Some landlords express doubts about Dillard's REIT

Observers say it is unlikely Dillard’s will spin off and list the REIT it announced last week. Dillard’s says it plans to triple-net-lease some of its 315 anchor stores from that new entity. “There’s no market for a self-managed, one-tenant REIT in public markets,” said Simon Property Group CEO David E. Simon on an earnings call. “I don’t see that happening.” The company would lose control over its stores, and anyway such single-tenant REITs in cyclical industries typically make unattractive investments, wrote Citigroup retail analyst Deborah Weinswig in a note to investors. Macerich CEO Arthur Coppola says his firm