PT  - JOURNAL ARTICLE
AU  - James D. Shilling
AU  - Tammie X. Simmons-Mosley
AU  - Stephen F. Thode
TI  - Stand-Alone Centers Occupied by Big-Box Retailers
AID  - 10.3905/jpm.2005.593895
DP  - 2005 Sep 30
TA  - The Journal of Portfolio Management
PG  - 124--133
VI  - 31
IP  - 5
4099  - https://pm-research.com/content/31/5/124.short
4100  - https://pm-research.com/content/31/5/124.full
AB  - 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