Agree with most of what you say. Inclined to think the market will anticipate the first rate cut in advance, and that REITs may therefore reverse course ahead of such cut occurring. But quite agree with you that even that is some way off at this stage, and that the bottom here may not yet be in. Still, I don’t think it’s going to fall a lot further, and as no one (least of all me!) can pick that bottom, I have initiated what I think will be a (very) gradual accumulation.
Ann: FY23 Results - Presentation, page-13
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