Moolah,

REIT is a "trust" (or custodian) for the properties. It does not operate the properties under its trust. It is a management company which leases out all properties under it, be it hospitals or hotels. Therefore, the trust will only be earning rental for all its properties.

Although STAREIT owns hotels, but it doesn't operate the hotels. In fact, it leases its hotels to its parent company (in this case is YTL) which in turn operates the hotels. So the cyclinal nature of the business only affects YTL's account. STAREIT will still be earning the rental even if the hotels are facing a downturn.