Real Estate Investment Trusts (REITS) Values Have Dropped In Recent Days

Bisnow reportedt that the infection of the recent Silicon Valley Bank failure as also hit the REIT sector, with the U. S. largest REIT, Boston Properties, losing 14% of its value since last Thursday and Alexandria Real Estate Equities, the biggest life scient landlord, losing 12% of its value, according to Bisnow. Several of the major REITS have tenancies secured by Silicon Valley Bank letters of credit which the tenants now have to replace with a solvent lender or come up with an acceptable security deposit. In New York, the largest office owner SL Green is down by 15% and Empire State Realty Trust down by 16.6% of its value.