Ann: Half Year 2023 Results Presentation, page-10

yes this would make sense.
Office incentives around 30% of the lease contract. On top of this is the capex ex. Those 'incentives' are usually a rent free period. Rent free period means no income coming into the REIT. A 30% lease incentive is a LONG rent free period!!!
Going to be an interesting time.

Share price tanking, and unlike other REITS, there has been no floor in the price, it just continues to tank.

First ones out the door have been the winners, one can't even rely on a yield to tank through, the yield is only around 5.5% and thats because of the tanking share price, and that yield will be cut next year, expect the Sept Qtr dividend next year to be cut again!!!