The Latest Breaking News from Equinix

REITs slumped in 2022, with the FTSE Nareit index producing a return of negative 25%, as the Fed raised interest rates.

Employment website Glassdoor has put together its list of the top businesses in the country to work for this year

The FTSE Nareit All Equity REIT index has slid 23% this year amid surging interest rates and economic sluggishness.

The FTSE Nareit index of total returns for REITs has descended 28% year to date.

Data centers — a small sub-sector among real estate investment trusts (REITs) — are less well-known than other types of REITs. Data centers own and manage data storage facilities in which their clients store information safely and securely.

Interest rate hikes resulted in third-quarter losses for most real estate investment trusts (REITs). With the Federal Reserve taking short-term rates up by 0.75% and 30-year fixed mortgage rates nearing 7%, REITs headed down in price. The expectation that even higher rates are on the way is not helping.

Roaring interest rates have decimated real estate investment trusts in 2022, with the FTSE Nareit REIT index losing 28% so far this year.

Upgrades

These are tough times for data-center REITs, as the tech and real estate sectors are suffering. Here's 2 investment ideas from Wells Fargo.

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Citi analyst Michael Rollins noted data center stocks Equinix, Inc (NASDAQ:EQIX), Digital Realty Trust, Inc (NYSE:DLR), Cyxtera Technologies, Inc (NASDAQ:CYXT) were down an average of >5% on July 1 on reports (including Financial Times) that an investor is "betting against 'legacy' data centers that now face growing competition from the trio of tech giants that have been…