Ok, thank you for reply. I assume this AFFO based distribution...

Ok, thank you for reply. I assume this AFFO based distribution calculation (i.e., 'financial engineering') is part of the reason you would not invest in REITs in general...? I admit it seems quite complex to me looking at investopedia On the RFF glossary it is defined simply as "Adjusted funds from operations - a financial metric used in the REIT sector to measure available cash flow from operations (adjustment relates to non-cash tax expense)". At least they are transparent in showing what adjustments they're applying. I could not figure out QIN :/




Regarding Free cash flow and the 200% you're referring to - so if I understand correctly FCF = Operating Cash Flow - CAPEX
But wouldn't it be fair to note that while the Capex has been massive in past years, but they've said it's materially reducing this and next year?
"Capital deployment: Net capital deployed was $181m in FY19 and has now totalled $559m over the last four years. Investment activity is expected to slow materially in the coming years with capital deployment in FY20-21e forecast at $25m, with $17.5m in FY20e short of any new additions to the portfolio. "