The malls are illiquid, and the tenants are weakening. The $50+ BILLION market capitalization was an outrage. As interest rates rise, it will become more and more apparent that these 'malls' will never have bids, and the rents will rollover into lower and lower values.
Malls are assuredly not illiquid - there have been numerous annoucements of malls and mall portfolios trading at premium prices over the past few months. The Wall St. Journal had an article this week about the increasing numbers of $1B+ office buildiing sales. Sure - higher interest rates will have an impact, but today's market action suggests investors have not entirely lost their appetite for SPG and real estate stocks. And while higher interest rates will put downward pressure on the stock, the firming economy will be a counter balance - retail sales will continue to pick up and the share price will follow along. If you shorted SPG yesterday, the stock has confounded you once again.