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Commercial Landlords Face Supreme Court’s Realty Check On Evictions

Stock Markets1 hour ago (Jun 30, 2021 06:03AM ET)

(C) Reuters.

By Dhirendra Tripathi — Stocks of mall owners and commercial property landlords, who have had quite a run on the market for some time now, are now confronted with the Supreme Court’s refusal to lift the moratorium on evictions.

The moratorium, brought in by then President Donald Trump in August, protects tenants who have missed paying monthly rents from being forced to vacate their homes if they declare financial hardship. They still owe the back rent.

The moratorium has protected millions of tenants but created financial hardships for landlords. The tenants include retailers, multiplexes and various other commercial establishments.

Since March as the reopening has gathered pace the S&P 500 has risen 15.5%, while shares of most mall and commercial property owners have moved up over 20%.

Simon Property (NYSE:SPG), the largest owner of shopping malls in the U.S., has gained 31% in the last four months. Prologis (NYSE:PLD) has done even better, rising 34%. Kimco Realty (NYSE:KIM) and Brixmor Property (NYSE:BRX) are higher by 25% and 27% in the same period while Brookfield Property (NASDAQ:BPY) has gained 14%.

While commercial property owners will be hoping for a quick end to the moratorium in the not-too-distant future, residential property prices in the U.S. have sizzled.

Data showed Tuesday that housing prices in April jumped the most in more than three decades.

Nationally, the S&P CoreLogic Case-Shiller index of property values climbed 14.6% from a year earlier, the biggest gain in data going back to 1988. That came after 13.2% increase in March, and was the 11th straight month that price gains accelerated.

Commercial Landlords Face Supreme Court’s Realty Check On Evictions

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