Ann: FY24 Appendix 4E & Annual Report, page-3

I've recently been looking back over longer term performance on TGP and TOT and the 10 year figures are pretty extraordinary

TGP: Was at 95c per share this time 10 years ago giving the stock a 38% capital decline

TOT: Floated at $1.25 in 2015 and now trades at 39 cents giving us a 68% capital decline

Comparatively the ASX300 REIT index is up 58% on a capital return basis over 10 years

None of these figures include dividends

This is a pretty stunning outperformance over a long period of time.

I'm really not sure how some of those short term bonuses can have been granted in the past 12 months either and think that you could argue that the incentives in general are misaligned here and that's contributed to the value destruction over at TOT as it encouraged doing a deal in order to get the 2.5 million dollar acquisition fee.

I've often thought that they aren't very well suited to being a public company and seem to operate as a bit of a black box with a history of sudden changes in strategy etc.

They heavily promote the internal returns achieved from all the mergers and acquisitions with other REIT'S in their presentations too but when you look at the total shareholder return the benefits haven't ever actually reached the shareholders.

I'd be interested to have a look at the NTA changes over the same time period.