SPG: the cap-rate repricing is mostly done

The thesis

Quality assets are being painted with the same brush as the troubled ones.

Leasing spreads are turning positive where the headlines say otherwise.

What I'm watching

• leasing spread direction
• SPG FFO vs guide
• A clean move through the level I flag below

Positioning

Neutral / hedged on SPG, 6-36 months horizon. Conviction: Medium. A refinancing wall is the sector risk — I favour strong balance sheets.

Opinion, not investment advice. The author may or may not hold positions discussed.