Average short interest in U.S. equity real estate investment trusts increased by 13 basis points to 3.4% of shares outstanding in the two weeks ended June 15, according to S&P Global Market Intelligence data.

VICI Properties raises casino sector's average short interest

The casino segment had the biggest gain in average short interest across all property types, with an 82-basis-point increase over the past two weeks to 2.8% of shares outstanding as of June 15.

Much of the increase was due to the rise in VICI Properties Inc.'s short interest relative to shares outstanding by 1.6 percentage points to 4.4% as of June 15, the third highest gain across all U.S. REIT sectors.

Gaming & Leisure Properties Inc. also posted a 5-basis-point increase to 1.2% of shares outstanding during the same period.

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Timber REITs followed, with an increase of 80 basis points in average short interest to 2.3% of shares outstanding as of June 15. The healthcare sector came in third, with a 38-basis-point hike to 4.6% of shares outstanding on average.

On the flip side, hotel REITs had a 24-basis-point decline in average short interest to 4.0% of shares outstanding as of June 15, the biggest drop across all property types. The energy infrastructure segment followed with a 12-basis-point cut in average short interest to 0.8% of outstanding shares.

Top REITs by change in short interest

Healthcare-focused Healthcare Realty Trust Inc. had the largest hike in short interest over the first half of June, at 2.9 percentage points to 15.8% of its shares outstanding. Timber REIT PotlatchDeltic Corp. came in second, with a 1.8-percentage-point rise to 3.5% of its shares outstanding.

On the other hand, hotel-focused Ashford Hospitality Trust Inc. led the list of REITs with the biggest declines in short interest relative to shares outstanding, with a 2.1-percentage-point dip to 7.0% of its shares outstanding. Shopping center REIT Cedar Realty Trust Inc. followed, with a short interest decline of about 1.5 percentage points.

Most shorted US REITs

Regional mall REIT Pennsylvania REIT remains the most shorted U.S. REIT stock, with 1.0 million shares sold short as of June 15, or 18.6% of its shares outstanding. Healthcare REIT Healthcare Realty Trust and single tenant-focused Agree Realty Corp. followed, with short interests at 15.8% and 12.5% of shares outstanding, respectively.