Retail real estate completed the least-expected comeback in commercial property: fifteen years of essentially zero new supply, the weak malls and centers culled, and the survivors now running record occupancy with double-digit releasing spreads. Vacancy across the sector sits below 6% with the strongest absorption since 2023. Nineteen retail REITs are graded below, from Simon to the post-bankruptcy survivors.
| # | REIT | Grade | Yield | Market Cap | Occupancy | Credit |
|---|---|---|---|---|---|---|
| 1 | Simon Property Group (SPG) | B 83 | 3.90% | $64.0B | 96.0% | A- |
| 2 | Regency Centers (REG) | B 81 | 3.74% | $14.5B | — | A- |
| 3 | Federal Realty Investment Trust (FRT) | B 80 | 3.68% | $10.6B | — | BBB+ |
| 4 | Kimco Realty (KIM) | B 78 | 4.12% | $16.8B | 96.3% | BBB+ |
| 5 | Brixmor Property Group (BRX) | B 74 | 3.89% | $9.6B | — | — |
| 6 | Phillips Edison & Company (PECO) | B 73 | 3.10% | $5.4B | — | — |
| 7 | Kite Realty Group (KRG) | B 71 | 4.67% | $5.5B | — | — |
| 8 | Tanger (SKT) | B 70 | 2.97% | $4.7B | — | — |
| 9 | Curbline Properties (CURB) | C 68 | 2.30% | $3.2B | — | — |
| 10 | Urban Edge Properties (UE) | C 66 | 3.59% | $2.8B | — | — |
| 11 | InvenTrust Properties (IVT) | C 66 | 2.86% | $2.7B | — | — |
| 12 | Acadia Realty Trust (AKR) | C 64 | 3.69% | $3.0B | — | — |
| 13 | Whitestone REIT (WSR) | C 62 | 2.69% | $976M | — | — |
| 14 | Saul Centers (BFS) | C 62 | 6.91% | $837M | — | — |
| 15 | Macerich (MAC) | C 58 | 2.65% | $6.7B | — | — |
| 16 | Alexanders (ALX) | C 58 | 6.57% | $1.4B | — | — |
| 17 | CTO Realty Growth (CTO) | C 58 | 6.96% | $738M | — | — |
| 18 | AH Realty Trust (AHRT) | D 52 | 7.89% | $539M | — | — |
| 19 | SITE Centers (SITC) | D 51 | 197.16% | $166M | — | — |
| 20 | CBL Properties (CBL) | D 45 | 3.80% | $1.8B | — | — |
Grades follow the published REIT Rankings methodology. Yields and market caps update automatically with market data.
Analyst Check (July 2026): Wells Fargo’s head of REIT research assumed coverage of the retail REITs this month. See how the Street’s calls compare to our grades.
How to Read This Ranking
The top of the table is a quality argument: Simon (83) is the most profitable retail landlord on earth with $819 per square foot tenant sales, Regency (81) pairs A-rated credit with the best grocery anchors in America, and Federal Realty (80) carries the longest dividend streak of any REIT in existence, 57 consecutive years. Kimco (78) is the grocery-anchored sector proxy at record occupancy. The middle block (Brixmor 74, PECO 73, Kite 71, Tanger 70) spans value-add engines, grocery purity, Sunbelt geography, and the outlet recovery, all B grades earned by covered dividends and real occupancy gains. Macerich (58) is the honest C: great malls still carrying the leverage of the last cycle, a turnaround graded on the balance sheet that exists today.
The Sector’s Master Risks
Consumer spending is the beta underneath everything: tenant sales fund the rents, and a real recession tests small-shop credit first. Retailer bankruptcies remain the recurring weather (currently resolving as upgrades at +20% spreads, a condition, not a law), and the no-new-supply tailwind will eventually invite new supply if rents keep rising.