- The already badly-bruised market cap of CBL & Associates (NYSE:CBL) has seen another 25% wiped away today following a Q3 miss, and a cut in guidance and the dividend alongside.
- It's clear discussions between retailers and landlords have become more challenged for "B/C" malls, says BAML's Craig Schmidt, downgrading CBL to Underperform. He notes that while portfolio occupancy fell Y/Y, it rose sharply sequentially, suggesting to him that the company offered significant concessions.
- Sluggish results and the dividend cut should "scare investors," says Boenning's Floris van Dijkum, downgrading to Underperform. He does upgrade Tanger Factor (NYSE:SKT) to Neutral from Underperform. No help, Tanger is down 5.8%.
- Analyst comments via Bloomberg
- Other players: Taubman Centers (TCO -5.1%), DDR (DDR -4%), PREIT (PEI -5.7%), Washington Prime (WPG -9.5%), Wheeler Real Estate (WHLR -2.9%), Kite Realty (KRG -1.8%), Federal Realty (FRT -1.2%), Kimco (KIM -1.2%).
- "A" malls are no place to hide today: Simon Property (SPG -2.3%), GGP (GGP -2.6%), Macerich (MAC -4.2%)
- Now read: Be Greedy When Others Are Fearful, Buy This 6% Dividend Champion With Me
Original article