MoatScopeMoatScope

Retail & Net-Lease REITs

Malls, shopping centers and net-lease portfolios.

Companies
40
With a moat
40%
Average quality
42
0 wide moat · 16 narrow moat · 24 no moat · Open in screener →
Updated 27 Sep 2026

Retail & Net-Lease REITs covers malls, shopping centers and net-lease portfolios leased to single tenants. MoatScope covers 40 companies here. None has a wide moat; 16 have a narrow moat and 24 none.

How the industry makes money

Shopping-center owners earn rent from many tenants; net-lease REITs earn long, steady rent from single tenants who pay most property costs themselves.

Where the moats are

Efficient scale appears in 12 of the 16 moat-rated companies: the best malls and grocery-anchored centers occupy locations that cannot be recreated.

The narrow-moat group includes Simon Property, Realty Income, Kimco, W. P. Carey, Regency Centers and Federal Realty.

What wears moats down

Online shopping reduces demand for store space, tenant bankruptcies leave vacancies, and interest rates affect property values and borrowing costs.

What to watch

  • Occupancy and tenant health.
  • Leasing spreads.
  • Interest rates.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Retail & Net-Lease REITs into 2 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Shopping centers & malls

Own shopping centers, outlets and malls.

US market · $136.4B total revenue in 2025 · source: Cushman & Wakefield · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Derived: US shopping-center space × occupancy × asking rent.

#BusinessMarket shareRevenue
1SPG · SIMON PROPERTY GROUP INC.4.7%$6.4B
2KIM · KIMCO REALTY CORP1.6%$2.1B
3REG · REGENCY CENTERS CORP1.1%$1.6B
4BRX · Brixmor Property Group Inc.1.0%$1.4B
5FRT · FEDERAL REALTY INVESTMENT TRUST0.9%$1.3B
6MAC · MACERICH CO0.7%$1.0B
7KRG · KITE REALTY GROUP TRUST0.6%$844M
8PECO · Phillips Edison & Company, Inc.0.5%$727M
9CBL · CBL & ASSOCIATES PROPERTIES INC0.4%$578M
10SKT · TANGER INC.0.4%$551M
All other companies85.4%$116.4B

Net-lease REITs

Own single-tenant properties on long leases.

US market · $161.3B total revenue in 2025 · source: MMCG Invest · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Derived: US freestanding retail space × occupancy × asking rent.

#BusinessMarket shareRevenue
1O · REALTY INCOME CORP
US share of revenue (by rent)
2.9%$4.7B
2WPC · W. P. Carey Inc.
US revenue
0.7%$1.1B
3NNN · NNN REIT, INC.0.6%$926M
4ADC · AGREE REALTY CORP0.5%$738M
5EPRT · ESSENTIAL PROPERTIES REALTY TRUST, INC.0.3%$561M
6BNL · Broadstone Net Lease, Inc.0.3%$454M
7FCPT · Four Corners Property Trust, Inc.0.2%$294M
8GTY · GETTY REALTY CORP /MD/0.1%$222M
9NTST · NETSTREIT Corp.0.1%$195M
10GOOD · GLADSTONE COMMERCIAL CORP0.1%$161M
All other companies94.1%$151.8B

Companies

CompanyMoatQualityMarket
SPG
SIMON PROPERTY GROUP INC.
Narrow50Shopping centers & malls4.7%$65.5B
O
REALTY INCOME CORP
Narrow57Net-lease REITs2.9%$52.5B
KIM
KIMCO REALTY CORP
Narrow54Shopping centers & malls1.6%$15.2B
WPC
W. P. Carey Inc.
Narrow53Net-lease REITs0.7%$14.5B
REG
REGENCY CENTERS CORP
Narrow58Shopping centers & malls1.1%$13.3B
FRT
FEDERAL REALTY INVESTMENT TRUST
Narrow52Shopping centers & malls0.9%$9.1B
BRX
Brixmor Property Group Inc.
Narrow54Shopping centers & malls1.0%$8.4B
ADC
AGREE REALTY CORP
Narrow50Net-lease REITs0.5%$8.2B
NNN
NNN REIT, INC.
Narrow56Net-lease REITs0.6%$7.8B
MAC
MACERICH CO
Narrow15Shopping centers & malls0.7%$6.4B
EPRT
ESSENTIAL PROPERTIES REALTY TRUST, INC.
Narrow59Net-lease REITs0.3%$5.5B
KRG
KITE REALTY GROUP TRUST
Narrow61Shopping centers & malls0.6%$4.9B
PECO
Phillips Edison & Company, Inc.
Narrow43Shopping centers & malls0.5%$4.9B
SKT
TANGER INC.
Narrow27Shopping centers & malls0.4%$4.0B
BNL
Broadstone Net Lease, Inc.
Narrow57Net-lease REITs0.3%$3.4B
CURB
Curbline Properties Corp.
None48Shopping centers & malls0.1%$3.0B
AKR
ACADIA REALTY TRUST
None33Shopping centers & malls0.3%$2.5B
UE
Urban Edge Properties
Narrow52Shopping centers & malls0.3%$2.4B
FCPT
Four Corners Property Trust, Inc.
None38Net-lease REITs0.2%$2.4B
IVT
InvenTrust Properties Corp.
None50Shopping centers & malls0.2%$2.3B
LTC
LTC PROPERTIES INC
None52Shopping centers & malls0.2%$2.3B
GTY
GETTY REALTY CORP /MD/
None49Net-lease REITs0.1%$1.7B
NTST
NETSTREIT Corp.
None33Net-lease REITs0.1%$1.7B
GNL
Global Net Lease, Inc.
None42Shopping centers & malls0.4%$1.5B
CBL
CBL & ASSOCIATES PROPERTIES INC
None41Shopping centers & malls0.4%$1.5B
CTO
CTO Realty Growth, Inc.
None29Shopping centers & malls0.1%$751M
BFS
SAUL CENTERS, INC.
None42Shopping centers & malls0.2%$717M
PSTL
Postal Realty Trust, Inc.
None47Shopping centers & malls<0.1%$642M
GOOD
GLADSTONE COMMERCIAL CORP
None39Net-lease REITs0.1%$575M
OLP
ONE LIBERTY PROPERTIES INC
None53Shopping centers & malls<0.1%$470M
FVR
FrontView REIT, Inc.
None4Shopping centers & malls<0.1%$410M
INRE
Inland Real Estate Income Trust, Inc.
None28Shopping centers & malls0.1%$343M
PINE
Alpine Income Property Trust, Inc.
None23Net-lease REITs<0.1%$312M
NLCP
NewLake Capital Partners, Inc.
None54Shopping centers & malls<0.1%$273M
SITC
SITE Centers Corp.
None42Shopping centers & malls<0.1%$187M
STRW
Strawberry Fields REIT, Inc.
None43Shopping centers & malls0.1%$179M
NLOP
Net Lease Office Properties
None13Shopping centers & malls<0.1%$143M
GIPR
GENERATION INCOME PROPERTIES, INC.
None14Net-lease REITs<0.1%$1M
WHLR
Wheeler Real Estate Investment Trust, Inc.
None34Shopping centers & malls<0.1%$1M
BRST
Broad Street Realty, Inc.
None11Shopping centers & malls<0.1%$1M

40 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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