Ann: FY23 Results Presentation, page-21

you can't look at REITS dividends in the same light as Fully Franked dividend paying companies.

One has a property with reasonably consistent knowable and forecastable cashflows.
One has an underlying business that pays profit and tax and fully franked dividends.

Also depending on when the properties were acquired, there could well be non-franking tax advantaged or at least tax deferred components of the REIT payment.

I like REITS at the right price, because I receive a higher degree of dividend payment certainty.

I also like fully franked dividends, where I have the confidence that those dividends will not go backwards.

Lol I have a whopper of a fully franked dividend payer in my portfolio: YAL.
I should get at least 12% fully franked dividends on YAL so long as coal prices stay reasonable.

So I guess I am agnostic, I just want to make money.