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I agree, perhaps just not as favourably.

Totally agree. Only point I would make is that the company is saying they will target 5-6% year on year. The believability (if that is a word) of that is what the instos are questioning, just as you have.

Could not agree more. It is only relevant as a comparable measure.

Maybe I did not explain my point clearly. What I am saying is that GPT do not take the outflow from the hybrid into account in their ROI number at all. Let's compare two A-REITs: ALZ and GPT. Both have hybrids which require coupons to be paid. ALZ's operating earnings number includes the expensing of the hybrid coupon. GPT's operating earnings number does not. So in effect, GPT is saying its earnings are higher, when in fact they need to pay the coupon on the hybrid prior to paying distributions to securityholders. In other words, it is not an apples for apples comparison between ALZ and GPT to look at their operating earnings numbers. But, since you look at total earnings including revaluation gains from the annual report, I think you should be fine.

I apologise for belaboring the point. I did not reflect on the tables that you post and have no issue with them. I just saw in your post that you said GPT trades on a P/E of 10x and wanted to explain why I don't think the market actually values them at 10x but more like 15x. As you say though, that is still a fair bit cheaper than a large number of industrial stocks which are far more exposed to the general economy than GPT is.

I think we are on the same page. I did not mean to criticise you or your analysis. I was just trying to provide some additional insights. I won't reply to any of your A-REIT posts in future since I am obviously coming across too critically.

All the best.