So in my first blog post (where I wrongly thought MA would beat on earnings, but didnt trade it) on TK I found I got a bunch of interesting responses and ideas. I figured I would see if I could get some discussion flowing on another topic that's been on my mind. Why haven't the mail REIT's fallen further? GGP is down to 26 from 40 a few weeks back, which seems about right, given its absurd valuation and my bet that they have to cut the Dividend at some point. My real short target however is SPG. I thought their earnings would be the catalyst for a major down move (20%+), on the news that their vacancies were starting to rise, but that was offset by their increasing price / foot. There is no way that type of trend continues, as demand for space falls (see the recent retail and casual dining bankruptcies), and supply of mall space remains the same / increases slightly, how do prices keep rising? Does this feel like the miami condo market circa 2005 to anyone else? I'd love to hear from people who disagree with me / think i'm missing something here.

Note: I am long SPG puts, and am looking to add to that position