Most of these REITS have traded down the past several days. SPG has lost $2 over the past several days, while the overall market is up about 2 %. So 7% underperformance.
Why is the underperformance concentrated in today's trading? Good question. My guess is some bozo in Boston (pick your favorite city) just wanted to blow this crap out. And he did.
So is 7% underperformance enough? I would think so, if you remember roughly 50% of monies aren't subject to taxes (pensions, IRA's, etc.). But the after-tax yield differentials between REITS and other financial stocks is no longer as wide as it once was, and this needs to be cleaned up.
I was just looking at the Morgan Stanley REITS Index (^RMS) and noticed that the bottom was reached at about 1:30 PM and it started curving upward until the markets closed. The index was down over 2% for the day and hopefully the worst is over.