SCG Trading Under Bare Land Value, page-97

It's not just SCG that's been hit hard by the virus and the economy overall. If you look at (NYSE) Simon Property Group -- the largest US malls REIT -- and compare it on a graph on Google Finance with SCG, the graphs are very similar. Both companies have both P/E and yields of around 9. I suspect that REITs around the world look similar at the moment and when conditions improve, all (of those remaining) will rise in price at the same time.

It's hard to watch, what I think is an under-valued share price drop further. Hard to buy in, with the knowledge that I'll probably lose money on paper and have to average down. Meanwhile, prices of over-priced tech stocks keep going higher and there seems to be easy money to be made.

I got caught with too much money in a REIT in 2008 and it wasn't pretty. I was eventually right about the company, but the price dropped 85% from where it had started, and it took a long time for the price to recover. There were a few sleepless nights. Be careful with this, guys. If you buy in, don't get carried away like I did in 2007/08, and be prepared to average down. No matter how low it drops and how cheap it seems, it can always drop more!!!!