REIT Shares Plummet on Interest Rate Worries

NEW YORK CITY-Shares of U.S. real estate investment trusts plunged in Thursday trading on Wall Street due to worries of rising interest rates.

By John Jordan | June 21, 2013 at 09:49 AM

NEW YORK CITY-Shares of U.S. real estate investment trusts plunged in Thursday trading on Wall Street due to worries of rising interest rates.

The Bloomberg REIT Index fell 4.2%, extending a 3% slump on Wednesday, to close at the lowest level since December, according to Bloomberg News. Single-tenant real estate landlords posted a 5.5% decline in value.

“This sector is going to woefully underperform in a rising rate environment,” Jonathan Pong, an analyst at Robert W. Baird & Co. in New York, says. “History proves that out.” See story at Bloomberg News.

NOT FOR REPRINT

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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