Totally agree. DXI are holders of industrial properties...

Totally agree. DXI are holders of industrial properties (warehousing etc) and this class of real estate is the one I am focussed on. I worked in this space before retiring. IMO warehousing is the growth real estate asset (apart from housing which I don't get) and rents are rising at a good clip. Most leases have CPI or fixed rent reviews and I think DXI rent reviews are split between the 2. However fixed rent review leases generally have market rent reviews and some point in the lease term but definitely at any option term. Warehousing takes up a lot of limited land and the supply is limited. Construction costs are rising at a fast clip with rents along with them so existing assets will be ride the tailwinds.Cap rates could go higher but I'm of the opinion they will not get out of control like during the financial meltdown in 2008-09. The gearing is a drag and amplifies the valuation losses and NTA but there's plenty of wriggle room.At a recent presentation by Charter Hall they are putting together a new fund to buy into listed real estate funds like DXI as they see the upside. That says it all but it's only available to instos.SP upside is limited at this point but over time rents will increase and so too valuations should. My only concern is distributions have been stuck at 16c pa for a few years and affected by higher interest rates. I think they got carried away to grow the assets base to improve DXS's management fees and shareholder returns. Gearing at around 30% on a look through basis is too high IMO. Should be more like 20%. Hedged debt (fixed rate) is around 70% but average term to run is just 2.4 years which is a little thin particularly if interest rates stay high for longer. Industrial property is dull and boring but is an important part of my super. It's a defensive asset class and returns reflect that. It's not for all investors who are in the early stages of their wealth accumulation phase. For the likes of me the aim is to protect what I've accumulated.