I'm covering good portions of Macerich (MAC), Kimco (KIM), Duke Realty (DRE), and Prologis (PLD)... not sure what happened to the latter name yesterday but it imploded in the last 20 minutes of the trading day. Down another quick 6% this morning. So this "basket" was about a 6% allocation and I'll take it down to under 3%... and keep repeating this trade. We've already done it twice in a week. Duke Realty is almost at $5 so we might lose the ability to add to our short position soon...
I'll post charts later in the day but on the Federal Reserve short squeeze late Wednesday, all these names jumped to their 20 day moving average where I added to all shorts - and now they've all dropped 15%+ since. Lovely.
Here is what is going to be happening over and over in this group - courtesy of Simon Property (SPG): essentially we will keep diluting our common shareholders to pay our debt load. Enjoy common shareholders!
Mall owner Simon Property Group Inc., the largest U.S. public real-estate investment trust, said Thursday it intends to sell up to 17.25 million shares of common stock and issue $500 million of senior notes. The stock represents about 7.5% of Simon's outstanding shares.
The company, based in Indianapolis, expects to use the net proceeds of about $1.1 billion to partially repay the $1 billion outstanding balance of its $3.5 billion unsecured credit facility and for general corporate purposes.
Short all names mentioned except Simon Property Group in fund; no personal position
