Cap rate is definately one of important measures for property return.
Here is the BUT...
1. It does not reflect property capital growth as in last 65 years history capital growthn accounts for 30-60% of total return depends on property sector.
2. Cap rate is an accouting measure whereas investor pay for the actual price which is different from NAV.
If you take the huge discount into the equation, current CAP rate is no difference to year 2013. Remmber that we are buying the dip, not paying the NAV price or 1 year ago's market price.
Personally, I will stay away from office concentrated Reits but choose farm, self storage, industry or retail instead.
Ann: 2023 Annual Results Presentation, page-31
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