"We still see pretty good demand out there from multiple sources and different users," said Dave Bujnicki, in charge of investor relations at Kimco.
Probably 80 percent of the value of the malls is in the top 200 malls and the majority of those are owned by the REITs, which will be the survivors because they will adapt, said Marc Halle, head of global real estate securities at PGIM Real Estate.
There is increased competition, whether in the mall or the grocery-anchored centers, which is going to drive down margins of the retailers and means they will pay lower rent, he said.
"The REITs have dropped pretty dramatically because no one knows what that downside is going to be," he said, adding the caveat that he thinks the price declines are likely overdone.
This article was provided by Reuters.