Here's Why Simon Property Group and Other Mall REITs Were Plunging on Thursday
Thursday was actually one of the calmer days in the stock market in recent memory. As of 3 p.m. EDT, the Dow Jones Industrial Average was down by 0.3% and the S&P 500 had risen by 0.2%. There were no exciting moves in the market as a whole.
Real estate investment trusts, or REITs, that own and operate shopping malls are another matter. Giant mall REIT Simon Property Group (NYSE: SPG) was down by 13.5%, fellow mall operator Macerich (NYSE: MAC) was lower by nearly 16%, and shopping center REIT Kimco Realty (NYSE: KIM) had dropped by just under 13%.
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Source Fool.com
