Kevin Kelly's Simon Property Group Trade

Speaking on Bloomberg Markets, Kevin Kelly, the managing partner at Benchmark, suggested a long position in Simon Property Group Inc SPG.

He said the real estate company could have some occupancy issues in the short term, but the management announced they're going to focus on revitalizing and redeveloping their properties. They expect to increase their funds from operation 6 to 8 percent this year.

Kelly wants to buy the stock at its current price and sell the June 160 call. When he suggested the trade, it was possible to get $5 for the June 160 call.