Mall REIT Macerich Co. joined the S&P 500 Index on May 8, marking the first time in four years that a REIT has been added to the Index, reports REIT.com. According to Macerich CEO Arthur Coppola:
“There are many investors that only want to invest in S&P 500 companies, so it just clearly broadens the appeal to the investment community. It will most likely result in higher liquidity of the company in the stock market in terms of the volume of shares that will trade on any given day, which investors like to see.”
The first REIT ever to be added to the Index was Equity Office in 2001. The last REIT to do so before Macerich was health care property operator Ventas in March 2009.
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