I  initially thought AOG made its money out of providing...

I  initially thought AOG made its money out of providing retirement homes like EHE, REG doing with with aged care but according to their annual results presentation, (slides 14 & 15) its clear they make their money out of reselling existing properties or developing/selling new properties and as such are closely aligned with the property cycle. Really they are no different from a property developer and all the inherent risks that go with that sector. Given property looks like its only going down for the next couple of years, their turnover and margin will be adversely impacted which with the load of debt they are carrying will put a lid on any meaningful share price recovery.  Best avoid for now.