, which have been drubbed by
store closures amid pandemic lockdowns, rally premarket as
investors cheer Pfizer  PFE.N  vaccine news
    ** PFE says experimental vaccine it's developing with German
partner BioNTech  22UAy.F  was more than 90% effective in
preventing COVID-19  urn:newsml:reuters.com:*:nL1N2HV0TR
    ** Mall REITs Simon Property  SPG.N  and Macerich  MAC.N 
both up ~19%, while Kimco Realty  KIM.N  up 11%
    ** Other mall/shopping center REITs rising: EPR Properties
 EPR.N  surging 38%, Seritage Growth Properties  SRG.N  28%,
Tanger Factory Outlet Centers  SKT.N  14%, Washington Prime
Group  WPG.N  13%
    ** YTD, MAC has fallen >70%, while KIM has lost half its
value
    ** SPG off nearly 60% this year with co slated to report its
Q3 results Mon after the bell
    ** In 2020, the S&P 500 Real Estate index  .SPLRCR  off 8%
vs S&P 500  .SPX  gain of 8.6%
    ** Meanwhile, S&P Small Cap REITs  .SPSMCREITS  and S&P Mid
Cap Retail REITs  .SPMDCRERD  have been hit even harder this
year. Those indexes have slumped 32% and 43%, respectively, in
2020

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))