Some real estate investment trusts (REITs) are hitting new year-to-date lows as the effects of Fed Chair Jerome Powell’s hawkish remarks at this year’s Jackson Hole, Wyoming, retreat sink in. His specific references to a “more restrictive policy” and “some pain” suggest higher interest rates than expected and for a longer period than anticipated.
Since REITs are generally sensitive to rate hikes, it’s not surprising to see a sell-off in the sector post-Jackson Hole. What is surprising, though, is to see the number of REITs hitting new 2022 lows. Take a look at the daily price charts for these five, a few of which are well-known in the real estate community:
