My guess, and only a guess, is that construction costs have gone up- they would be exposed to that. If interest rates rise and has a knock on effect on residential- that would be a head wind as well.
I believe that are somewhat immune from a rise in the cost of finance- hedging. Some REIT are not.
They are still in a range- IMHO.
Happy to hear other explanations.
IMHO DYOR
SGP Price at posting:
$4.35 Sentiment: Buy Disclosure: Held
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