Why tenant data matters for REIT investors

Retail REITs operate hundreds of shopping destinations, each with a tenant directory that reveals occupancy health, category mix, and exposure to individual retailers. For investors, this data can be a leading indicator. Tenant turnover, anchor departures, and category shifts signal changes in a REIT's fundamentals well before they show up in quarterly filings.

The problem is that this information is scattered across hundreds of individual property websites, each in a different format, and none of it is machine-readable.

What data is publicly available?

Most major retail REITs publish store directories for each property. Simon Property Group, for example, lists tenants across roughly 300 US and international locations. But these directories are hosted on each property's own website in formats that are difficult to download or aggregate. Manually collecting this data across an entire portfolio is impractical.

How Kadoa delivers this as a structured dataset

Kadoa extracts tenant directories across an entire portfolio and delivers them as a structured, query-ready dataset. The initial extraction takes minutes, and ongoing updates are delivered on your schedule to Snowflake, S3, or API.

With a complete, up-to-date view of tenant mix across all properties, investors can focus on analysis rather than data collection.

Example: Top tenants across Simon Property Group

Using SPG as an example, the table below shows the top 10 tenants by location count across its US portfolio. Several of these retailers have faced financial pressure, making tenant concentration a meaningful risk factor. Combining this data with tenant credit quality or revenue trends adds a new dimension to financial models.

#	Store Name	Locations	% of Portfolio
# 1	Store Name American Eagle	Locations 159	% of Portfolio 0.6%
# 2	Store Name Lids	Locations 153	% of Portfolio 0.6%
# 3	Store Name Journeys	Locations 151	% of Portfolio 0.6%
# 4	Store Name Sunglass Hut	Locations 148	% of Portfolio 0.6%
# 5	Store Name Zumiez	Locations 146	% of Portfolio 0.6%
# 6	Store Name Aeropostale	Locations 142	% of Portfolio 0.6%
# 7	Store Name Bath & Body Works	Locations 124	% of Portfolio 0.5%
# 8	Store Name Pandora	Locations 117	% of Portfolio 0.5%
# 9	Store Name Victoria's Secret	Locations 111	% of Portfolio 0.4%
# 10	Store Name Claire's	Locations 110	% of Portfolio 0.4%

*Data from Simon Property Group's US portfolio, as of January 2026

Tenant breakdown by category

Looking at SPG's category mix, clothing and apparel retailers account for nearly 2 in 5 occupiers, while categories like bookshops represent just 1%. Monitoring how this mix shifts over time helps investors identify inflection points -- the rise of food & beverage, the decline of traditional retail -- as they happen.

Category	% of Portfolio
Category Clothing/Apparel	% of Portfolio 39%
Category Restaurants/Food & Beverage	% of Portfolio 16%
Category Accessories	% of Portfolio 9%
Category Jewelry	% of Portfolio 6%
Category Beauty/Cosmetics	% of Portfolio 6%
Category Services	% of Portfolio 5%
Category Other	% of Portfolio 5%
Category Entertainment/Gaming	% of Portfolio 4%
Category Home & Garden	% of Portfolio 3%
Category Sports & Outdoors	% of Portfolio 3%
Category Electronics/Tech	% of Portfolio 2%
Category Health & Wellness	% of Portfolio 2%
Category Books/Media	% of Portfolio 1%

*Data from Simon Property Group's US portfolio, as of January 2026

Tracking tenant mix changes in real time

Across a large REIT portfolio with 25,000+ units, the tenant mix is constantly shifting. Kadoa monitors for changes and delivers real-time alerts on new and departed tenants, so you can track both short-term moves and long-term trends without visiting a single property site. Anchor tenant leaving? New brand expanding fast? You'll know as it happens.

Want a sample tenant dataset for a REIT of your choice? Request a sample.

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