GAAP accounting makes this a lot worse for some REITs, but not so much for SPG.

Source: https://seekingalpha.com/article/4583241-simon-property-group-reit-inside-out?source=feed_all_articles

My PT for SPG is $150.

Source: https://seekingalpha.com/article/4634560-simon-property-solid-performer-significant-potential-upside?source=feed_all_articles

The applicant, SPG property Trust, reported that it received no enquiries following a “lengthy” period of marketing and has therefore concluded that commercial use of the premises is no longer viable.

Source: https://www.wiltshiretimes.co.uk/news/23974176.planning-application-approved-former-lloyds-melksham/?ref=rss

The SPG also has special operations commandos who carry ultra-modern assault rifles and wear dark-visor sunglasses with inbuilt communication earpieces, bulletproof vests, gloves and elbow/knee pads.

Source: https://indianexpress.com/article/india/govt-issues-fresh-rules-for-spg-adg-to-head-special-force-that-guards-pm-8629406/