Tesla (TSLA) may face some stiff termination fees from malls and other landlords as it pursues a strategy outlined last week of shutting down many of its U.S. stores to cut costs and earn profits on a $35,000 electric car. Tesla plans to move to an online-only sales model.

Two mall REITs, Simon Property Group (SPG) and Taubman Centers (TCO), came under pressure on Friday after the Tesla news, with shares of both companies down over 3%. Industry leader Simon was off 38 cents Monday, at $175.19, and Taubman was off 34 cents,...