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NEW YORK CITY—For the leading owners in the retail sector, 2014 has been upbeat thus far. The five mall REITs rated by Barclays Capital—Simon Property Group, GGP, Pennsylvania Real Estate Investment Trust, Macerich Co. and CBL & Associates—are up an average of 14.5% year to date, compared to 14.1% for the MSCI US REIT Index. Occupancy is high at nearly 95% and, following a rough winter, sales have been trending upward. For these landlords, the ability to replace underperforming tenants is greater, as is their pricing power.


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