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Before we know it, every dying retail giant is going to be under Simon. Hopefully it doesn’t take Simon and the city down with it.
REITs have a legal limit on non-real estate income. If they exceed the limit, they can lose their REIT tax treatment. Kohl’s is large enough that it could cause a real problem. I wonder if Simon, will sooner rather than later, spin / sell off non-real estate assets.
It is only 75%, though. So should not be an issue to be added into the portoflio and all their property values getting added into the REIT portion of the calculation
I wonder if we will see Kohls coming to their malls to fill vacant anchor sport left by Sears and other now defunct stores?