Surely all of the negatives have been factored in to the share...

Surely all of the negatives have been factored in to the share price already.
To talk of US retail is quite broad.
MCW are mainly into supermarkets - everybody's got to eat.
They do not have a high exposure to the risky retail side of clothes, electrical goods, restaurants, etc.
Interest rates are falling. Aussie dollar low - rents in USD.
The main problem I see will be reduced valuations but they are still making money on the same bricks and mortar regardless of the valuation.