Actually TGP ( 360 Group) have a record of delivering for shareholders - in 2018 they paid out a fully franked 21.01c dividend fully franked. It seems that that is attractive especially to people in retirement phase - at the time the share barely dropped as it had an underlying 1c to 1.5c dividend each quarter. So it was servicing the income needs and then slugged you with a capital return fully franked. I had looked at it around that time as it was a useful thing to get fully franked dividends into a company structure as no tax. So there was a bit of arbitrage.
TGP has always been a share I don't really understand as they don't seem to be wedded to anything they own and if the price is right they move on. My view of the company is that they will pay a minimum dividend through the cycle and one year will pay for the next year if necessary but they will actively capital manage the process. The lumpy nature of property income ( capital exits and market cycles) is such that a lot of the time these shares don't get rerated. However their underlying consistency is great for part of the portfolio.
I am not sure whether to own TOT of TGP so own both.
If it wasn't that I hold a larger stake in an illiquid property share that has a lot of capital being liquidated via sales of projects over the next 3 years I would probably increase my holdings here. The negative at times for me has been that I loved the data centres then they get a good offer and sell and suddenly your mix changes. Much like IFT who are asset agnostic as I would put it. I just prefer that those companies I invest in keep to the core.
I think TGP is pretty cheap or better it has more underlying value protection than most.
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