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Is GGP Hurting Other Mall REITs?

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Today was just brutal for mall REITs. Many had been trading at or near 52-week lows already. But you could say that about a lot of companies in many sectors. And, for the most part, declines at mall REITs have been relatively in-line with the broader market. Today was a bit different, however. General Growth ended the day down 41.94 percent at $4.50 per share. The Dow was down 5 percent. Many other mall REITs fell by 10 percent or more.

Here's a look at the bloodbath.

  • Taubman Centers, $35.70 -10.14 percent
  • Simon Property Group, $73.01, -10.23 percent
  • Macerich Co., $41.52, -11.23 percent
  • PREIT, $11.22, -19.16 percent
  • Glimcher Realty Trust, $6.19, -23.99 percent
  • CBL & Associates Properties, $9.02, -35.98 percent

In contrast, other retail REITs were down today, but not by nearly as large margins.

  • Saul Centers, $42.70, -0.93 percent
  • Kite Realty Group, $9.63, -2.73 percent
  • Agree Realty Corp., $23.87, -3.09 percent
  • Equity One, $17.90 -3.87 percent
  • Acadia Realty Trust, $22.04 -3.97 percent
  • Weingarten Realty Investors, $26.98, -5.40 percent
  • Regency Centers, $49.94, -6.37 percent
  • Federal Realty Trust, $66.32, -6.37 percent
  • Cedar Shopping Centers, $11.04, -6.91 percent
  • Inland Realty Corp., $12.25, -6.99 percent
  • Urstadt Biddle, $16.40, -8.02 percent
  • Kimco Realty Corp., $27.67, -8.71 percent
  • Ramco-Gersenson Properties Trust, $17.88, -11.00 percent
  • Developers Diversified Realty, $22.26, -12.74 percent

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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