Here's why these 7 U.S. mall owners, including Simon, are in trouble, S&P Global MI warns
With winter looming, America's mall owners face troubling days ahead in the global health crisis, according to a new report from S&P Global Market Intelligence.

As the Covid pandemic worsens, and cases and hospitalizations keep climbing to new records in the U.S., mall owners face the threat of additional shutdowns, which could paint an even bleaker picture for landlords heading into the New Year.

Following a round of lockdowns and stay-at-home orders that began in March and abated during the summer months, retailers had a moment of reprieve to try to get their businesses back on track. But the temporary hardships were enough to push two mall owners, CBL & Associates and Pennsylvania REIT , into bankruptcy. Both filed for Chapter 11 protection on Nov. 1.

Now, the United States is entering what many describe as the country's darkest days yet. California recently implemented new regional lockdowns. Chicago is advising its residents to stay at home. Other cities are expected to follow suit. There likely will be more mall shutdowns to come.

In a report released Tuesday, S&P's Quantamental Research group highlighted seven names, including CBL and PREIT, that face exceptional risks in the coming months. The other five are: Simon Property Group , Taubman Centers , Brookfield Property REIT , Macerich and Washington Prime Group .

In selecting these seven companies, S&P said it considered a handful of risk factors, including: Higher percentage of anchor tenants (namely department stores) that have declared bankruptcy this year; lower building permit activity; falling foot traffic; degree of leverage; cash flow; and the overall proportion of tenants that have filed for bankruptcy.

The graphic highlights some of these metrics, compiled by S&P, for the seven companies during the month of October 2020. Change in shopper traffic and permit activity are represented on a year-over-year basis.