I suspect it's broader economic conditions. I am currently holding RWR, a US REIT ETF, and it dropped like a bomb one day this week. Any sniff of riding interest rates can be bad for REITs as they benefit from steep yield curves.
REITs have had a strong run again this year after a blockbuster run last year. It isn't surprising if there is a bit of a pullback. But they do seem to be fully valued to me. They are all trading at (or a slight premium to) analyst estimates of NAV. And the P/AFFO premium to bonds is inline with historical averages.
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