The original thesis revolved round a complete paradigm shift in the way Americans shop. The brick and mortar retail industry is in the crosshairs of a complete disruption. It is now an online driven retail economy. As mall retailers falter left and right, rents per square feet will suffer drastically which strikes at the center of 
SPG's revenue with share holders ultimately paying the price in losses. Anchor stores are dropping and the impact to REITs is undeniable. Much has been written about SPG strong balance sheet, but it all boils down to revenue. I could care less how strong your balance sheet is, if money coming in is less than the year before... you're at a loss. If you invested 100 million developing a mall property in 2017, and in 2020 that properties valuation is worth less... you're at a loss on paper. You can try and ride it out if you paid cash, but it's a hell of a difference when your LTV's are in excess of 70%
The mall bubble has burst, rents are dropping, CAP rates will explode, CRE will collapse.
SPG's revenue with share holders ultimately paying the price in losses. Anchor stores are dropping and the impact to REITs is undeniable. Much has been written about SPG strong balance sheet, but it all boils down to revenue. I could care less how strong your balance sheet is, if money coming in is less than the year before... you're at a loss. If you invested 100 million developing a mall property in 2017, and in 2020 that properties valuation is worth less... you're at a loss on paper. You can try and ride it out if you paid cash, but it's a hell of a difference when your LTV's are in excess of 70%The mall bubble has burst, rents are dropping, CAP rates will explode, CRE will collapse.
註釋
And then there is COVID-19 and the screeching halt to community gathering
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