The fallout from what promises to be a record-breaking plunge in GDP should have somewhat predictable impacts across property sectors. The outlook is complicated, however, by outsized effects on properties that serve as gathering spots and/or cater either to tourists or an older crowd. The market has had time to pass a preliminary judgment on how these risks add up. Less clear is whether the market has discounted the impact that cash flow disruptions/excessive leverage might have on REITs with less-than-pristine balance sheets. And there are plenty of them.

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