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Simon Property Group, Inc. (NYSE: SPG) said it has terminated its merger agreement with Taubman Centers, Inc. (NYSE: TCO) on the grounds that the pandemic has disproportionately hurt Taubman’s operations.

The proposed merger was first announced in February, when Simon said it had agreed to take a controlling stake in fellow retail real estate REIT Taubman Centers in a cash deal valued at approximately $3.6 billion.

Business leaders play an essential role in moving their companies and the broader economy toward a safe reopening following nearly three months of COVID-19-related shutdown, according to a panel of REIT CEOs speaking June 2, the first day of Nareit’s REITweek: Virtual Investor Confer

Panelists at Nareit’s 2020 REIT Investor Relations Symposium, held June 1, reflected on the first quarter earnings season and their expectations for REIT management teams going forward.

Nareit partnered with the New York Stock Exchange for the fourth year to host the annual event, held one day prior to Nareit’s REITweek: Virtual Investor Conference. Kimberly Callahan, senior vice president, investor relations at Camden Property Trust (NYSE: CPT), moderated the panel.