AMC, Bed Bath & Beyond, Belk, Cineworld, Party City and Rite Aid top Green Street's list of the most at-risk publicly traded, mall-based anchor tenants, landing in the "critical" category, according to a new report from the firm.

As part of its analysis, Green Street tracks operational health, balance sheet, and stock performance, as well as credit agency ratings. But "the 'critical' category, where retailer bankruptcy is likely imminent, is far less crowded than it was in '19 as pandemic-related bankruptcies have cleaned out a fair share of struggling retailers," write the firm's Vince Tibone and Emily Arft — who also say mall REIT exposure to at-risk inline retailers is "minor." Overall, the pair say tenant watchlists are "far less crowded" than they were prior to the pandemic, and near-term bankruptcy risk is slanted toward anchor tenants.

In addition, from a merchandising standpoint, landlords are shifting away from purely apparel concepts while growing entertainment and F&B, Green Street analysts say.