Decades-old clauses known as reciprocal easement agreements, or REAs, written into the leases of anchor tenants at the nation’s malls have torpedoed owners’ redevelopment plans for years. But as the retail landscape shifts, these REAs are beginning to lose their power, providing more flexibility for upgrades at the same time landlords seek ways to bring shoppers back to their properties. These agreements, a relic of the mall development boom that took American suburbs by storm in the 1970s and 1980s, require owners to get consent from their biggest tenants before making significant changes to the property. 
In the past, anchor tenants often saw these situations as an opportunity for a payout, landlords said. Now, faced with decreased foot traffic and the challenge of e-commerce, many of them have changed tack and are less resistant to redevelopments that are potentially key to the long-term viability of the… Read the full story here. | 
