Significant number of additional shares on issue over the course...

Significant number of additional shares on issue over the course of the year.
From 146m shares end of last financial year to 212m shares on issue to the end of FY24.
Thats a 45% increase in the number of shares on issue.

Yes the positive is funds raised from issuing more shares reduced debt.

But the big negative, its still the same amount of property in the fund, issued shares weren't used to acquire additional property.

So every unit represents a 45% smaller share of the pie.

Future dividends going to get hit.

And that laughable cap rate of 5.5%, what can i say, but get ready for more future writedowns in property value, until that cap rate reflects market conditions.

Patience.... patience....

No need to start acquiring TOT shares yet in my opinion.