The stock market was having a somewhat negative day with the S&P 500 down by about 0.7% at 11:05 a.m. EST. However, several retail REITs are on fire. Outlet mall REIT Tanger Factory Outlet Centers (NYSE: SKT) and mall redevelopment company Seritage Growth Properties (NYSE: SRG) were higher by 10% and 12%, respectively, for the day, while mall operator Macerich (NYSE: MAC) was up by 23%.
There isn't any company-specific news propelling these retail REITs higher today, but it's interesting to note that all three have two very specific characteristics in common. First, all three have been among the most beaten-down stocks in the real estate sector since the COVID-19 pandemic hit. And second, all three are big targets of short-sellers.
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Here's Why These 3 Beaten-Down Retail REITs Are Soaring Today