Put-Spread Purchased in Simon Property Group

Shares of Simon Property Group SPG are off by 1.28% today, currently trading $90.14. The stock has been running higher largely unabated for the past six months, but one trader is buying some protection on the real estate operator today. The July $85/80 put-spread was purchased 2,000 times for $1.55 a short while ago. Volume on those strikes has grown to over 5,000 contracts each; open interest on the $85 strike is 1,791 contracts, open interest on the $80 strike is10,792 contracts. Simon Property Group is a self-administered and self-managed real estate investment trust (REIT) company.