Shares of mall-focused real estate investment trust (REIT) Macerich (NYSE: MAC) took off out of the gate today, rising as much as 18% in morning trading. Following along for the ride was peer Pennsylvania REIT (NYSE: PEI) , which jumped an incredible 29%. Tanger Factory Outlet Centers (NYSE: SKT) , which is uniquely focused on the outlet center niche, also got in on the act, rallying almost 16%. And Seritage Growth Properties (NYSE: SRG) , which is redeveloping old Sears and Kmart stores, saw a spike of 13.5%. Although not as robust, shares of mall REIT giant Simon Property Group (NYSE: SPG) also rose, with its stock up around 5% at noon EST.
This is a notable daily upturn for an industry that has been struggling to deal with coronavirus pandemic headwinds. It's worth taking a closer look at what's going on, which really isn't one item so much as a collection of things that may be shifting investor sentiment.
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Why Macerich, Tanger Outlet Centers, Seritage, and Pennsylvania REIT Rallied Today