Ann: CLW FY24 Results Investor Presentation, page-13

look what you looking at is the operational income.

Certainly, you can use that your guide to work out if it is worth investing, but for me biggest down thing is multiple capital raises and now doing disposal so while it is standard practice in REIT to buy & sell properties, the thing I look at ability to remain sustainable dividend without need to keep doing capital raises or disposals.

I hold CQR and happy with their gearing and type of asset they held. So I am not against REIT sector as such. I only wished that CLW would have not done the capital raises that they did over past. if you look at total return point of view since inception then it is very poor, now you may think it is due to Covid but for the same period I use Vanguard's VAS then it would have performed far better and you would have got some franking as well !