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Why Are These 3 REITs Getting Crushed Lately?

Real estate hasn't performed well in the recent market downturn, but these three have been particularly poor performers.

By Matt Frankel, CFP and Tyler Crowe – Mar 30, 2023 at 6:41AM EST

Real estate investment trusts, or REITs, have generally not performed well recently, mainly due to the effects of rising interest rates. But the REITs that focus on New York City -- specifically SL Green (SLG 1.75%), Vornado Realty Trust (VNO 0.86%), and Empire State Realty Trust (ESRT +3.41%) -- have been hit particularly hard. In this video, Tyler Crowe and I discuss why they've been falling so sharply.

*Stock prices used were the afternoon prices of March 23, 2023. The video was published on March 24, 2023.

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About the Author

Matt Frankel, CFP
Matt Frankel, CFP, is a contributing Motley Fool stock market analyst specializing in the real estate and financial sectors. Prior to The Motley Fool, Matt taught high school and college mathematics. He holds a bachelor’s degree in physics from the University of South Carolina, a master’s degree in mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. He won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act. He is also regularly interviewed by Cheddar, Globe St, The National Desk, and other TV networks and publications for his real estate, financial, stock market, and investing expertise.
TMFMattFrankel
X@MattFrankelCFP

Matthew Frankel, CFP® has positions in Empire State Realty Trust. Tyler Crowe has no position in any of the stocks mentioned. The Motley Fool recommends Empire State Realty Trust. The Motley Fool has a disclosure policy.

Matthew Frankel is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool. 

Stocks Mentioned

SL Green Realty Stock Quote
SL Green Realty
NYSE: SLG
$36.04
(-1.75%)-$0.64
Vornado Realty Trust Stock Quote
Vornado Realty Trust
NYSE: VNO
$25.35
(-0.86%)-$0.22
Empire State Realty Trust Stock Quote
Empire State Realty Trust
NYSE: ESRT
$5.16
(+3.41%)+$0.17

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

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