How Interest Rate Changes Affect REITs?

I chance upon an article on how interest rate changes affect Real Estate Investment Trusts (REITs) and thought of sharing this article to my readers.

In this article, it wrote how REITs react to 2 main factors:- (1) Cost of borrowing changes; and (2) Attractiveness of REIT as an investment asset versus alternative investments. The writer concludes interest rate is a factor, but REIT returns are influenced more by the following instead:

1. Economic growth, population growth, demand and supply dynamics, manufacturing production, jobs demand and supply
2. Valuation of the REIT
3. Manager's Competency

» How Interest Rate Changes Affect REITs | Investment Moats