President Donald Trump’s office towers in New York City are not meeting appraisal targets, and that has eaten into the president’s net worth.

Net income at three of the real estate mogul turned commander in chief’s Manhattan properties have missed appraisal estimates.

It was projected in 2012 that 40 Wall St. would generate $22.4M in income annually, but CMBS data revealed the office building made $17.4M in 2016, The Real Deal reports.

Trump Tower missed the mark in a similar fashion. The retail and office portion of the tower at 725 Fifth Avenue was estimated to make $20.4M annually, according to a 2012 appraisal, but the tower generated $14.1M in net income last year. The same goes for 1290 Avenue of the Americas, in which Trump owns a 30% stake. The building is valued at $2B, and 2012 appraisals estimated it would generate $97.7M in net income, but it made $77.7M last year.

All of these numbers point to a drop in valuations for Trump’s office properties, Bloomberg reports. The president’s net worth was dented as a result, down from last year’s $3B assessment to $2.9B, according to Bloomberg’s Billionaires Index.

This decline in valuations has occurred at a time when Manhattan’s Downtown office market is heating up. Roughly 2.3M SF of office was leased in Manhattan during Q1, and five of the top 10 leases were in downtown. The largest leases secured in Q1 included Spotify’s move to 4 World Trade Center, where the music company grabbed all 378K SF of available space.