Why Mall REITs Like Simon and Macerich Plunged at Today's Open
In the first few minutes of trading on June 9, mall real estate investment trust (REIT) giant Simon Property Group (NYSE: SPG) fell 12%, and it wasn't alone. Peers Macerich (NYSE: MAC), Washington Prime Group, CBL & Associates (NYSE: CBL), and Pennsylvania REIT (NYSE: PEI) all dropped more than 10%, as well. Tanger Factory Outlet Centers (NYSE: SKT) held up best, witnessing only a high-single-digit drop.
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All of these REITs have seen their shares rise in recent weeks, often in dramatic fashion. Penn REIT's stock has more than doubled over the past month. Macerich is up nearly 80%. CBL's shares have advanced a touch more than 70%. Simon and Tanger have posted gains of 50% and 38%, respectively.
Source Fool.com
