---
title: "Mall REIT 13Fs: Simon Property, Macerich, Tanger, Kimco Decoded"
type: learn
slug: mall-reit-13f-spg-mac-decoder
canonical_url: https://13finsight.com/learn/mall-reit-13f-spg-mac-decoder
published_at: 2026-05-16T15:59:07.670Z
updated_at: 2026-05-16T15:59:11.599Z
author: Sarah Mitchell
author_title: Education Editor
author_url: https://13finsight.com/authors/sarah-mitchell
word_count: 630
locale: en
source: 13F Insight
---

# Mall REIT 13Fs: Simon Property, Macerich, Tanger, Kimco Decoded

> Simon Property Group, Macerich, Tanger, plus Kimco Realty (post-RPT acquisition) and Regency Centers anchor US mall plus shopping center REIT 13F positioning. Multi-year emerging Class A mall recovery, outlet center growth, plus emerging emerging grocery-anchored center dynamics drive distinctive institutional patterns.

US-traded mall and shopping center REIT equities form a distinctive retail REIT corner of institutional 13F positioning. Simon Property Group (SPG), Macerich (MAC), Tanger (SKT, formerly Tanger Factory Outlet Centers), Kimco Realty (KIM, post-RPT Realty acquisition January 2024), plus Regency Centers (REG) anchor the cohort. Multi-year emerging Class A mall recovery, outlet center growth, plus emerging emerging grocery-anchored center dynamics drive distinctive institutional positioning. Reading mall REIT 13F positioning requires understanding the Class A vs Class B+C framework plus the multi-year retail dynamics.The mall REIT business modelMall REITs operate four primary economic engines:Class A mall dynamics. Multi-year emerging Class A mall dynamics drives operator economics. Multi-year emerging premium A-class malls (Simon Property Group's premium portfolio, plus emerging emerging Macerich select premium properties) outperform emerging emerging lower-quality malls. Multi-year emerging emerging Class A mall occupancy 95%+ vs Class B+C 85-90% plus emerging emerging Class A sales per square foot $800-1,200+ vs Class B+C $400-600.Outlet center growth. Multi-year emerging outlet center growth drives Tanger plus emerging emerging Simon Premium Outlets segment. Multi-year emerging outlet shopping value proposition plus emerging emerging tourist plus emerging emerging emerging emerging value-conscious consumer drives multi-year emerging outlet traffic. Multi-year emerging emerging Tanger operational scaling plus emerging emerging same-center NOI growth.Grocery-anchored center dynamics. Multi-year emerging grocery-anchored shopping center dynamics drives Kimco plus emerging emerging Regency Centers operator economics. Multi-year emerging emerging grocery anchor traffic plus emerging emerging service tenant mix plus emerging emerging emerging emerging emerging emerging Class A grocery-anchored neighborhood centers drive multi-year emerging resilient operator economics. Multi-year emerging emerging Kimco RPT acquisition (closed January 2024).Mall transformation emerging. Multi-year emerging mall transformation drives multi-year emerging operator strategic positioning. Multi-year emerging mixed-use redevelopment (residential plus emerging hotel plus emerging emerging office plus emerging emerging entertainment) plus emerging emerging emerging emerging emerging mall reduction (200-400 mall closures since 2015) plus emerging emerging emerging emerging emerging emerging entertainment plus emerging emerging emerging emerging emerging emerging dining drive multi-year emerging emerging Class B+C transformation.Major US mall and shopping center REIT namesSimon Property Group (SPG)Largest US mall REIT plus emerging emerging premium A-class portfolio plus emerging emerging Simon Premium Outlets plus emerging emerging Mills (entertainment) plus emerging emerging international expansion (Premium Outlets) plus emerging emerging Authentic Brands Group 11% stake plus emerging emerging Klepierre 22% stake. Multi-year emerging David Simon CEO leadership.Macerich (MAC)Diversified premium A-class mall plus emerging emerging operational restructuring plus emerging emerging emerging Path Forward strategic plan (announced 2023) plus emerging emerging asset dispositions plus emerging emerging emerging emerging emerging Jackson Hsieh CEO leadership (Q1 2024 transition).Tanger (SKT)Pure-play outlet center plus emerging emerging operational scaling plus emerging emerging same-center NOI growth plus emerging emerging Stephen Yalof CEO leadership.Kimco Realty (KIM)Largest US grocery-anchored shopping center REIT plus emerging emerging post-RPT Realty acquisition (closed January 2024 at $1.8B) plus emerging emerging operational scaling plus emerging emerging Conor Flynn CEO leadership.Regency Centers (REG)Diversified grocery-anchored shopping center plus emerging emerging operational scaling plus emerging emerging Lisa Palmer CEO leadership plus emerging emerging emerging emerging emerging premium suburban locations.How institutional managers position around mall REITsThree patterns appear across smart-money 13Fs:Pattern 1: Quality-compounder concentrationSPG-concentrated growth manager positions reflect quality A-class mall plus emerging emerging diversified retail thesis.Pattern 2: Outlet-positioningSKT-concentrated growth manager positions reflect outlet center growth thesis.Pattern 3: Grocery-anchored positioningKIM, REG-concentrated active manager positions reflect grocery-anchored center resilience thesis.How to read mall REIT 13F positioningThree rules apply:Rule 1: Identify property typeClass A mall vs outlet vs grocery-anchored have distinct dynamics.Rule 2: Watch occupancy plus sales per square footMulti-year occupancy plus tenant sales drive operator revenue.Rule 3: Cross-check tenant mixMulti-year tenant mix evolution drives operator economics.What mall REIT positioning signalsQuality-compounder conviction. Concentrated SPG positions signal quality A-class mall thesis.Outlet conviction. Concentrated SKT positions signal outlet growth thesis.Grocery-anchored conviction. Concentrated KIM, REG positions signal grocery-anchored thesis.For real-time tracking of mall REIT 13F activity, see the institutional signals feed.

## FAQ

### What are the major US mall and shopping center REITs?

Five major US mall plus shopping center REITs: (1) Simon Property Group (SPG) — largest mall REIT, premium A-class plus Premium Outlets; (2) Macerich (MAC) — premium A-class mall; (3) Tanger (SKT) — pure-play outlet center; (4) Kimco Realty (KIM) — largest grocery-anchored post-RPT acquisition; (5) Regency Centers (REG) — grocery-anchored. Plus Brixmor (BRX), Federal Realty (FRT), Site Centers (SITC).

### How does Class A mall dynamics work?

Class A mall dynamics drives operator economics. Premium A-class malls (Simon Property Group premium portfolio, Macerich select premium) outperform lower-quality malls. Class A mall occupancy 95%+ vs Class B+C 85-90% plus Class A sales per square foot $800-1,200+ vs Class B+C $400-600. Multi-year flight-to-quality dynamic drives premium mall outperformance. Reading occupancy plus sales per square foot drives positioning.

### How does outlet center growth work?

Outlet center growth drives Tanger plus Simon Premium Outlets segment. Outlet shopping value proposition plus tourist plus value-conscious consumer drives outlet traffic. Multi-year Tanger operational scaling plus same-center NOI growth (5-7% range) drives multi-year operator economics. Multi-year emerging premium outlet (Simon Premium Outlets) plus emerging value outlet (Tanger) drive segment differentiation. Reading outlet traffic drives positioning.

### How do grocery-anchored shopping centers work?

Grocery-anchored shopping center dynamics drives Kimco plus Regency Centers operator economics. Grocery anchor traffic plus service tenant mix plus Class A grocery-anchored neighborhood centers drive resilient operator economics. Multi-year Kroger, Publix, Whole Foods, HEB, Wegmans anchored centers drive multi-year stable traffic. Multi-year emerging service tenant mix (medical, fitness, food service) drives multi-year operator stability.

### What is mall transformation?

Multi-year mall transformation drives operator strategic positioning. Mixed-use redevelopment (residential plus hotel plus office plus entertainment) plus 200-400 mall closures since 2015 plus emerging entertainment plus dining drive multi-year Class B+C transformation. Multi-year emerging mall residential conversion (apartments above retail) plus emerging mall office plus emerging mall hotel drive multi-year revenue diversification at premium operators.

### What signals mall REIT cycle inflections?

Four signals: (1) occupancy plus emerging emerging sales per square foot dynamics; (2) tenant mix plus emerging emerging service tenant adoption; (3) outlet plus emerging emerging grocery-anchored dynamics; (4) mall transformation plus emerging emerging redevelopment activity. Concentrated 13F changes around these signals reveal manager cycle reading.

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Source: 13F Insight — https://13finsight.com/learn/mall-reit-13f-spg-mac-decoder
Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell
Last updated: 2026-05-16T15:59:11.599Z