Mall-focused real estate investment trusts recorded a notable rebound in the second quarter of 2026, returning 22.4% for the period and outpacing the broader REIT market, which returned 12.2%, according to a Stifel report released Monday.
The mall REIT segment, which had underperformed in the first quarter when it returned 2.1% versus a 4.8% gain for the overall REIT index, ranked as the third-best performing REIT category in Q2.
Top performers within the group
Macerich led the pack with a total return of 34.2% for the quarter. The company reported progress on balance sheet metrics and continued portfolio optimization, and it completed an acquisition during the quarter. Management also issued an update to its Path Forward Plan version 3.0 during the period.
Simon Property Group returned 21.2% in the quarter, while Tanger Inc generated a 17.1% gain. All three mall-focused REITs outperformed the broader REIT sector in Q2.
Short interest and trading dynamics
Short interest across the mall REIT cohort rose substantially during the quarter, increasing 78.1% to reach 5.8% of the float. Within the group, Macerich saw the largest percentage jump in short interest, rising 89.1% following a forward equity offering completed during the quarter. Tanger experienced the smallest rise in short interest among the three, with an increase of 47.6%.
Despite the increase in short positions, liquidity indicators showed a tightening of supply for covering those shorts: days to cover for the group fell to 3.5 from 5.0.
As of the report, Macerich retained the highest level of short interest measured as a percentage of float at 9.2%, while Simon Property Group registered the lowest at 3.4% of float.
Context and takeaways
The second-quarter performance underscores a pronounced quarter-to-quarter swing for mall REITs relative to the broader REIT universe. The data highlight differentiated returns among individual issuers and notable shifts in short positioning and trading metrics during the period.
Where the market goes from here is not addressed in the report. The published figures provide a snapshot of performance, balance sheet and portfolio actions for Macerich, and short interest trends across the mall REIT segment for Q2 2026.