Listed REITs started the week off on a rough note. REIT shares dropped sharply on Monday after several stocks were downgraded over fears that an interest rate hike will impact profits.

The Dow Jones Composite REIT Index fell 5% Monday. Meanwhile, the Dow Jones Equity REIT Index fell 4.9%. Combined, those indices represent 95% of the market value of all REITs traded on the NYSE, the Nasdaq and the American Stock Exchange.

The Morgan Stanley REIT Index posted a 4.4% decline on Monday. Since peaking on April 1, the Morgan Stanley REIT Index has fallen more than 12% over the past six trading sessions. Interest rates have risen since April 2 ever since the Labor Department reported that U.S. non-farm payrolls grew by 308,000 during March, making it the largest gain since April 2000.