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Closing Glance: REITs slide on unemployment news

By Associated Press
June 6, 2008 | Comments (0)

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Shares of real estate investment trusts ended down sharply Friday, along with the broader market, on rapidly rising oil prices and a larger-than-expected rise in unemployment.

The Labor Department said the nation's unemployment rate rose to 5.5 percent in May from 5 percent in April. The rate, logging its biggest monthly rise since February 1986, is its highest since October 2004.

How shares of some REITs performed:

SL Green Realty Corp. sagged $5.66, or 5.6 percent, to $95.08.

Brookfield Properties Corp. dipped 98 cents, or 4.7 percent, to $19.79.

Boston Properties Inc. lost $4.61, or 4.6 percent, to $96.05.

Kimco Realty Corp. fell $2.29, or 5.7 percent, to $37.89.

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