You might have missed it if you only look at the blue-chip REITs from CapitaLand, Mapletree and Frasers. But under the surface, the smaller REITs are starting to break. Here’s Prime REIT, down 42% from highs. At this price, it trades at a 11.54% annualised yield, and price to book is 0.709x. The last time Prime US REIT was this cheap? It was March 2020, right in the depths of the COVID crisis (all time low was $0.50). So… is Prime US REIT the buy of the year? Or is it a value trap.