2Q26 Retail Preview: Durable earnings power, with continued upside potential; K-shaped economy winner

研报英文原文证据摘录

2Q26 Retail Preview: Durable earnings power, with continued upside potential; K-shaped economy winner

Goldman Sachs Americas Real Estate: REITs

Exhibit 1: Given minimal retailer bankruptcies since 1Q26 earnings, continued low supply, and various property

acquisitions, we expect 2Q earnings could see a number of guidance increases for retail REITs

Company-specific items to focus on for 2Q26 earnings

Expect Midpoint In addition to recurring questions about the leasing pipeline (retenanting & renewals), pricing power, watch list, and

Company Ticker Guidance Increase? impacts of the consumer, we expect the following are company-specific items to watch during 2Q26 earnings:

SS NOI FFO

Simon SPG No Yes TRG synergies, tenant mix and remerchandising, uses of cash (re/development pipeline, buybacks, dividend, debt reduction, TIs

and capex), sales productivity, the refinancing outlook, OPI performance.

Tanger SKT Yes Yes The Levis Commons acquisition, the acquisition pipeline, incremental traffic from the World Cup, temp tenant levels/findings, sales

productivity, hybrid & full-price strategy, early prepayment of the KC mortgage

Macerich MAC N/A N/A Realizing the SNO pipeline, recent equity issuance, the Annapolis Mall acquisition, acquisition pipeline, and TIs/capex spend in the

SS and recent acquisitions.

Brixmor BRX Yes Yes Realizing the SNO pipeline, sustainability & upside to new & renewal lease spreads, the four 2Q acquisitions (including one with

OP units), funding of acquisitions, acquisition pipeline.

Phillips PECO Yes Yes Private vs public company asset pricing, Everyday Retail progress, occupancy cost ratio, occupancy upside, completed

Edison acquisitions and the pipeline, redevelopment activity, AFFO vs FFO growth.