You're being a little misleading there and I suspect you're quite aware of it. Both CDP and VCX have recently gone ex-Dividend and came off after doing so as is their habit. Add in a little REIT underperformance across the board as people have realised the threat of Delta and that's about right.
SCG has been closely tracking the Sydney meltdown as you'd expect. If you go back I pointed out that Sydney was always at greatest risk of getting to the point of no return. I think it's 50/50 at best that they'll get back to zero from here. The rhetoric from up top just doesn't reflect the same will, Melbourne remains somewhat unique worldwide in terms of getting back to zero from the number of wild cases.
I get your point on the structural change in the last few years (dividend funding by debt from reduced cashflow) and agree somewhat but the REITS were recovering just fine until the slow pace of our vaccine rollout became apparent so they ALL took one hit with the threat of more lockdowns and another recent one (more to SCG) as it's taken hold in Sydney. I'm not as bullish as some but I think SCG would be almost $3 if quarantine staff had been vaccinated OR they'd stopped it getting away in Sydney. Honestly, it was one case which they found relatively quickly. In Melbourne they basically had the removalists on a Covid Delta road trip seeding right across the state and they've hunted them all down. And construction has continued right through in Melbourne in case you hadn't noticed.
Not cheap shots, that's the facts of it. If Gladys had locked down earlier we'd be spared the harsher lockdowns now. And if we finally get our act together on vaccinations the REITS will have their day again.
(20min delay)