Average short interest on US REITs unchanged in the 1st half of August

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According to data from S&P Global Market Intelligence, average short interest on US equity real estate investment trusts remained at 3.3% of shares outstanding during the first half of August.

Advertising and regional malls see biggest decline

Ad REITs’ average short interest declined the most during the period, falling 30 basis points to 2.7% of shares outstanding as of Aug. 15.

OUTFRONT Media Inc. saw the largest decline in short interest in the industry, falling 58 basis points to 3.2%. Lamar Advertising Co. reported a decline in short-term interest of 2 basis points over the course of two weeks 2.1% of its outstanding shares.

The second largest reduction was in the regional shopping center sector, which as of August 15 had 7.1% of shares outstanding after falling 26 basis points.

Of all property categories, the “other retail” segment, which includes outlet malls, single-tenant REITs and other retail REITs, saw the largest increase in average short interest. , rising 67 basis points to 4.4% of shares outstanding as of Aug. 15. The diversified REIT segment rose 15 basis points to 2.5% of shares outstanding.

Top REITs by change in short-term interest rates

Sole-tenant REIT NETSTREIT Corp. posted an increase of 11.1 percentage points to 18.3% of its outstanding shares, the largest increase in short-term interest in the two weeks ended August 15. Diversified REIT Broadstone Net Lease Inc. followed, with its short interest up 6.6 percentage points to 8.4% of shares outstanding.

iStar Diversified REIT Inc. saw the biggest drop in short-term interest to shares outstanding, down 2.7 percentage points to 3.8% of its shares outstanding.

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REITs with the largest short positions

NETSTREIT was the most shorted U.S. REIT stock, with 9.5 million shares sold short as of August 15. Regional mall REIT Pennsylvania REIT and hotel REIT Sunstone Hotel Investors Inc. followed, with shorts at 15.7% and 12.4% of outstanding shares, respectively.

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