TY - JOUR T1 - Stand-Alone Centers Occupied by Big-Box Retailers JF - The Journal of Portfolio Management SP - 124 LP - 133 DO - 10.3905/jpm.2005.593895 VL - 31 IS - 5 AU - James D. Shilling AU - Tammie X. Simmons-Mosley AU - Stephen F. Thode Y1 - 2005/09/30 UR - https://pm-research.com/content/31/5/124.abstract N2 - Investments in stand-alone centers occupied by big-box retailers do poorly as a hedge against changes in the variables that generally matter to institutional investors. The reason is structural. Big-box retailer leases often include a go-dark option allowing the retail tenant to vacate its space before expiration of the lease. This tends to occur under high inflation (and hence the big-box retailer cash flow growth rate is high) and under high uncertainty, exactly the conditions under which institutional investors most need high returns ER -