Several property owners across the U.S. reported exposure to potential losses following the failure of Silicon Valley Bank and Signature Bank.
Both banks were closed by regulators after their customers began to make a run on withdrawals.
SVB's failure has put four REITs at risk— Cousins Properties, Alexandria Real Estate Equities, Paramount Group, and Hudson Pacific Properties.
- Another REIT, Empire State Realty Trust, said Signature Bank is its second-largest tenant.
- The REITs' exposures vary from office leases and letters of credit to investments in high-tech companies.
- Short-term rental operator Sonder and building software Latch had deposits worth $2M and $3.1M in SVB.
