Retail REITs: Retail REIT Weekly Rundown

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Retail REITs: Retail REIT Weekly Rundown

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Retail REITs

Retail REIT Weekly Rundown

Price Objective Change

Takeaways from expert call with JLL’s Danny Finkle 13 June 2026

Takeaways from Tuesday's shopping center expert call with Danny Finkle, Senior Equity

Managing Director at JLL: 1) Retail demand is very strong. Large LPs have shifted from United States

“retail curious” to “retail serious”. 2) Capital is increasingly focused on scale. ~$20bn of REITs

trades closed over the last nine months and larger portfolio/company-level transactions Samir Khanal

now commanding premiums rather than discounts. Non-REIT institutions represent Research Analyst

~35% of transaction activity vs. <10% in 2024. 3) Deal sizes are skewing larger. Average BofAS+1 646 855 1497

transactions have moved beyond the prior ~$25-30mn range and $100mn+ deals are samir.khanal@bofa.com

expected to total ~75-80 this year vs. ~55 last year and only ~15-20 two years ago, Jeffrey Spector

Research Analyst

creating more REIT-relevant acquisition opportunities but also intensifying competition. BofAS

4) Pricing continues to compress. Core grocery-anchored assets trade in the low/mid-5% +1 646 855 1363

jeff.spector@bofa.com

cap rate range and the highest-quality power centers can trade sub-6%, supported by

Andrew Reale

embedded rent growth and anchor mark-to-market. 5) Financing markets are highly Research Analyst

constructive. Retail debt pricing has tightened and there is broad lender appetite across BofAS +1 646 855 1272

banks, lifecos and SASB, keeping acquisitions positively levered and accretive. andrew.reale@bofa.com

REITs Team

BofASMay retail spending accelerates despite macro pressure

BofA’s US retail team published its latest report on May retail sales.