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SPG - Here's Why Simon Property Group and Other Mall REITs Were Plunging on Thursday
Simon Property Group Inc.
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%.