The list of tenants is extensive and includes primarily well-known clothing retailers such as The Gap, Victoria's Secret, American Eagle, Foot Locker and many more. It is a well-known retail REIT, focused on malls and premium outlets in the US with a small but not insignificant international exposure (about 10% of their NOI) which consists mainly of a 20% stake in Klepierre (EU premium malls), as well as some international premium and designer outlets. SPG's portfolio doesn't need much introduction. I still hold the view and continue to hold Klepierre in my portfolio, but I also recognize that American investors may prefer Simon Property Group ( NYSE: SPG ) which has very similar characteristics, tends to trade closely with Klepierre and offers a simpler tax treatment with no withholding taxes to consider, leading me to start coverage on SPG today. My article focused on the main differences in the 'mall culture' between Europe and the US and highlighted my preference for European malls mainly because of a lesser threat of e-commerce. Jan van der Wolf/iStock Editorial via Getty Imagesīack in February I started coverage of a European mall REIT - Klepierre ( OTCPK:KLPEF).

Buy outlook 2020