Simon Property Group is the largest mall REIT in the United States, and the stock has quietly staged a recovery, gaining 7% over the past year and 22% over six months. The narrative around the death of physical retail has proven exaggerated, as Simon's premium properties continue to attract tenants and foot traffic. At a P/E of 18.0 with $10.96 EPS, the valuation is reasonable for a REIT that generates substantial cash flow and pays an attractive dividend. Trading near its 52-week high of $201.40 confirms the improving trend. The bull case rests on the resilience of Class A malls, rising occupancy rates, mixed-use redevelopment opportunities, and the attractive dividend yield. The bear case involves the structural shift toward e-commerce that continues to pressure certain retail categories, rising interest rates increasing financing costs, and the risk that economic slowdown impacts discretionary retail spending. Simon Property is a well-managed REIT offering income and moderate capital appreciation.

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Site: Simon Property Group (ID: 2022)