David Auerbach ⭕️

🛍️ The "Mall Rat" is Back: How New Generations are Reviving Retail Is the American mall dead? Not according to Jack Hsieh, CEO of $MAC Macerich, who recently joined Bloomberg to discuss a massive "revival" in physical retail. The strategy isn't just about filling space—it’s about transforming the experience for a new generation of shoppers. ✨ The Class A Standard: Quality over quantity. Over 90% of Macerich's portfolio is now concentrated in Class A properties—high-traffic, high-income centers that retailers prioritize to enhance their brand and online sales. 🔄 A Portfolio Refresh: Macerich is currently leasing 1,000 new units. That means roughly 25% of their entire portfolio will soon feature brand-new stores and concepts. 🎯 Targeting Gen Z: The revival isn't being driven by Boomers or Gen X. Retailers like Gap and Abercrombie have successfully reinvented themselves to capture the Gen Z audience, who crave "product, service, and inventory." 🏗️ Reimagining Anchors: The days of the stagnant department store are fading. Macerich has added 30 new anchors across its portfolio, pivoting toward "niche" and "experiential" draws that bring in 8M to 15M visitors per center. 📍 Strategic Pruning: Macerich is selling $2B in existing real estate to reinvest $2B back into their top-tier assets. The focus? Markets like Tysons Corner that offer robust growth and a strong regulatory framework. The Bottom Line: Retailers are no longer trying to "blanket" every market. They want to be where the people are. As Jack puts it, it's all about "Transform and Elevate." bloomberg.com/news/videos/20…

🛍️ The Great Mall Divide: Why Some Are Thriving While Others Fade The "Death of the Mall" narrative isn't the whole story. We are witnessing a massive K-shaped recovery in retail real estate. While hundreds of mid-tier malls are struggling, Class A luxury malls are seeing a record-breaking resurgence. 💎 The Luxury Factor: Top-tier properties like Roosevelt Field are seeing occupancy rates as high as 96.3%. With tenants like Hermès and Rolex, these "trophy assets" can generate upwards of $1,250 per square foot in sales. 🧍 The Gen Z Effect: Moving against the "online-only" trend, 58% of shoppers aged 18–34 report shopping at malls often—double the rate of adults over 55. They are craving "IRL" (in real life) experiences. 🍽️ Beyond Retail: Successful operators like $SPG Simon Property Group and GGP (a division of Brookfield Corporation) are pivoting from simple shopping centers to "miniature cities" featuring high-end dining and experiential entertainment. 💰 Investor Confidence: Financing for this elite sliver of the market is booming. Commercial mortgage-backed securities for malls doubled from $4 billion in 2024 to $8 billion in 2025. 🏚️ The "Have-Nots": It’s a different story for Class B and C malls. Distressed properties are seeing revenue shrink by 5% annually, with many being sold at auction for a fraction of their peak value. The Bottom Line: In 2026, "good dirt" is still good dirt. The future of retail belongs to those who can curate a mix of luxury, community, and experience. nytimes.com/2026/03/21/bus…

📰 The Daily REIT Beat Newsletter #REIT Headlines -- March 24th, 2026 📅 ⬆️ Yesterday, Morningstar upgraded $WELL Welltower Inc. to Hold from Sell and maintained its $184 price target 💵 $DOC Healthpeak Properties, Inc. closed on a new $400 million unsecured delayed-draw term loan facility which matures in March 2031 at an interest rate of SOFR plus 80 bps 💰 $JAN Janus Living closed on a new $500 million unsecured revolving credit facility which matures in March 2030 and a $100 million unsecured delayed-draw term loan facility which matures in March 2031 * Borrowings bear interest at SOFR plus 105 and 110 bps, respectively, based on its current leverage- based pricing grid 💵 $O Realty Income Corporation closed on a $694 million U.S. dollar-denominated, unsecured term loan due January 2036 at an all-in fixed rate of 4.91% * Executed a cross-currency swap on $500 million of proceeds for approximately €431 million (in addition to the related interest payments) over the term of the loan and achieved an effective blended borrowing rate of 4.34% 🐕 $FCPT Four Corners Property Trust announced the acquisition of a BluePearl Pet Hospital property located in a strong retail corridor in Colorado for $3.8 million * Property is corporate-operated under a net lease with approximately five years of term remaining * Priced at a 7.0% cap rate as of the closing date and exclusive of transaction costs 🏨 Yesterday morning, $VICI VICI Properties Inc. expanded its long-term strategic relationship with Cain and Eldridge Industries by providing a $1.5 billion mezzanine loan behind a $2.8 billion senior loan commitment led by J.P. Morgan as part of the construction financing for One Beverly Hills * Represents a $1.05 billion incremental commitment beyond its existing $450.0 million investment in the project 📜 Yesterday morning, $SPG Simon Property Group announced the passing of David Simon * The Board has appointed Eli Simon as its Chief Executive Officer and President plus he will continue as Chief Operating Officer and Director * Larry Glasscock has been appointed by the Board to serve as Non-Executive Chairman of the Board 📜 Yesterday morning, $GOOD Gladstone Commercial Corporation announced several executive officer appointments in connection with the Company's strategic succession plan * David Gladstone has stepped down as the Company's Chief Executive Officer effective immediately and will remain as the Company's Chairman of the Board of Directors * Arthur "Buzz" Cooper, the Company's President since 2022 who joined the Gladstone organization in its founding year (2001), has succeeded Mr. Gladstone as CEO and will function in the dual role of CEO and President Sign up for The Daily REITBeat Newsletter at the-daily-reitbeat.beehiiv.com/subscribe

Thank you Pragyan Kalita and Prakhar Srivastava and Reuters News Agency for highlighting Hoya Capital's thoughts on the recent Janus Living IPO! reuters.com/business/senio…

📉 Colliers Securities REIT Analysis: The Great Leverage Divide In a "higher-for-longer" interest rate environment, the gap between the "Haves" and the "Have-Nots" in the REIT sector is widening. Colliers Securities just dropped their "Slicing The REIT Debt" report, and the data is a wake-up call for investors. 🏆 The Performance Gap is Real: * Top 25% (Low Leverage): Boasted a massive 37.4% 1-year return. * Bottom 25% (High Leverage): Suffered a staggering -28.6% loss. * Conclusion: The market is aggressively rewarding "fortress" balance sheets. 🛡️ Debt-to-Market Capitalization: * REITs with the lowest leverage: $TRNO Terreno Realty Corporation, $CTRE CareTrust REIT, $EGP EastGroup Properties Inc, $AHR American Healthcare REIT, $SITC SITE Centers, $WELL Welltower Inc. * REITs with the highest leverage: $ILPT Industrial Logistics Properties Trust, $SQFT Presidio Property Trust, $AHT Ashford Hospitality Trust, $CLPR Clipper Realty, $HPP Hudson Pacific Properties, $SVC Service Properties Trust 📊 Debt-to-EBITDA: * REITs with Low Debt-to-EBITDA Ratios: $PSA Public Storage, $TRNO Terreno Realty Corporation, $SITC Site Centers, $CTRE Caretrust REIT, $HST Host Hotels & Resorts, $EGP Eastgroup Properties, $EQR Equity Residential, $CPT Camden Property Trust, $SPG Simon Property Group, $IIPR Innovative Industrial Properties * REITs with Highest Debt-to-EBITDA Ratios: $CLPR Clipper Realty, $JBGS JBG SMITH, $BDN Brandywine Realty Trust, $ARE Alexandria Real Estate Equities, Inc. ⚠️ REITs with More than 50% of Debt Expiring Over Next 3 Years: $PINE Alpine Income Property Trust, $INN Summit Hotel Properties, Inc., $FSP Franklin Street Properties Corp., $AHRT AH Realty Trust, $AHT Ashford Hospitality Trust, $BHR Braemar Hotels & Resorts 🏦 3 Names Colliers Securities Recommends: * $TRNO Terreno Realty Corporation * $AHR American Healthcare REIT * $PSTL Postal Realty Trust The Bottom Line: Don't just buy the sector—buy the balance sheet. In 2026, debt maturity schedules are just as important as occupancy rates.

@HoyaCapital is excited to host Michael Weil, CEO of Global Net Lease, for an informative REIT webinar on Tuesday, March 24th at 1:30pm eastern. Interested in attending or have questions for Michael? Want a replay link? Send me a message...

David Simon, The Mall King Who Was Both Feared and Admired The news of David Simon’s passing marks the end of an era for the retail and real estate world. Known as the "Mall King," he didn't just manage shopping centers—he reinvented them when everyone else was writing their obituary. 🏗️ Building an Empire * Over 30 years, David transformed a family business into the largest mall owner in the U.S., controlling over 206 million square feet of retail space. * While critics called malls "dinosaurs," he doubled down, investing in luxury upgrades and adding non-traditional tenants like high-end gyms, upscale dining, and entertainment hubs. * He famously acquired struggling brands like Brooks Brothers, J.C. Penney, and Eddie Bauer, turning vacancies into profitable ventures. 💼 A Leadership Legacy * Known for his "force of will" and obsession with detail, he was a negotiator who commanded both fear and immense respect across the industry. * Even after a pancreatic cancer diagnosis in 2024, his commitment never wavered, famously calling into board meetings from his hospital bed. * Beyond the boardroom, his family foundation has been a major supporter of the arts, health, and education, including a $5 million gift to Columbia Business School. ⏩ The Next Chapter * Effective immediately, his son Eli Simon has been appointed as CEO and President to carry the torch forward. * With a net worth estimated at over $11 billion, the Simon legacy remains one of the most influential in American business history. Rest in peace to a true titan of industry. 🕊️ wsj.com/business/retai…

Economic Calendar In The Week Ahead The economic calendar slows down in the week ahead following several weeks of frenetic news flow. On Monday, we'll be watching the Construction Spending report for January, after data last month confirmed that 2025 posted the first annual decline in total construction spending since 2011. This annual decline came despite a significant uplift from surging data center and infrastructure spending, which wasn't enough to offset the sharp pullback in residential and commercial real estate development from the pandemic-era peaks. On Tuesday, we'll see the Nonfarm Productivity report, which will provide a read on the balance between economic growth and labor costs, and increasingly, on the productivity impact of artificial intelligence. On Friday, we’ll see the Michigan Consumer Sentiment data for March, a closely watched gauge of household confidence and inflation expectations that has taken on added importance amid the recent energy-price surge. We'll also see a full slate of regional and national PMI reports throughout the week, including S&P's Manufacturing PMI and Services PMI report on Tuesday. We'll also be watching the weekly employment metrics via ADP and Jobless Claims on Tuesday and Thursday, respectively.

Looking back on 2025, real estate equities significantly lagged the major equity benchmarks, notching a fourth straight year of underperformance versus all of the major equity benchmarks - the S&P 500, S&P 400, and S&P 600 - for the first time ever. For REITs - the most interest rate-sensitive market segment - the underperformance aligns with notable weakness in ultra-long-duration assets amid lingering inflation uncertainty. The REIT sector finished in the basement among the ten major asset classes - its second time in the bottom spot in the past four years and the third time in the past six years. During the preceding decade from 2010-2019, the REIT sector had never finished worse than sixth among the ten major asset classes. As discussed in our State of REIT Nation, REITs have endured a brutal three-plus-year stretch since March 2022, underperforming the S&P 500 by over 70 percentage points, a magnitude that's more than twice as significant as the underperformance gap seen during the 2007-2009 Global Financial Crisis.

@HoyaCapital Weekly #REIT Recap (A Long Thread...) March 16th - March 20th, 2026 The Strait Squeeze U.S. equity markets fell for a fourth straight week, while interest rates jumped to eight-month highs, as continued turmoil in the Middle East rattled financial markets and revived inflation concerns. The third week of the Iran conflict settled into an uneasy equilibrium between escalation and de-escalation amid a continued standstill in the Strait of Hormuz, the key global energy chokepoint. The Federal Reserve - long bemoaning tariff-related inflation that failed to materialize - did little to calm markets, delivering a “hawkish hold” that pushed traders to price in rate hikes by year-end. The S&P 500 declined 2.1%, while gold prices plunged 10%. WTI Crude Oil managed to stay below the $100/barrel threshold, but global Brent crude surged 10% to over $112/barrel. Real estate equities - which had been holding their ground amid the recent resurgence in interest rates - finally came under pressure this week despite a wave of positive developments on the M&A front, including a successful IPO, a sizable REIT-to-REIT merger, and a handful of large-scale joint ventures.