All these valuations for REITs are rubbish. The models are outdated and have no room for risk. Fancy having a 5% capitalisation rate? FFS! Most of their incomes are made from revaluations which doesn’t equal cash. Surprise!! Yes, I entered the REIT sector by shorting MIrvac. I’d be shorting Stockland too if I could “bear” the exposure. Sentiment registered.
End of the round, page-50
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