Average short interest among U.S. equity REITs dropped 20 basis points to 3.20% of outstanding shares between Nov. 15 and Nov. 30.

Shopping center REITs were the lone industry segment to see a short-interest gain during the period, rising 9 basis points to 4.05% of shares held short as of Nov. 30.

Office REITs saw the biggest decline in average short interest, with their shares held short dropping 43 basis points to 3.16% of outstanding shares as of Nov. 30. Hotel and specialty REITs experienced the second- and third-largest decreases in short interest, falling 37 basis points to 4.34% and 28 basis points to 4.04% of outstanding shares, respectively.

Office REIT Easterly Government Properties Inc. posted the greatest decline in short interest relative to shares outstanding among SNL-covered equity REITs between Nov. 15 and Nov. 30. The company saw short interest drop 481 basis points to 1.43% of shares outstanding at the end of the period.

Shopping center REIT Regency Centers Corp. saw the largest rise in short interest relative to shares outstanding among SNL-covered equity REITs between Nov. 15 and Nov. 30. The percentage of the company's shares held short relative to shares outstanding climbed 184 basis points to 4.62% as of Nov. 30.

Seritage Growth Properties topped the list of most shorted REITs in the second half of November. The shopping center REIT saw short interest grow 88 basis points to 23.65% of shares outstanding.