Hi Alex,
You are right that they have lower downside as compared to their competitor. If you understand traditional fund management business, the risk comes from redemption of their fund during crisis period but if you look at ARA they does not have it. The potential risk is the regulation on the REITs manager.
Fundamentally, there is a slight change to their business model as they are changing from asset light to asset heavy business. Generally, their recurring model nature still remain the same
