To bet on S-Reits now?

looking for value

REIT - Real Estate Investment Trust has been one of the best business models I have seen in recent time. Use other people's monies to buy your assets (acquired at lower prices) and then subsequently put yourself as managers of the REIT. Thus ensuring long term income streams for yourself in addition to capital gains and unlocking liquidity in non current assets.

Uma Shankari, in this weekend Business Times, said Singapore Reits (S-Reits) are gaining favour as prices fall and yields climb on the following grounds:-

1. the share prices have dropped significantly (Edgar says - but so have other blue blue chips)
2. a source of stable, visible and recurrent income (Edgar says - We need to check rental collection and rental rates would hold at current level. The fundamental determinants to dividend payouts. I am of the opinion that current rental levels are not sustainable.)
3. tolerating cost of debts to be between 4% to 4.5% (Edgar says - assuming the liquidity is available in the first place. I am more comfortable with this.)

Bottomline - Wait for rental rates to adjust first.

My notes - Singapore Reits' distribution yield has ranged between 4-9plus%. Average - 6.03%. Price/NAV has ranged from 0.6 to 1.2plus times. Average - 0.97x.