Why Simon Property Group, Macerich, and other Mall REITs Jumped Today
Shares of mall-focused real estate investment trust Simon Property Group (NYSE: SPG) rose as much as 12% in the first half hour of the trading day on May 18. Following closely behind was Macerich (NYSE: MAC), which was up 11%, and factory outlet specialist Tanger Factory Outlet Centers (NYSE: SKT). Trailing a little behind this trio was Pennsylvania REIT (NYSE: PEI), which was up in the high single digits.
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Although the entire market was higher during early trading, and that was a clear help to this group, the big market-moving news that came out before the day's trading began was extra beneficial for mall owners.
Source Fool.com
